GENERAL QUESTIONS
Why did my business receive a letter from Treasury about reporting unclaimed property?
What is the definition of “DAUPA”?
What is a “holder”?
REPORTING UNCLAIMED PROPERTY
What is the deadline for filing an unclaimed property report?
Are holders required to file a "none report"?
Can holders transmit none reports through the electronic reporting software?
What is the address for mailing checks?
Does the Treasury Department accept wire transfers of funds?
How far back does a first time filer have to go to clean up their books?
Can third parties (example: CPA firms) file on behalf of their clients?
What are the reporting requirements for gift cards?
Where do I go on Treasury’s website to locate reporting forms?
If I have less than 10 items to report may I use the electronic reporting software program?
Must I use the electronic software program if I have more than 10 items to report?
Why does it state that the electronic reporting software program must be installed by a user with administrative privileges on the PC?
When are IRA’s reportable?
Will Treasury accept electronic encrypted files?
What is the aggregate amount in PA?
What is the threshold for reporting?
Must 501 C3 businesses file?
Are sole proprietors required to file unclaimed property reports?
DORMANCY PERIODS
What are the various dormancy periods for particular property types?
Can holders report unclaimed property before the dormancy period expires?
REPORTING TANGIBLE PROPERTY
What items will be accepted by the vault?
What is the proper procedure for reporting tangible assets?
EXTENSIONS
How do you file an extension?
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GENERAL QUESTIONS
Q: Why did my business receive a letter from Treasury about reporting unclaimed property?
A: Treasury periodically sends out letters to businesses and organizations to inform them about the rules and regulations of abandoned and unclaimed property as well as how to file a report. All businesses and organizations, even if they have no property to report, are required to file an unclaimed property report each year by April 15th.
Q: What is the definition of “DAUPA”?
A: DAUPA stands for Disposition of Abandoned and Unclaimed Property Act.
Q: What is a “holder”?
A: "HOLDER" shall include any person in possession of property subject to article XIII.I. of DAUPA belonging to another, or who is a trustee in case of a trust, or is indebted to another on an obligation subject to this article or any financial institution which has paid amounts and subs to the State Treasurer.
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REPORTING UNCLAIMED PROPERTY
Q: What is the deadline for filing an unclaimed property report?
A: The deadline to file an unclaimed property report with the Pennsylvania Treasury Department is April 15th each year.
Q: Are holders required to file a "none report"?
A: Yes, all holders that have no property to report, must file a none report each year by April 15th.
Q: Can holders transmit none reports through the electronic reporting software?
A: Yes, none reports can be filed electronically. To file a none report electronically use the link to the electronic reporting software that is provided on the reporting page of Treasury’s website www.patreasury.org/upforms.htm. You can then e-mail the file to Treasury at unclholders@patreasury.org. You also have the option to print and mail in a hard copy of the Report of Abandoned and Unclaimed Property Verification and Checklist form (AP-1). To access the form from Treasury’s website, click on the following link www.patreasury.org/upforms.htm#Manual.
Q: What is the address for mailing checks?
A: Address United States Postal Service Deliveries of Intangible Unclaimed Property Reports, Payments and Electronic Media to:
Commonwealth of Pennsylvania
Bureau of Unclaimed Property
P.O. Box 8500-53473
Philadelphia, PA 19178-3473
Q: Does the Treasury Department accept wire transfers of funds?
A: Yes, holders that wish to send payments to Treasury by a wire or ACH transfer should call the holder line at 1-800-379-3999, Monday through Friday, 8:00 a.m. - 5:00 p.m. and a compliance professional will provide you with instructions.
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Q: How far back does a first time filer have to go to clean up their books?
A: A first time filer should go back to the records from the beginning of the business, however, a minimum of ten years should be reviewed.
Q: Can third parties (example: CPA firms) file on behalf of their clients?
A: Yes, third parties can file on behalf of their clients, however the AP-1 form must be signed by a corporate officer.
Q: What are the reporting requirements for gift cards?
