Unclaimed Property Reporting Reminder

 – October 19, 2017
Unclaimed Property Reporting Reminder

The State of New Jersey’s Unclaimed Property Administration (UPA) is reminding all businesses with an operating presence in the State of New Jersey of their obligation to report abandoned or unclaimed funds to the UPA. Property deemed abandoned as of June 30, 2017, should be reported and remitted by no later than Tuesday, October 31, 2017. The state also requires that a negative filing be submitted if the holder does not have any unclaimed property to report.

The UPA Online Holder Reporting application allows the business community to create an account, submit annual reports, and remit unclaimed property funds to the state. The UPA requires all holders to utilize the online system and application.


A representative from the Unclaimed Property Administration division recently provided the following additional information:

Once a company decides to participate in the State’s Voluntary Compliance Program, the name of the company (including any related subsidiaries) should be provided for State Unclaimed Property Administration approval. The UPA will then confirm that the entities are not currently under audit by either the State’s auditors or one of its third-party auditing firms. The UPA will send the company an agreement with the name of the company and any related entities. The agreement must be signed by a senior officer of the company. If the company decides to use a third-party firm to represent them in this matter, the Unclaimed Property Power of Attorney Form will also need to be signed by a senior officer of the company. The signed agreement and the power of attorney form (if appropriate) should be mailed as follows:

  • If using the United States Postal Service First Class Mail:
    State of New Jersey
    Unclaimed Property Administration
    P.O. Box 214
    Trenton, NJ08625-0214
    ATTN: Robert H. Davidson

  • If using a courier delivery service:
    State of New Jersey
    Unclaimed Property Administration
    50 W. State St., 6th Floor
    Trenton, NJ08608-1213
    ATTN: Robert H. Davidson

The reach-back period under New Jersey’s Voluntary Disclosure Agreement is 10 report years (currently report years 2008 through 2017). This translates into 10 years of records for one-year property such as payroll (checks with original issue dates of July 1, 2006, through June 30, 2016). Most other property types such as vendor checks and receivable credit balances have a three-year abandonment period (checks with original issue dates or credit balances with original dates of July 1, 2004, through June 30, 2014). It should be noted that there is no limitation for the reach-back period for equity-related property. Also, the methodology for determining the holder’s unclaimed property liability will need to be reviewed and accepted by the State prior to completion of this process. If the company requires more than six months to complete this process, a formal request for an extension of time will be required.

The holder will avoid all late penalties if the holder reports to the State through a Voluntary Disclosure Agreement. However, a simple interest is assessed on the total liability due to the State. The current rate (effective effective July 1, 2017) is 1.38 percent on the total property due, regardless of when the property was originally due. In addition, this agreement is offered with the expectation that on a prospective basis the holder will report and remit all abandoned property owing to New Jersey residents in compliance with the requirements of New Jersey’s Uniform Unclaimed Property Act.

Please note that the look back period for an audit is 15 report years.

The NJCPA will be holding a webinar with representatives from the Unclaimed Property Administration on Thursday, November 16, 12-1 p.m. ET Registration will be open shortly.

Additional information: