Unclaimed Property Update 2018
The State of Michigan will be transitioning to a new Unclaimed Property system on October 1, 2018. This new system will be online and allow users to file and make payments electronically. It is important to note that the State of Michigan will no longer accept reports from an encrypted file with an .hde extension after September 30, 2018.
There is no longer a requirement to report a “zero” return. Originally the State of Michigan made a requirement to submit a return regardless if the entity had any unclaimed property to report. In April 2018, they revised this requirement and now entities are not required to file a “zero” return.
Although the due date for unclaimed property forms were due on July 2, 2018, it is still recommended to report and file any unclaimed property to the State of Michigan at your earliest convenience. Please review all outstanding checks on your bank reconciliation, and identify payroll checks over $50 and vendor checks over $25 that are one and three years old respectively. Entities should exercise due diligence by reaching out to employees and vendors with outstanding items prior to reporting those items to the State.
The updated Manual for Reporting Unclaimed Property to the State of Michigan can be found at https://www.michigan.gov/documents/2013i_2598_7.pdf.
Please contact Maner Costerisan, 517.323.7500, with any questions related to your unclaimed property reporting.