A: A qualified gift card has no fees or expiration date and therefore is not reportable as abandoned and unclaimed property. Unqualified gift cards, defined as gift cards with fees and/or expiration dates, must be turned over to Treasury two years after the expiration date.
Q: Where do I go on Treasury’s website to locate reporting forms?
A: All of the unclaimed property reporting forms and instructions are available on Treasury’s website at www.patreasury.org/upforms.htm#Manual.
Q: If I have less than 10 items to report may I use the electronic reporting software program?
A: Yes, you may use the electronic reporting software if you have less than ten items to report.
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Q: Must I use the electronic software program if I have more than 10 items to report?
A: We ask that a holder who has more than 10 items to report file through HRS Pro or another approved method of electronic reporting.
Q: Why does it state that the electronic reporting software program must be installed by a user with administrative privileges on the PC?
A: Many organizations place a security feature on employee’s computers. Contact your IT Department to get administrative privileges.
Q: When are IRA’s reportable?
A: IRAs are reportable after five years from the demandable and distributable date (age 70.5) or the election date (age 59.5) if there is a string of uncashed checks.
Q: Will Treasury accept electronic encrypted files?
A: At this time, Treasury cannot accept encrypted WINZIP files. HRS PRO is encrypted, but other files will be a case by case basis. Treasury also has an FTP site, which is secure.
Q: What is the aggregate amount in PA?
A: The aggregate amount is the highest amount that a property can be worth for which Treasury does not require the name and address of the owner in the report. The aggregate amount in PA is $49.99 and below.
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Q: What is the threshold for reporting?
A: There are no de minimis amounts. Any amount is reportable to Treasury.
Q: Must 501 C3 businesses file?
A: 501 C3 businesses are required to report if they have unclaimed property. This must be done by April 15th of each year to be in compliance with DAUPA. If there is no property to report, a none report is not required under negative filing exemptions.
Q: Are sole proprietors required to file unclaimed property reports?
A: Sole proprietors are required to report if they have unclaimed property. This must be done by April 15th of each year to be in compliance with DAUPA. If there is no property to report, a none report is not required under negative filing exemptions.
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DORMANCY PERIODS
Q: What are the various dormancy periods for particular property types?
A: The dormancy periods vary depending on the type of property, but, for most types, the dormancy period is five years. There are some exceptions, the most notable is payroll and commissions, which is two years. The property dormancy matrix can be found in on Treasury’s website at www.patreasury.org/upforms.htm#Manual, along with the dormancy matrix that covers each of the fifty states.
Q: Can holders report unclaimed property before the dormancy period expires?
A: Property, other than securities, may be reported before the dormancy period expires with the permission of the Treasurer. The holder must submit a request in writing and list the type of property to be reported, the age of the property, reason why it is being sent early, whether any due diligence has been performed and if the property has names and addresses.
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REPORTING TANGIBLE PROPERTY
Q: What items will be accepted by the vault?
A: Examples of the type of property Treasury accepts can be found on page 18 in the Unclaimed Property Reporting Booklet & Filing Instructions which is available on Treasury’s website at www.patreasury.org/upforms.htm#Manual.
Q: What is the proper procedure for reporting tangible assets?
A: Instructions for reporting tangible assets can be found on page 17 in the Unclaimed Property Reporting Booklet & Filing Instructions which is available on Treasury’s website at www.patreasury.org/upforms.htm#Manual. A TUP 40 form must be included with each report that contains items that are tangible property, also available on Treasury’s website.
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EXTENSIONS
Q: How do you file an extension?
A: To file an extension, holders must write an e-mail or a letter with the following information: company name, address, phone number, EIN, contact person, reason for extension, and length of extension (30, 60 or 90 days). The letter should be addressed to Leon Yannacci, Manager of Special Projects and sent to lyannacci@patreasury.org or mailed to: Pennsylvania Treasury Department, Bureau of Unclaimed Property, P.O. Box 1837, Harrisburg, PA 17105.
*Please note, extensions will not be granted for two consecutive years.
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