Unclaimed Property Reporting 2019 County and District Clerks’ Tuesday, January 29, 2019 Association of Texas 4–5 p.m. Winter Education Conference January 28-31, 2019 Embassy Suites by Ms. Ashley Bullock Holder Reporting and Education, Unclaimed Hilton Hotel Property Conference Center & Spa, Texas Comptroller of Public Accounts San Marcos Piece of the The presentation will include information about Puzzle, Part of reporting unclaimed property to the Texas the Whole Comptroller of Public Accounts as it relates to county and district clerks.
Ashley Bullock is a program specialist in the Holder Reporting and Education section of the Unclaimed Property Division with the Texas Comptroller of Public Accounts. She works closely with businesses to educate and train them on the reporting process. Bullock applies this expertise, along with her background in claims research, marketing and customer relations, to help Texas businesses comply with the unclaimed property requirements.
2019 Unclaimed Property Reporting Instructions GLENN HEGAR Texas Comptroller of Public Accounts What is Unclaimed Property? Unclaimed property is any financial asset or tangible property* that has been abandoned by the owner • Abandonment is determined by: o property type o date of last contact with business (holder) • State law requires holders to report unclaimed property to the Texas Comptroller of Public Accounts * tangible property as held in a safe deposit box 2 Unclaimed Property in Texas rece receiv ived fr from om hold holders fo for ret return rned to to owne owners repo report rt ye year 2018 2018 in fis in fiscal ye year 2018 2018 Fiscal 2019 Goals • Increase number of Holders reporting • Continue to increase the amount of property returned to owners 3 1
Where to find Unclaimed Property • Suspense Accounts • Liability Accounts payable 4 Property Types Courts/Legal General Business, Miscellaneous Property Type: CT Checks and Intangible Personal Trust, Investments and Escrow Accounts Property Code Property Year Property Type: TR Property Type: MS CT01 Escrow funds 3 Code Property Year Code Property Year CT02 Condemnation 3 MS01 Wages, payroll or 1 TR03 Funds held in a 3 awards salary fiduciary capacity CT03 Missing heirs’ 3 MS04 Payment for goods 3 funds and services CT04 Suspense accounts 3 MS08 Accounts payable 3 CT05 Any other types of 3 MS09 Accounts 3 deposits made receivable credit with a court or balances public authority CT99 Aggregate court deposits less than $25 5 Property Held by Local Governments ABANDONED OR UNCLAIMED PROPERTY HELD BY LOCAL GOVERNMENTS Property Type of Fund Description Holder Disposition of Unclaimed Funds Code Funds in an Eminent Proceeds from condemnation Sent to local treasurer /or Comptroller CT02 County or District Clerk Domain proceeding proceedings after 3 year dormancy. No waiting period. As soon as the court Property due to unidentified heirs CT03 Escheat Funds County Clerk renders its judgment the state may begin when a person dies without a will. proceedings to acquire the property Until a case is resolved., the court may County or District Clerk. County Sent to local treasurer /or Comptroller CT04 Interpleaded (civil) cases require rent or other payments to be courts at law have civil jurisdiction after 3 year dormancy. made to the registry. up to $100,000 Uncashed checks written by any local Any official with a checking account Sent to local treasurer /or Comptroller CT05 Stale checks official except the county treasurer after 3 year dormancy. Unclaimed cash bail bonds are registry Requires reporting but not release to CT05 Cash bail bonds funds but CCP Art. 17.02 requires court County or District Clerk state or local treasurer, without court order to release. order. Payment by an offender to the victim Crime Victims Restitution Sent to Comptroller after 5 year CT05 for the harm caused by the offender's County or Probation departments dormancy. wrongful acts Funds of minors, or persons Sent to local treasurer /or Comptroller TR03 Trust funds County or District Clerk determined to be incompetent. after 3 year dormancy. 6 2
Property Held by Local Governments Non ‐ Reportable Type of Fund Description Holder Disposition of Unclaimed Funds Uncashed checks issued by County County Treasurer's These funds are never reported Treasurer become non ‐ negotiable County Treasurer Checks to the Comptroller. after 1 year. Checks expire after 90 days and Uncashed juror checks become non ‐ Juror Checks Clerk of the Court becomes county revenue. Never negotiable after 90 days . becomes unclaimed property. Property Tax Checks expire after 90 days and Erroneous and overpayments Tax Assessor ‐ Collector Refunds becomes county revenue. Excess of tax After 2 years; distributed to each Unclaimed excess of tax liability due liability from County or District Clerk taxing unit in proportion to to original property owner forced sales original claim 7 Crime Victims Restitution Fiv Five ye year dorm dorman ancy cy period period • Fifth anniversary of the date the department received the initial restitution payment • Five years after the date the department last made a payment to the owner Report annually Re annually • A negative report is required • Only crime victims restitution properties should be included in the report Re Reports sho should ld includ include: • The cause number of the case in which the judge ordered the restitution payment • The amount of restitution ordered and the balance owed to the owner 8 Crime Victims Restitution Holder name • County name should include CSCD (Travis County CSCD) • Holder ID will be provided Submitting report: • Select Restitution ‐ CVC as property type 2019 9 3
Five Basic Steps of Reporting Unable to locate the If owner is not owner. You are By May 1, due found after due diligence notices holding funds that diligence, property are mailed, alerting are owed to an must be included in employee, client, owner that their the July 1 report to unclaimed property vendor or customer. the state. will be reported. You are required to File your electronic keep information report through our relating to reported secure website unclaimed property and submit for 10 years. payment by July 1. 10 Deadlines March 1 Annual report cutoff date March 2 – March 1 May 1 Due diligence notice deadline July 1 Report due March 2 March 1 May 1 July 1 previous year current year 2 1 11 Step 1: Determining Dormancy Dormancy is determined by: • No contact (via phone, email, face ‐ to ‐ face) • Property type • Crime Victims Restitution is 5 years 12 4
Step 2: Notifying Property Owners Section 74.1011 of Texas Property Code requires holders to: • Mail a notice to owners for property valued at more than $250 by May 1* • Include the following language in the notice: o You (the holder) are holding the property o You (the holder) may be required to deliver the property to the Comptroller’s office on or before July 1 if the property is not claimed * A notice must be mailed to all owners for crime victim restitution properties, regardless of amount 13 Step 3: Preparing Your Report • Must use reporting software that generates a file in the NAUPA2 format o Manual Online Reporting (MOR) is available on ClaimItTexas.org o National Association of Unclaimed Property Administrators unclaimed.org/reporting • Information must comply with data entry standards • Property type codes: o Specific for each institution o Based on reason funds are issued 14 Step 3: Preparing Your Report Include all available information: • Full name • Social security number • Property type • Last contact dates • Last known address • Driver’s license number • Relationship codes • Property description • Account number Crime Victims Restitution must also include: • Cause number of the case • Amount of restitution ordered and balance owed 15 5
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