Wondering if submitting an Indiana Unclaimed Property Report is something that applies to your business and what that reporting entails? Let’s see.

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.

What is Due Diligence?

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:

  1. Mailing notifications to the unclaimed property owners by first class or better mail at their last known address.
  2. These notifications must be sent out no less than 60 days and no more than 180 days before listing them on the unclaimed property report.

What does the notification have to say? (Per IC 32-34-1.5-24)

  • 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.

How do I submit the report?