Holder FAQs

Information for businesses, governments, and nonprofits on accounting for, reporting, and remitting unclaimed property.
REPORTING:

REPORTING:
What is a holder?

A holder is an entity – such as a business, government, or nonprofit – that is holding unclaimed funds on behalf of others.


Are all amounts of unclaimed property reportable?

Yes, any amount of unclaimed property should be reported to the state.


What is due diligence?

Holders must make a diligent effort to locate owners of property valued at $100 or more. This should be done as soon as the account is dormant or unclaimed and must be completed at least 60 days before remitting to Oregon State Treasury. You must document your outreach efforts (OAR 170-145-0015).


Can I report property in aggregate?

Yes. Oregon State Treasury encourages holders to report details for all property. Holders may report property valued at less than $50 per owner in aggregate (ORS 98-352). If detailed information is available for aggregate accounts, we request you submit it with your payment so we can better serve claimants with small amounts of property. Otherwise, Treasury may contact you in the future to provide proof that property was reported (OAR 170-145-0025(6)).


Are worthless/nontransferable securities reportable?

No. Review these securities annually, and if they become transferable or gain value, report and remit the shares to Treasury at that time. You will not be penalized for late reporting in these situations.


Can I send unclaimed property for other states to Oregon?

For Oregon holders, you may report incidental unclaimed property for other states to Oregon unless you have received specific instructions to report from the other state. Incidental property is no more than 10 items totaling $1000 or less for any state.

If you report another state’s property to Oregon: 1) Report the items using that state’s abandonment period for the property; and 2) Note that you may be charged penalties and/or interest by the other state. For additional information, links to all 50 states’ unclaimed property programs are located at www.unclaimed.org.


How do I report property for a deceased owner?

Report property belonging to a deceased owner in the same manner as any other type of property. If you know the owner is deceased, you may enter the date in the Date of Death field. If you do not know the date, you may enter the word “deceased” in the Description field. If the funds relate to an estate, use the relationship code Estate – ES for the owner. If you are reporting the executor’s name, use the relationship code Executor – EX for the owner.


How do I report unclaimed property held in safe keeping?

State law (ORS 98.328) requires that all property held in a safe deposit box or other safekeeping repository be reported to Oregon State Treasury if it remains unclaimed two years from the rental expiration period. Additional instructions can be found on our Reporting Safekeeping page.


How do I send payment for what is owed on my holder report?

You may pay by eCheck using our website, write checks payable to Oregon State Treasury, or initiate an ACH Credit. If you choose to pay by an ACH Credit, our email address is holder@ost.state.or.us For checks, our mailing address is:

Oregon State Treasury
Unclaimed Property Program
867 Hawthorne Ave. SE
Salem, OR 97301-3896


How long do I have to keep unclaimed property before reporting?

Most property is defined as abandoned after three years. ORS 98.302 - 98.436 provides statutory guidance on abandonment periods. Depending on your organization and the type of property, different abandonment periods may apply. For clarification of abandonment periods, contact us at holder@ost.state.or.us.


How long should I keep records of my reporting?

State law requires you to keep unclaimed property reports and related records including due diligence efforts for three years after reporting (ORS 98.354(1)).


Are unclaimed property records considered confidential?

Unclaimed property records are considered confidential beginning 12 months before reporting and for 24 months after reporting (ORS (98.352 (4)).


If, as a holder, I use a third-party vendor for some services (payroll, receivables, profit-sharing/pension), do I have to report?

The first step is to contact your vendor to find out how they are handling unclaimed checks or inactive accounts. If your vendor is filing the required reports on your behalf, then you may not need to report. Ensure you have reviewed your own records for any additional unclaimed property liability.

If your vendor is not filing the required reports on your behalf, it is your responsibility to report. In most cases, you may still need to get information from your vendor to submit a report.


Is electronic holder reporting required?

Yes. Electronic reports must be in the National Association of Unclaimed Property Administrators’ (NAUPA) format. They may be uploaded directly using our website or mailed to Treasury using removable media such as a USB/DVD/CD. We encourage you to use our free reporting tool if you do not already have a commercial software that will produce the NAUPA file for you.


Can I submit my documents electronically to Treasury?

Yes, you can submit it here: https://unclaimed.oregon.gov/app/doc-upload-type. You can upload five documents at one time. Documents must be in PDF, tiff, jpg, or png format. You will need a report ID number, which is supplied to you when you use our free reporting tool.

You can also upload documents for general holder correspondence and for audits. You will need a supplied ID number for general holder correspondence or an audit. These ID numbers can be requested by sending an email to holder@ost.state.or.us or are received in a letter from us regarding an audit.


What do I do if the owner’s address is in another country?

Properties with foreign addresses, unknown owners, and unknown addresses should be reported to your state of incorporation or your state of domicile (ORS 98.304).


What does a holder do if they have nothing to report?

If you have an active account with the State of Oregon, send a negative (zero) report to help us maintain your account information. Inactive accounts do not need to send a negative report, but you will not receive our annual newsletter and reminders. If you have never sent a report to Oregon, you do not need to submit a negative report.


What do I do if my business has filed for bankruptcy?

File a report if your business has unclaimed property to report. Typically, we are notified by the court of bankruptcy proceedings. However, we recommend including a cover letter explaining your circumstances. We will not expect remittance for the report.


When are holder reports due to Oregon State Treasury?

Holders are required to report between October 1 and November 1 for property abandoned as of June 30 of the report year (ORS 98-352 (4)). Property received early may be returned unless you have written approval from Treasury to remit early.


When submitting a holder report, may I subtract the cost of due diligence from the owner’s property?

No (OAR 170-145-0030).


When submitting a holder report, may I charge a service charge on the owner’s property?

ORS 98.308(7) and ORS 98.311 define the circumstances when a holder may charge a service charge on abandoned property.


What if I reported incorrectly?

Send an email to holder@ost.state.or.us explaining the situation and submit a revised report. If you have underpaid your unclaimed property liability, you will need to remit the difference. If you have overpaid your unclaimed property liability, you will need to submit a holder reimbursement request form. Submit the completed form and supporting documentation to claims@ost.state.or.us.


What is a Voluntary Disclosure Agreement?

A Voluntary Disclosure Agreement (VDA) allows your business to comply with Oregon unclaimed property statutes by reporting any outstanding obligations without interest or penalty. The agreement only covers property reported under the VDA and does not close out the option of a future audit to verify compliance. Unreported property found in future examinations may be subject to interest and penalty.

As part of the agreement, the company will be expected to set up accounting procedures to effectively report unclaimed property on an ongoing basis. We will not audit a company during a VDA process.


How do I request a Voluntary Disclosure Agreement?

To request a voluntary disclosure agreement, complete the Voluntary Disclosure Agreement Form. If you have been selected for an audit by Treasury, you are prohibited from participating in this program.


What do I do if my business is closing?

In this situation, the dormancy period is one year from the date you close your business for all property. If you will not have someone available to complete the reporting duties at that time, early reporting can be requested by submitting an early reporting request form.


What do I do if I need more time to report?

An extension to reporting can be requested by submitting an extension request form (ORS98.352 (4)). Extension requests should be submitted as soon as you become aware of the need.


Am I allowed to report property early?

Early reporting can be requested by submitting an early reporting request form (ORS 98.329). This request is for reporting property before it reaches the dormancy period.


What if a check cleared the bank after I submitted my report? Am I allowed to reinstate an owner’s property?

If a check clears the bank or you decide to reinstate an owner’s property after you have submitted your report, you can request reimbursement from Treasury by submitting a holder reimbursement request form. Submit the completed form and supporting documentation to claims@ost.state.or.us.