Unclaimed
Property
California Optimizing Owner Reunification Efforts In fiscal year 2015-16, the California State Controller and holders of unclaimed property made it possible to reunite owners with 567,257 properties valued at over $307 million. The Controller’s team also mailed more than one million notices to owners. However, millions more properties are transferred every year. To support reunification efforts, it is important for holders to report all available owner information on unclaimed property reports, including all beneficiary information and birthdates. Complete owner information makes it easier for the Controller’s team to find people, and it reduces the need for additional holder contact after property is transferred to the state government. To find out if the State Controller is protecting unclaimed property belonging to you, your family, or your organization, go to claimit.ca.gov . UFS-1 Tutorial The State Controller’s Office provides a video tutorial with step-by-step instructions for completing the UFS-1, including information on both the Holder Notice and Remit Reports. We’re Here to Help! (916) 464-6088 | UPDHolderOutreach@sco.ca.gov The Outreach and Compliance Unit provides holder education and resources through one-on-one assistance, webinars, and speaking engagements. Visit the events page for up-to-date information or contact us for participation in your next event. www.sco.ca.gov • www.claimit.ca.gov Ask an Analyst Do you have a question about reporting unclaimed property? We want to hear from you! Each quarter, the Outreach and Compliance Unit will select a holder question to address in our newsletter. Submit questions to UPDHolderOutreach@sco.ca.gov .
Q: Our business is located in Nevada, but we have property we think should be reported to California. Which state’s law should we follow?
A: In general, follow the priority rules of jurisdiction to determine which state you should report to:
First-Priority Rule Property is reportable to the state of the owner’s last known address. Second-Priority Rule If the address is unknown, property is reportable to the holder’s state of domicile. Transaction Rule Traveler’s checks, money orders, and similar written instruments are reportable to the state where the transaction occurred (e.g., where the money order was purchased). Even if another state is willing to accept unclaimed property on behalf of California, the holder may still be liable for penalties or interest assessed by the California State Controller’s Office. If you believe your situation is not covered by these general rules, or are uncertain if the property should be reported to California, contact us for guidance on your specific situation.
23
G r o w t h T h r o u g h E d u c a t i o n - J u l y / A u g u s t / S e p t e m b e r 2 0 1 7
Made with FlippingBook Annual report