Who: Any Corporation, Partnership, Nonprofit, etc.
What: Unclaimed Property Report
When: November 1st, annually
Where: Online, via the Indiana Unclaimed Property website
Why: To report any unclaimed property to the state and turn the funds over to them so that the recipient can locate them via the website OR to report that you have no unclaimed property.
How: By performing due diligence (as required by law) and then uploading or completing a report showing all uncashed checks and submitting a payment equal to the amount unclaimed to the Indiana Attorney General Unclaimed Property Division.
Indiana has a statute (IC 32-34-1.5-23) that says business owners are legally required to perform due diligence on transactions of $50 or more. The steps for this due diligence include:
The following heading must appear: "Notice. The State of Indiana requires us to notify you that your property may be transferred to the custody of the attorney general if you do not contact us before thirty (30) days after the date of this notice."
It must also contain the following elements:
identify the nature and, except for property that does not have a fixed value, the value of the property that is the subject of the notice;
state that the property will be turned over to the attorney general;
state that after the property is turned over to the attorney general an apparent owner that seeks return of the property must file a claim with the attorney general;
state that property that is not legal tender of the United States may be sold by the attorney general; and
provide instructions that the apparent owner must follow to prevent the holder from reporting and paying or delivering the property to the attorney general.