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Reporting - REPORTING

AGGREGATE REPORTING

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  1. According to Indiana Statute (IC 32-34-1-26), "Items of value of less than fifty dollars ($50) may be reported by the holder in the aggregate." Click here to review the legal description of what constitutes an aggregate report (links open in new window).

  2. If your organization does choose to aggregate properties of less than $50, they must either deliver that aggregate report to the Indiana Unclaimed Property Division or maintain the report for a period of 25 years.

  3. Note: Although aggregating properties less than $50 is an option available to holders, the Unclaimed Property Division would prefer that holders do not aggregate. Reporting properties as an aggregate report lessens the chances that the Unclaimed Property Division will find the rightful owners of the aggregated funds.
Due Diligence Checklist

If you have performed all of these tasks, you have fulfilled your due diligence responsibility as a holder:

  • Examine records to find all unclaimed property.
  • Determine the owner of the property.
  • Use other internal resources to locate owners. For example, if you work for a bank/financial institution and find an inactive account for Jane Smith, before you designate that account as unclaimed, please ensure that your institution does not have an active account for Jane Smith.
  • Verify that the owner has made no verbal or written contact with you concerning the property.
  • Attempt to contact the owners by first class mail at their last known address.
  • Complete in no less than 60 days, but no more than 120 days, before filing report.
  • Pay owners you locate.
  • Download forms and instructions from the Web site.
  • Report all unclaimed property to the state.
Attorney General Greg Zoeller - Unclaimed Property Division Office of the Indiana Attorney General