The Ohio Department of Commerce requires all businesses operating in the state of Ohio to file an Annual Report of Unclaimed Funds. This year’s report must be filed by today, November 1. To request an automatic extension of up to 120 days for filing, visit: https://www.comapps.ohio.gov/unfd/unfd_apps/extension/

The Department of Commerce’s primary purpose behind this filing requirement is to reunite individuals with any funds which they are owed and which are currently being held by an Ohio business entity. Unclaimed funds that must be reported include all intangible property unclaimed by its owners such as unclaimed wages, dividends, credit balances, or outstanding checks and balances payable. The following types of funds do not have to be reported as unclaimed: wages less than or equal to $50, gift certificates, and business to business transactions. Entities that do not hold any unclaimed funds must still file an Annual Report indicating so.

If you would like assistance in filing your company’s Annual Report of Unclaimed Funds, contact DLM Legal at 216.635.0002 or info@dlmlegal.com.