Physicians Must File Unclaimed Funds Report by Nov. 1

Ohio requires all businesses, including physician practices, to file a report by Nov. 1 every year for all funds that remain unclaimed as of June 30 of that year, even if no unclaimed funds exist.

Unclaimed funds are defined in the law and can include many types of monies. Examples of unclaimed funds are refunds owed to a patient or money owed to an employee who has terminated employment, with checks having been mailed to the patient or the employee that were returned by the post office because the patient or former employee has moved and has left no forwarding address or the forwarding address has expired. After a certain period of time, if these monies are still unclaimed, they must be reported and sent to the state as unclaimed funds. If there are no unclaimed funds, the report must still be submitted indicating that there are no unclaimed funds.

Failure to file the unclaimed funds report carries a maximum penalty of up to 100 dollars per day plus one percent of the amount due for each day the report is overdue plus interest from the date the monies were due to the state.

Click here to access Ohio’s unclaimed fund laws.

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