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Creating and Filing a Report

Creating and Filing a Report. 2007 Unclaimed Property Workshop. Agenda. Reporting Overview Electronic Reporting: eHolder HRS PRO Forms and Instructions. All Business Associations All Financial Institutions All Utilities All Insurance Companies All Government Agencies

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Creating and Filing a Report

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  1. Creating and Filing a Report 2007 Unclaimed Property Workshop

  2. Agenda • Reporting Overview • Electronic Reporting: • eHolder • HRS PRO • Forms and Instructions

  3. All Business Associations All Financial Institutions All Utilities All Insurance Companies All Government Agencies Any legal or commercial entity Who is Required to Report ?

  4. What property should be reported? • Account Balances Due • Court Deposits • Insurance • Law Enforcement • Mineral Proceeds • Securities • Trust, Investments and Escrow Accounts

  5. Web resources • Located at www.wvsto.com • Uniform Unclaimed Property Act and Rules • eHolder • HRS PRO reporting • Paper Reporting Forms

  6. What info is required? • Owner name and address • Property value • Date of last activity • Property type code • Notary (for paper reports) • Any detail you may have

  7. To notify Overview: Duties of the Holders • To report • To remit [WV Code 36-8-7 and 36-8-8]

  8. To publish Overview: Duties of the State • To serve as custodian • of the property • To pay owner or heirs [WV Code §36-8-9,-15,-16,-21]

  9. Carrying out Duties: Outreach Programs • Unclaimed Property Bulletin • WV State Fair • County Fairs and Festivals • Local Government Specialists • Website www.wvsto.com

  10. November 1 May 1 What are the reporting deadlines?All Business Associations:Life Insurance Companies:

  11. September 1 What are the reporting deadlines?All Law Enforcement Agencies:

  12. Before you report:DUE DILIGENCE Send a written notice to the apparent owner of property: • 60 to 120 days prior to reporting. • Only required for property over $50. • Not required if known bad address.

  13. Due Diligence Letter This example of a due diligence letter is included in your handout materials.

  14. Consequences of Due Diligence Failure • Potential liability for holder: Barron vs. Fidelity Magellan Fund (784 N.E.2d 634)(2003). • Potential liability for State: Taylor v. Westley (9th Circuit Court of App.)(2007 WL 1557611)

  15. Electronic Reporting Create an eHolder Report online: • To enter 25 items or less use eHolder • To enter more than 25 items use HRS PRO Create a CD (using HRS PRO) and mail with remittance.

  16. eHolder reporting • Go to WVSTO web site: https://www.wvsto.com/sites/unclaimed/EHolder/

  17. Create a Login Note 1--Set your internet browser to allow “pop ups” on this site or you will not be able to complete the online reporting process. Note 2--Adobe 6.0 is required to access appropriate forms. (http://www.adobe.com/products/acrobat/readstep2.html) www.wvsto.com Click here to request a login

  18. Entering holder information Note: Be sure to select the correct “holder type” from the dropdown field as the screens will be tailored to your selection. Including email address is extremely useful. “Request button

  19. Accept terms

  20. Choose new report or continue

  21. Report online or upload file

  22. Property type page • Tangible or intangible

  23. Property Detail page Note—If you are entering online, you can save your work & return later to finish.

  24. Upload NAUPA File (HRS PRO)

  25. Upload NAUPA ReportFTP (File Transfer Protocol) Screen Note: If the end user chooses this screen in error they can enter their report online by clicking the link under the “Upload” button.

  26. Finished?

  27. Remittance • The Payment Type drop down selection gives the end user several choices of payment methods: • ACH Debit • ACH Credit • Paper Check

  28. Process Report

  29. Confirmation

  30. Receive a Confirmation E-Mail

  31. Save your property, save your report

  32. Return to Your Report

  33. Safeguards: error messages

  34. HRS PRO: • What is HRS PRO • Why use HRS PRO • Where to get HRS PRO • Installing HRS PRO • How HRS PRO works for you

  35. What is HRS PRO? • A free software program that allows holders to create electronic unclaimed property reports, in NAUPA II format, to submit to the states. • Integrated into WV’s eHolder system.

  36. Why use HRS PRO? • Use HRS PRO to generate an accurate submission file that complies with the NAUPA II format.

  37. Where do you get HRS PRO? • Link from eHolder site: https://www.wvsto.com/sites/unclaimed/EHolder/ • HRS PRO can be downloaded from: http://www.wagers.net/hrs/downloads.php.

  38. Installing HRS PRO: • HRS PRO installs itself from the download program. The default installation directory is: C:\Program Files\Wagers & Associates\HRS Pro.

  39. How HRS PRO works for you: • There are six steps to complete your unclaimed property report (the first two steps only need to be completed once).

  40. Step 1: Create a User Profile

  41. Step 2: Create a Holder Profile

  42. Step 3: Create the Data Set

  43. Once Steps 1 – 3 are complete, you are ready to add data

  44. Step 4: Now you can add, edit or delete property/owner information from the Properties button

  45. First, you enter the Property information. Note the fields with asterisks, those fields are required by NAUPA

  46. Once the Property information is entered, you add the owner(s) for that property

  47. Step 5: Once Property/Owner information is complete, Validate your data.

  48. First, confirm the contact(s) for this Holder Report

  49. Then, if stocks exist, specify delivery method.

  50. Now, you are ready to Validate your report

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