A recent change in the Uniform Unclaimed Property Act, PA 29 of 1995, has moved the reporting dates and shortened the dormancy periods of most properties, beginning in 2011.

The new reporting dates can be seen below.

Year Annual Reporting Period Report Due Date to the State
2011 July 1, 2010 through March 31, 2011 July 1, 2011
2012 and Beyond April 1 through March 31 July 1 of Each Year

Nearly all dormancy periods are now reduced to three years. For a complete list of property dormancy periods, see document links below.

What is unclaimed property? - Unclaimed property is described as property in your custody that belongs to someone else, but has gone unclaimed beyond a specific “dormancy” period. Examples include: un-cashed payroll and vendor checks (note “un-cashed;” which means not necessarily in your possession), accounts receivable credits (customer overpayments), or security deposits. A complete list and their respective “dormancy/abandonment” periods below.
 
Do I need to file, even if I do not have any unclaimed property? – YES, all businesses and governmental agencies must either file a report of unclaimed property (if they have unclaimed property) or file an “Attestation of Compliance with Unclaimed Property Reporting” (if they have none).
 
What do I need to do? - The first step is to identify property that may be reportable as unclaimed property as of March 31, 2011.
 
If you HAVE unclaimed property:
Prepare due diligence letters (see below for a sample/template letter) to the property owners giving them one final chance to claim the property directly from you (instead of the State). Prior to July 1, 2011, prepare the annual report (see below) and mail the same, on or before July 1, 2011, along with the unclaimed property to the State of Michigan.
 
Please note - If you have custody of ten or more (10+) unclaimed items/properties, you must file the report electronically by using the free software available at www.michigan.gov/treasury (click on the Unclaimed Property link and look for third-party software).
 
If you DO NOT have unclaimed property
You need to file Form 4305, Attestation of Compliance with Unclaimed Property Reporting and mail the form to the State of Michigan using the address provided at the bottom of the form.
 
Client Tax Compliance Worksheets & Charts: