Holders FAQ

On, November 23, 2009, Governor Janice K. Brewer signed Senate Bill 1003 into law. The bill, effective immediately, amended several of the abandonment periods (also known as “dormancy periods”) enumerated in the Arizona Unclaimed Property Act, Arizona Revised Statutes (A.R.S.) § 44-302.

Holders may report property prior to normal abandonment by requesting permission to the Unclaimed Property Unit. In your request, provide the reason you would like to report the property early.

Fax or email a request with the following:

• - Company name
• - Holder # or if not known provide company FEIN
• - Reason for extension
• - Length of extension needed

86-6004791

Please see how to report securities section.

For regular delivery:
Arizona Department of Revenue
Unclaimed Property Unit 
P.O. Box 29026 
Phoenix , Az 85038 

Courier Delivery only:
Arizona Department of Revenue
Unclaimed Property Unit 
1600 W Monroe Division Code: 10
Phoenix , AZ 85007

A negative report is not required, but some Holders elect to file a report each year.

If you received a report form and believe you will not need to report in the future, you can request to have your account removed from the mailing list. To submit your request, use our “Contact us” button and select “Reporting Unit”.

Yes, all unclaimed property should be reported. Below are some tips that may reduce costs.

• For small credits or outstanding checks, it is as easy to transfer them to a liability account as an income account.
• Transfer unclaimed property "candidates" to an unclaimed property liability account to simplify research and reporting. If you have a specific issue, contact our staff.

If you are incorporated in Arizona you may include incidental property reportable to other states on our report unless the other state directs otherwise.  Any property due to owners with a last known address in California must be reported directly to California no matter how many names or the value.  If you are incorporated in another state, you may report Arizona’s incidental property via that state.

Incidental property is defined as ten or fewer properties, totaling $1,000 or less, which belong to a state other than the state to which the properties were remitted.   

Please note:

• You must follow each state’s abandonment periods even if you are reporting the funds through our state. We will pass along other state's property based on the owner's address you report.
• If you are already reporting to multiple states, you should request permission from the other to report via our state.

• The Department advertises in local newspapers statewide
• Our staff uses a variety of techniques to locate owners using internet databases
• Website: missingmoney.com

Complete a Holder Reimbursement Form
AND 
Send proof of repayment such as a copy of a cancelled check or a statement signed by the owner acknowledging receipt of the funds.

To reclaim the funds send a written explanation requesting the funds be returned to your company. The request must include:

• A completed Holder Reimbursement Request Form
• The items that were reported in error (year reported, owner names reported, and the amount for each owner).
• An explanation as to why the funds should have not been reported.

Yes

Not at this time. Reports contain confidential information about owners and we have not developed a secure method to accept electronic transmission.

Click here more information.

A Holder Reporting Number is assigned once we receive your first report. To get a holder reporting number prior to submitting your report, please request a holder number from our office via email. In your email include your business name, FEIN, and mailing address.

Use the code you believe best describes the funds you are reporting to our office. The code description is printed on claim forms and helps the owner understand what was lost and what proof they will need to provide.

Your company may be subject to late payment interest and other civil penalties.

Interest for late filing is charged from the date the property was due until paid. Generally, if you find and correct a reporting discrepancy on your own, we will not assess penalties and interest. 

Civil penalties for intentionally failing to report include: 100% penalty for the value of the property not reported $100 per day for each day the report is withheld up to $5,000. 

Employees responsible for filing reports who knowingly withhold reports may be prosecuted and subject to a fine of $1000 plus one year in jail. 

You should keep a copy of your unclaimed property report and the working file for five years after you file. Other than that, follow your normal record retention requirements.

Report the last known address, even if it is undeliverable. We use the address to establish the owner's claim to the property.

Yes. Both de minimis property and property of a person who is maintaining a current business relationship with the Holder are excluded from the definition of property included in the Revised Arizona Unclaimed Property Act.

"De minimis property" is defined as any account balances of business associations of fifty dollars or less payable to another business association. Eligible property types to exclude from reporting under the de minimis exemption include Credit Checks or Memos (CK12), Vendor Checks (CK13), Accounts Payable (MS08) or A/R Credit Balances (MS09) resulting from business to business transactions that are equal to or less than $50.00.

While the Act does not define a “current business relationship,” the Department has defined this to mean that business has been transacted with the other company within the past year. In the event that the relationship ends and the obligation remains, the property will be reportable after an applicable dormancy period.