Sign South Carolina Stock Certificate Safe

Document type sign stock certificate south carolina safe

Rana treasures unclaimed property program with us today we have Daniel Hanley mr. Hanley joined the south carolina state treasurer's office in december 2012 as an unclaimed property auditor he previously worked as an audit specialist at Derek steps and stiff LLP a public accounting firm in Columbia and is a Clemson University graduate will forgive you for that Daniel it all seriousness thanks for being here today I'll turn it over to you thank you everyone for joining us for a hold of reporting webinar as she mentioned I'm Daniel Hanley nadra with the unclaimed property program in the south carolina state treasurer's office i'm also joined by Dale DeLong director of the unclaimed property program who will be available at the conclusion of the presentation to answer any questions you may have if you have any questions during a presentation you can type them in and we will answer them within the presentation today's webinar will also be archived and made available on the South Carolina realtor website let's start with an overview of the webinar first I will introduce you to a few unclaimed property terms and their definitions and then provide a brief history of unclaimed property law and touch on what we've seen from the program thus far I will also discuss the holders obligations for compliance with South Carolina's unclaimed property law I will discuss how to report unclaimed property to the South Carolina unclaimed property program finally we will have time for questions and answers at the conclusion of the presentation for those who are new to the unclaimed property program or may need a refresher I will cover a few key definitions first what is unclaimed property unclaimed property consists of intangible personal property including general ledger and securities related property for which there has been no owner initiated activity for a specified period of time usually five years intangible property has no intrinsic value but is merely representative of value let's cover a couple of examples our first example is a check written out of your checkbook or in company check stock to check itself the piece of paper has no value but it represents the value that the check is written for our second example is a credit memo again the credit memo itself the piece of paper has no value but it represents the value on the face of the credit memo our next definition is holder you will hear us use this term a lot a holder is an entity that is in possession of property belonging to another or is indebted to another on an obligation next an owner is a person who has a legal right to or an equitable interest in the unclaimed property if your company has an unclaimed payroll check your company is the holder the employee is the rightful owner the property's dormancy period is the period of time during which the owner of the property does not take action in regards to the property you may also hear this referred to as the property's abandonment period dormancy periods range from 1 to 15 years depending on the property type we have a doorman see a table available on our website that lists the various property types and the respective dormancy periods due diligence refers to the use of reasonable and prudent methods under particular circumstances to locate apparent owners of inactive accounts as a holder you must send a written notice to the owners last known address next I will briefly discuss the history of unclaimed property law unclaimed property laws are not new the origins are British common law where land was returned to the local Lord if a tenant died without heirs and personal property was subject to claim by the crown when English colonists settled in America they brought these common laws with them which developed into modern-day unclaimed property laws today every state has an unclaimed property law the uniform law commission has enacted a series of uniform unclaimed property acts to promote uniformity among the states unclaimed property laws these are the 1954 1966 1981 and 1995 acts while some states have similarities with their laws it is important to review each state's laws on unclaimed property South Carolina's first unclaimed property statute passed in 1971 our current unclaimed property law is a version of the 1981 uniform unclaimed property act the unclaimed property program became a part of the state treasurer's office in 1996 after is transferred from the Department of Revenue why do we have unclaimed property laws the primary purpose of the law is to protect the rights of consumers with the ultimate goal of returning abandoned property to its rightful owner South Carolina's unclaimed property law is extolled ashit law based on the derivative rights doctrine this means that the state stands in the shoes of the owner and holds the property until the rightful owner can be found the owner's rights to the property are never lost and he or his heirs may claim it at any time unclaimed property laws have benefit both holders and owners the law creates a system that allows the holder to remove an obligation due to an owner from its books and records forever when property is reported and remitted to the state both custody and liability are transferred unclaimed property law benefits owners by protecting their interest in the property the unclaimed property law also allows for abandoned assets to be centralized at the state where owners may search for their unclaimed property as I mentioned earlier our primary goal is to return the property to its rightful owner last year we we returned over 18 million dollars unclaimed money can come from many sources such as unclaimed to life insurance proceeds dorman have forgotten bank accounts commission checks stock proceeds and payments to heirs unclaimed property is not just for individuals did you know that it's a business church or other organization you can also have unclaimed property we encourage you to search our website and see if we are holding any unclaimed property for you your family or anyone else you know now let's talk about your obligations as a holder under the unclaimed property program there are four steps each holder should take to ensure it is compliant with South Carolina's unclaimed property law first identify unclaimed property by performing an annual review of your financial records to identify any abandoned accounts on our next slide I'll discuss some common property types to include in your ear view second perform due diligence you should attempt to contact the owner before reporting the property to the state third file an annual unclaimed property report and remit the associated funds to the state before november first and fourth keep adequate supporting records while reviewing your records be sure to cover the following