Any business entity in possession of unclaimed property is a potential holder; banks, insurance companies, utilities, corporations, partnerships, LLCs, sole-proprietorships, government agencies, not-for-profit organizations, estates and trusts, universities, etc.

By law, the property is considered abandoned or unclaimed when there is no documented transaction or contact between the owner and holder for a period, known as a dormancy period.

A dormancy period can be between 1 and 15 years, depending on the property type. If the holder is in possession of unclaimed property over $100.00, they are required to perform “due diligence”, a last attempt to locate the rightful property owner(s).

If the holder is unsuccessful in locating the owners, the holder is required to remit the property, along with a report, to the Alaska Department of Revenue.

The following are the abandonment periods for property commonly reported under the unclaimed property program:

• Safe deposit box contents: 1 year
• Utility deposits: 1 year
• Wages: 1 year
• Life insurance proceeds: 3 years
• Customer overpayments: 3 years
• Saving/checking accounts: 5 years
• Stocks and bonds: 5 years
• Traveler’s checks: 15 years

This is a partial list of properties; please reference the reporting unclaimed property webpage for additional details.

Holders are required to report and remit unclaimed property before November 1 each year. The report should contain items that are unclaimed as of June 30 of each year.

DO NOT SEND zero or negative reports.

1. Is your business holding unclaimed property?

Businesses, organizations, and any other entities in possession of unclaimed property are considered a “Holder”. Common types of unclaimed property include savings/checking accounts, uncashed checks e.g. payroll, utility deposits, refunds, stocks, bonds, mutual funds, and safe deposit box contents.

2. Determine if the property has been inactive or dormant for the appropriate dormancy period.

The type of property reported will determine how long property must remain abandoned to be considered unclaimed property. Dormancy periods range from one to fifteen years.

3. Due Diligence

Alaska law requires holders to make a diligent effort to locate owners with property of $100 or more. The holder must send a written notice to the apparent owner at the owner’s last known address informing the owner that the holder is in possession of property subject to escheat to the State of Alaska. HRS Pro free software provides an easy due diligence component.

4. Prepare Report

Holders must report unclaimed property for owners with a last known address in Alaska if the money order, cashier check or traveler check was purchased in the Alaska.

Please report electronically. We suggest using HRS Pro, which is simple and easy to use. You can import an Excel spreadsheet or manually enter your report detail. HRS Pro is free to use if you are reporting 200 or less properties. Please click this link to find out more: https://hrspro.unclaimedproperty.com/

5. File Report Before November 1

Completed reports are due before November 1. Reports without remittance or appropriate forms will be deemed incomplete and returned to the Holder.

DO NOT SEND Zero or negative reports.

Report Submissions: Upload holder reports here.

Remittances: Wire or ACH transmission are the most secure way to send your remittance electronically. Email ucpholder@alaska.gov to obtain a copy of our banking instructions. If you must send a check, make it payable to State of Alaska, Unclaimed Property Program.

Security Remittances: E.g. dividend reinvestment plans, mutual funds, book entry shares, and stock must include a confirmation of transfer or a statement indicating the transfer.

Interest-Bearing Accounts: Must be clearly identified with a Y in the Interest column of the report; otherwise, leave the field blank.

Yes. Email your request to us at ucpholder@alaska.gov stating why you need the extension and how long of an extension you need.

Ongoing payments of such things as dividends, stock or mineral royalties are automatically reportable once the first payment is eligible. In other words, once the first dividend or royalty payment is reported, you do not wait another 5 years to report the next payment.

Yes, with prior approval. Please email us at ucpholder@alaska.gov and wait for a formal response.

Property that would have been presumed abandoned from September 7, 1980 forward.

The Department realizes time restraints may make it difficult to prepare reports back to 1980. We ask holders of unclaimed property to file for as far back as their records permit. First time filers should try to cover at least the last ten years. As a matter of reference, an audit can cover all property back to 1980. Random sampling techniques are often used to create reports where hard copy records are no longer available.

It is important to start reporting on a regular basis. You may want to address prior year records in a separate process.

Yes. You should report and remit such amounts as may be reasonably estimated from available records.