Every business entity is required to report unclaimed property assets to the State of Minnesota on an annual basis. The State of Minnesota’s goal is to collect and return unclaimed property to its rightful owners in accordance with Minnesota Statute 345. As an ongoing effort to promote compliance with the Unclaimed Property Law, The Minnesota Department of Commerce (“Commerce UCP”) has established a Voluntary Disclosure Program.
Effective 6/15/2013, Commerce UCP changed its documentation relating to its voluntary disclosure program. The process remains unchanged. The revised documentation is designed to facilitate the process and provide flexibility to the holder in completing their analysis and development of a compliance program.
The required documentation consists of two forms:
Form VDA-1 (.pdf):
Disclosure and Notice of Intent to Voluntarily comply with Minnesota Unclaimed Property Requirements.
Signed at the beginning of the process.
Form VDA-2 (.pdf):
Voluntary Disclosure Agreement
Signed at the end of the process upon acceptance of the identified property.
To participate in this program, the Holder must NOT:
Be currently under examination or audit by the Department or one of the Department’s contract auditors;
Have been contacted by the Department or by one of the Department’s contract auditors to schedule an examination or audit of the holder on behalf of the Department.
General Description of the process:
Introductory Meeting (or conference call at the Holder’s option)
Phase 1: Scoping
Phase 2: Records Review/Testing/Remediation
Holder renders payment to the State. The State and Holder Execute Form VDA-2 and the Holder is granted all rights and waivers contemplated by the agreement.