Step 1: Identify Properties to Be Reported
During their annual review of finances, holders should perform a classification of all properties held.
Property is presumed “abandoned” if the owner has not communicated with the holder or indicated an interest in the property within its dormancy holding period.
The holding periods are defined in NCGS 116B-53(c). For your convenience, we have provided a Class Codes and Dormancy Periods Chart for easy reference.
First: Determine which Properties Have Reached their Dormancy Period
Reference the Class Codes and Dormancy Periods Chart to determine the dormancy period for each type of unclaimed property you have identified.
The Dormancy Period Chart shows each type of property along with its dormancy period (measured in years.)
Example: “Savings Accounts” has a dormancy period of 5 years.
IMPORTANT: If you are a Government Organization, the dormancy period will be 1 year for all property types, as noted in the Dormancy Period Chart.
Second: Determine Reporting Due Dates
Reference the Conversion Tables to determine the reporting due date for each type of unclaimed property. The property’s dormancy period (determined from the Class Codes and Dormancy Periods Chart) corresponds with the “x-year property” section of the Conversion Tables.
Example: Savings Accounts (5-year dormancy period) would be a 5-year property.
Issue Year: The date the property became due and payable to the owner
Hold Period: The date the property had reached its dormancy holding period (see Dormancy Period Chart)
Notice to Owners: Suggested date that the holder send a due diligence notice
Report Due Prior To: The date the property is due to be reported as unclaimed property
Planning Ahead: Required Information for Reports
If known, you will be required to include the following information when preparing your report (Step 3):
- Full name
- Last known address
- Social security number or tax identification number
- Date of birth
- Driver’s license or state identification number
- Email address
NOTE: You will need this information for each person who appears to be an apparent owner.
|Step 1 Checklist|
|Using the Class Codes Dormancy Periods Chart and Conversion Tables as references, you should have identified all properties to be reported this year. If you have completed this step, you are ready to move to Step 2.|