Nebraska State Treasurer Don Stenberg is reminding Nebraska businesses and organizations that the deadline for submitting their unclaimed property reports and remitting unclaimed property to the state is November 1, according to state law. A reporting form is available on the Treasurer’s website at www.treasurer.org.
The annual report covers the fiscal year ending June 30, 2012. A business or organization may submit its report on a CD and send it through the mail or a delivery service to the Treasurer’s Unclaimed Property Division at 809 P Street, Lincoln, NE 68508. Or the business or organization may submit the report electronically to the Treasurer’s website at www.treasurer.org/up/report-property.aspx and mail the remittance to the Unclaimed Property Division at 809 P Street, Lincoln, NE 68508.
State law requires a business or organization to file a report with the Unclaimed Property Division if the total value of the unclaimed properties it holds is greater than $10. If the total is less than $10, the business or organization may carry over the properties until the $10 threshold is met.
A business or organization that is unable to meet the November 1 deadline may request an extension, up to 90 days, by filling out a form found on the Treasurer’s website, Treasurer Stenberg said.
Nebraska law requires that banks, financial institutions, businesses, and other organizations turn over to the State Treasurer each year property that has been abandoned or whose owners cannot be located for specific periods of time. Unclaimed property is generally cash, court deposits, utility deposits, dividends, insurance payments, lost IRSs or CDs, savings bonds, stock and mutual funds, wages, rebates, refunds, utility deposits, unused gift certificates, and abandoned safe deposit boxes.
Assets are held by the state until a claim is filed and verified. If the owners or heirs cannot be located, the property is held by the state in perpetuity.
“We appreciate the cooperation we receive from Nebraska businesses and organizations to help reunite owners with their lost property,” Treasurer Stenberg said. “Our office works diligently to promote awareness of our Unclaimed Property program and to help owners locate and document their property. We returned more than $10 million of unclaimed property to rightful owners in 2011, but we are still holding more than $125 million for more than 350,000 Nebraskans or former Nebraskans.”