common types of unclaimed property these include wages outstanding checks customer credit balances bank accounts you kill utility deposits stocks and dividends bonds insurance proceeds and annuities money orders and traveler's checks this list is by no means all inclusive if you aren't sure if something should be classified as unclaimed property please ask us today give us a call or shoot us an email and we'll be happy to help you will provide our contact information at the conclusion of the webinar unclaimed property law applies to all categories of intangible property unless specifically exempted or excluded by the administrator in South Carolina gift certificates and capital credits issued by South Carolina telephone and electric cooperatives are exempt from reporting with the exception of US savings bonds South Carolina will not accept tangible property from men safe deposit boxes instead a holder should sell the content to the box and remit the proceeds to the state a property's age and activity are key to determining whether it should be reported as unclaimed property to determine whether a property has been abandoned you should first age the property from the date it becomes payable to the owner we refer to this date as the dormancy trigger please keep in mind that reissuing a check does not restart the dormancy period when determining the age of the check you should use the original issue date of the check not the data was reissued you should also determine whether there has been any owner initiate owner generated activity during the period during the duration of the dormancy period for certain property types like bank accounts activity can also be established by other means for information specific to demand savings material time deposits with banking or financial institutions see section 27a 1870 of the South Carolina uniform unclaimed property acts carolina's dormancy periods are one year for wages and utility deposits three years for stocks and securities five years for most property types including outstanding checks bank accounts insurance proceeds annuities and credit balances the dormancy period for money orders 27 years and traveler's checks is a 15-year dormancy period we invite you to explore the unclaimed property section of this state treasurer's office website there you will find specific reporting instructions including a dorm see chart and report conversion table in order to determine which properties are reportable to this you've unclaimed property program you first must determine the due date the due date is based on the ladder of either the date the property was originally payable to the owner or the date of the last owner initiated activity holders must report unclaimed property every year a list of due dates is also available on our website here is an example to help you see how dormancy periods and due dates effect when property should be reported Bobby's paycheck was issued on November fifth 2014 as you're going through your records in July of 2016 you discover that Bobby would never cashed his paycheck in reviewing the dude a chart on a website you will find that the 26 that for the 2016 holy report you should include wages issued between july first 2014 and june thirtieth 2015 since Bobby's check was issued during this period it should be included in the 2016 report the performance of due diligence is required by section 27a 18 dash 180 of the South Carolina unclaimed property law for property valued at fifty dollars or more the holder must send written notice to the owner at the owners were last known address if your records show that the last known address is inaccurate a written notice is not required to do due diligence letters must be sent no more than 120 days prior to the date the report is filed as a note a sample due diligence letter is available on our website we have a few tips for effective due diligence first allow enough time for the property owner to respond make the letter easy to understand clearly state the purpose of the letter include a deadline for the owner to respond and indicate the funds will be considered unclaimed and transferred to the state treasurer's office if response is not received by the deadline a sample letter the sample that are available on a website asks the error to respond within 30 days if your letter provides the state contact information include the date property will be sent to the state you should also provide your organization's contact information for customer or under questions let's go back to Bobby's paycheck your company plans on submitting its report on October 15th of 2016 that means that the earliest you can send your due diligence letters is June seventeenth of 2016 which is 120 days before you plan on submitting your report we recommend that you allow at least 30 days for the owner to respond and order for Bobby to have at least 30 days to respond to the letter you should send his letter no later than September 15th of 2016 next let's discuss filing the report some things to ask yourself when it comes to unclaimed property first is your business organization already reporting unclaimed property do you know if you are submitting a report each year are you in compliance with the unclaimed property program do you know who is responsible for reporting unclaimed property for your business for those who are new or maybe not as familiar with the process let's review unclaimed property report and sentences are do each year before november first for property that has reached its dormancy period as of the previous june thirtieth for example one year property such as wages or utility deposits that were issued between july first 2014 and june thirtieth 2015 must be reported by november first of 2016 five-year properties which include vendor checks credit balances etc with the last activity date between july first 2010 and june thirtieth 2011 must be reported by november first 2016 again for your reference there is a report conversion table with original issue dates and corresponding due dates on our website unclaimed property is reported based on the rules of jurisdiction set by the united states supreme court in texas versus New Jersey 1965 Texas versus New Jersey established that property should be reported to the state of the owners last known address if the owners address is not known the property should be reported to the state of the holders incorporation or domicile section 27a 18 x 40 of the south carolina code of laws provides more information about property reportable to the south carolina state treasurer's office to ease the reporting burden most states including South Carolina will accept incidental property with a last known address in another state incidental property is defined as less than 10 accounts totaling less than a thousand dollars for reference a reciprocity matrix is available