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Ohio Voluntary Compliance Agreement Program

Ohio Voluntary Compliance Agreement Program

The Ohio Department of Commerce, Division of Unclaimed Funds (“Division”) offers a Voluntary Compliance Agreement (VCA) for companies or holders of unclaimed property that was not reported in past reporting cycles and would like to become compliant with the Ohio Unclaimed Funds law. In exchange for voluntary compliance through an executed VCA, the Division will agree to forgo the right to assess penalties and interest outlined in the law.

For acceptance into the program a company or holder must:

  • Not be under examination by the Division.
  • Conduct a self-examination and remit findings within 60 days of the execution of the agreement.
  • Be able to provide supporting documentation for any estimation techniques used.
  • Know the exact dollar amount to be reported prior to providing the agreement for signature.
  • Be able to accept the agreement without modification.

How to begin the VCA process

To initiate the VCA process, send a signed voluntary compliance agreement with the exact amount to be reported after completing the self-examination and required due diligence to the Division of Unclaimed Funds. Upon receipt, the agreement will be reviewed and, if approved, a signed copy will be returned to the company or holder. Please do not send a report and/or payment until the agreement has been approved, signed, and returned by the Division. Upon approval, a completed report with payment can be mailed to our office or filed online within sixty days from the date the Division of Unclaimed Funds Division Council and Superintendent signs the agreement. If an agreement has not been approved by the Division, the Division will contact you.

Contact Information:
George.Gladden@com.state.oh.us

 

VCA Documents:

Information Needed Includes
Voluntary Compliance Instruction Letter
Voluntary Compliance Agreement
How to File and Remit Payment

Guidelines and Forms for Filing:

Hardcopy Annual Report of Unclaimed Funds Forms, Instructions and Information
File Electronically Through the Ohio Business Gateway
Negative Report/Company (OUF-1)
List of Fund Owners (OUF-2)
List of Stock/Security Owners (OUF-4)
List of Box Owners (OUF-5)
Due Diligence Form (OUF-8)