The State of Delaware Department of Finance is sending out letters reminding organizations of their annual unclaimed property responsibility. While Delaware accepts negative or $0 reports they do not require negative reporting. It appears that these letters are targeted to holders that previously reported unclaimed property to the State of Delaware but may have discontinued reporting to the State or changed their reporting protocols. Receiving this letter could be a precursor to the Delaware verification letters, typically sent in the summer, to organizations that did not file an unclaimed property report to Delaware in the prior cycle.
If you receive this letter, or one similar, double check your unclaimed property reporting for the state of Delaware to ensure full compliance. If you’re unsure about your compliance or the implications of this letter, reach out to an unclaimed property expert, like Keane. Even though this letter does not require specific action or a response, it is a potential indication that Delaware is interested in your unclaimed property reporting compliance.
This letter goes on to detail Delaware’s unclaimed property filing deadlines and requirements; such as, contact person’s information, “due diligence” notices for unclaimed property over $50 in value, record retention for ten years, electronic submission and payment remittance. Additional details and guidelines are available on Delaware’s website or in their Holder Handbook. Delaware also provides direct contact information for any questions via their Holder Reporting Unit at email@example.com or 302-577-8782, option #2.
View the full page sample letter here.