on our website be sure to check the requirements of both the state you're reporting to and the state where the properties should be reported we have a few requirements for report preparation reports must be in the NOC prescribed format not the stands for the National Association of unclaimed property administrators because all states are a member of this organization this is allowed for standard format for reporting that is accepted by all states to safeguard property owner information South Carolina will not accept reports on paper CB or USB Drive reports must be filed electronically by email through you p exchange or through you p express reports must be encrypted or password protected to remit property to the over the US to rent the property over to the state treasurer's office funds may be remitted by check ACH or bank wire securities must be delivered to our brokerage account with wells fargo advisors additional information is available on our website for remittance information there are several reporting software programs available yupi exchange and hrs pro are both freeholder reporting software you will be able to sign up for a free account download the novel formatted excel template create your report and then send it to the state you are able to upload reports directly through you exchange or you can express you also have the option of sending your reports as an attachment to an email to ensure proper payment to the owner provide the full name and last known address for all owners use the correct property owner and relationship codes a schedule of South Carolina reporting codes is available on the state treasurer's office website if the property has more than one odor be sure to specify and or or if you can find more information or you can find more information about required report elements in section 27a teen dash 180 of the South Carolina code of laws reported accounts cannot be reduced by fees or service charges unless specifically allowed in the South Carolina uniform unclaimed property act for the definition of lawful charge please see section 27 1820 subsection 12 of the South Carolina Unclaimed Property Act section 27 18 770 subsection C of the Act also includes information about dormancy fees all property must be reported regardless of amount if your organization does not have any unclaimed property to report South Carolina does not generally require negative reporting specific rewarding instructions are available on a website along with frequently asked reporting questions if you are unable to report before the remember first deadline you can may request an extension send your requ st for an extension in writing for the New River first reporting deadline the email address is unclaimed at st o SC gov extensions are generally granted for extenuating circumstances if your extension request is received before the reporting deadline and your report and remittance are received before the extension expires late filing penalties and interests will be waived if your extension request is approved and later determine that you were not holding unclaimed property after all a negative report is required now that your report has been prepared and property has been remitted to the state treasurer's office records must be maintained in accordance with the South Carolina unclaimed property law all holders are required to retain unclaimed property records for 10 years after the property becomes reportable if your organization is holding past due unclaimed property please contact the unclaimed property program members of our staff are available to help your company achieve compliance with the unclaimed property law we will work with your company through our voluntary disclosure program to report any past due property without penalty what happens if you are not compliant with the unclaimed property law we understand that some businesses may not be reporting because they are not aware of the requirements of the law and that's why we offer our voluntary disclosure program to help businesses come into compliance without being assessed any interesting penalties if a business simply refuses to report unclaimed property the law allows for penalties interests to be charged ranging from twenty five percent of the value of the property to a ten-thousand-dollar fine again our goal is to help you become a compliant if you have not been reporting properly please give us a call so we can help please keep in mind that each state's unclaimed property law is different the information provided on these slides and in this webinar pertains only to South Carolina unclaimed property reporting if your organization is holding property due to other states please check with those states for unclaimed property reporting requirements we are here to answer the questions you submit it today if your question is not addressed during webinar we will research in send a response to you by email if additional questions come up as you prepare the report please submit your questions in an email to unclaimed at sto SC gov with holder reporting webinar in the subject line you can also give us a call at area code 803 73 74 771 will our best to get response to you promptly it doesn't look like we've got any questions I can show you the website though so you know where to look for the resources that we have available alright our email at RS are our website address is treasure that SC gov once you go to that if you see down in the left middle section if you click on that that is where you would go to actually look for unclaimed property in your no name or if your business or any family members but as far as unclaimed property reporting compliance goes under the business tab there's the unclaimed property reporting compliance button and this section includes basically all the information you need to actually report as you go through that and it contains the links to many of the items we stated previously such as the dormancy period or the list of due dates which are both found on this page we also have further information or reporting codes so that you can find find out which reporting code you should enter when you're entering the property information the sample due diligence letter is here as well and the novice porosity matrix to determine if you are eligible to report property that is actually due to another state for actually reporting a creating report and getting the property sent to us the links to the UK exchange program and hrs pro program either which can be used are here as well as well as information on the remittance and delivering securities and as well as contact information if you do need to reach us for any further information that will be everything we have today and thank you for joining us for a hold of reporting webinar please fill the cup for feel free to contact us any questions you may have you