Alabama Unclaimed Property Reports are due by November 1, 2011.  These reports will cover items that became dormant from July 1, 2010 to June 30, 2011. 

Unclaimed Property refers to assets held by businesses and financial institutions that have somehow lost contact with the property owner.  It can be bank accounts, payroll checks, vendor payments, customer refunds, dividends and many other items.  The period for an item to be considered “dormant” and reportable varies based on the type of item.  A list of dormancy periods can be found at www.moneyquestalabama.com.  Click on the Report Property link and select Reporting Forms from the drop down menu.  The dormancy periods are under the instructions heading.  You can also download any forms you need from this page.

Businesses are not required to send a “negative” report.  In other words no report is necessary unless there is property to report.  Businesses must maintain records containing information required to be included in the report for a period of ten years after the report is filed with the state. 

If you need assistance determining what is unclaimed property or filing reports, please contact us and we will be happy to assist you.