This page addresses key areas of interest regarding Illinois unclaimed property escheatment laws and regulations.
Escheat reporting deadlines for Illinois vary by property type. Depending on the type of property being reported, the deadline to file an unclaimed property report may take place in either the fall or spring. It is important for organizations to keep up to date with Illinois unclaimed property reporting deadlines to ensure that appropriate property types are filed correctly.
Early due diligence mailings are recommended in addition to a review of when reports may be due to plan your mailings, proactively notify owners and maximize the effectiveness of each campaign.
The Illinois Voluntary Disclosure Agreement (“VDA”) program, operated by the State Treasurer, allows holders with past-due property from prior reporting cycles to come into compliance with the Illinois Uniform Disposition of Unclaimed Property Act. In exchange for those organizations who qualify and complete the Illinois VDA program, the state will forgo the right to assess penalties and interest on past-due property. Holders currently under audit in Illinois are ineligible to enroll in the VDA program. Illinois, like many states, utilizes unclaimed property audits to measure an organization’s level of compliance and enforce its statutes.
- Illinois Office of the State Treasurer
- Illinois Unclaimed Property Reporting Holder FAQs
- Useful Illinois Unclaimed Property Links
The Illinois unclaimed property reporting process can be challenging for holders. Does your organization have questions about state unclaimed property laws and requirements? Click the link below for frequently asked questions regarding unclaimed property reporting and compliance.
What Are the Holes in Your Unclaimed Property Process?
Answer 8 questions to understand your level of unclaimed property risk in as little as 30 secondsWhat's My Risk?
Reporting unclaimed property in Illinois can be a stressful task. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.
Contact Keane to see how we can assist in guiding your organization on the path to unclaimed property compliance, or visit our resource library for additional educational and operational resources.