Did you know that all organizations are required to report unclaimed property if they are unable to contact the owner?
Common types of unclaimed property include uncashed checks, customer credits, inactive bank accounts, and unapplied deposits.
The Oregon Department of State Lands administers the state's unclaimed property law, and is offering 3-hour specialized seminars this spring to help businesses learn about complying. The courses are organized to allow the seasoned vets to skip reporting basics, or allow the beginner to just get the basics to get started. Depending on your skill level and industry type, choose from:
* Unclaimed Property Reporting Basics
* Unclaimed Property for Financial Institutions (Advanced topics)
* Unclaimed Property for Business (Advanced topics)
Seminars are being offered at a variety of locations around the state; the cost is $15 per attendee for one session or $25 per attendee if you attend two or more.
Each attendee receives informative course materials and handouts for each workshop.
Click Here for registration details, or call 503-986-5290 (Salem) for more information about the seminars.
You must pre-register for the seminars; payment is accepted at the door.
Unclaimed Property Reporting Basics
The seminar provides a general overview of unclaimed property and the basics every reporter needs to know to file an unclaimed property report. This seminar is recommended for those new to unclaimed property or staff looking for a refresher. Topics include:
* Unclaimed Property overview
* Preparing your report- when, what, where, and how
o Electronic filing
o Completing forms
* Common property types
* Recommendations for maintaining and updating your potential unclaimed items
* Internal Control basics
* Due diligence and owner contact
* What to expect from an audit
* Record keeping requirements
* What to do if you get contacted or pay an owner after reporting
Unclaimed Property for Financial Institutions
This workshop covers more advanced subjects of interest to the banking community such as:
* Property types and issues unique to financial institutions
* Recent law changes that reduce abandonment periods
* Due diligence, positive owner contact, and notifying owners
* Aging and controlling inactive customer accounts
* Inactivity charges and ceasing interest
* IRA's, and similar retirement or special purpose accounts
* Personal and corporate trust
* Internal Audit guide for reviewing unclaimed property
* Abandoned safe deposit boxes
Important: We will not cover basic reporting information in this workshop. Sign up for a Basic Reporting workshop if you need this information.
Unclaimed Property for Business
This workshop covers more advanced topics. Topics include:
* Property held by agents
* Payroll, garnishments, and employee benefits
* Credit balances and customer overpayments
* Vendor-to-vendor payments
* Equity, dividends, and bonds
* Rules of unclaimed property custody
* Where to look in your records to find unreported unclaimed property
Important: We will not cover basic reporting information in this workshop. Sign up for a Basic Reporting workshop if you need this information.
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