The Delaware AP1 form serves as a critical tool for companies to report unclaimed or abandoned property to the Department of Finance's Division of Revenue. It's designed to ensure that assets such as uncashed checks, savings accounts, stocks, and other intangible property are rightfully returned to their owners or the state's custody if the owner cannot be located. Whether you're filing a final, supplemental, or preliminary report, understanding and accurately completing this form is essential for compliance with Delaware's unclaimed property laws. Ready to ensure all unclaimed properties are reported correctly? Click the button below to start filling out your Delaware AP1 form.
In the State of Delaware, entities including banking organizations and life insurance companies are required to annually navigate the complexities of the AP1 Form, a crucial document managed by the Department of Finance’s Division of Revenue for the purpose of reporting unclaimed or abandoned property. This comprehensive form serves as a means for organizations to declare their unclaimed assets, be it in the form of cash, shares, or any other property presumed abandoned under the Delaware Unclaimed Property Law. The form delineates categories for different types of unclaimed assets ranging from dormant bank accounts and uncashed checks to insurance policy proceeds and stock dividends, making it an essential tool for compliance with state escheatment laws. Organizations are mandated to file either a preliminary or a final report, supplemented by a detailed checklist that categorizes the unclaimed property by type and ownership. The procedural nuances of the AP1 form, such as the need for holder information, the specifics of delivering securities to the state, and the verification process, underscore the importance of accuracy and due diligence in reporting. Furthermore, the form accommodates for the nuances of different reporting periods and specifications for banking and insurance entities, highlighting the tailored approach Delaware takes towards ensuring an exhaustive inventory of unclaimed assets is accounted for. All these elements combined work towards a shared objective - to streamline the process of reuniting rightful owners with their unclaimed property in a manner that is efficient, transparent, and in compliance with regulatory frameworks.
FORM AP1
STATE OF DELAWARE
Department of Finance
REPORT OF UNCLAIMED
Division of Revenue
OR ABANDONED PROPERTY
P O Box 8931
Wilmington DE 19899
Verification For Report Year 20_____
REPORT INFORMATION
Please Check One
[] Final Report - Date preliminary report filed ____________________
[] Supplemental report - Date previous report___________________
[] Preliminary Report
Media Submitted
[] Paper
[] Compact Disc
[] Diskette
Note: Preliminary reports are filed by Banking organizations, on or before August 1st, and by Life Insurance companies by or before May 1st only.
_______________________________________________________
HOLDER INFORMATION
Enter Your Federal E.I.#- 1 -______________________________
Company Name:________________________________________________________________________
Address:
___________________________________________________________________________
City,State, Zip
State of Incorporation: ___________________Date of Incorporation:__________________Primary SIC Code:___________________
Contact
Person:______________________________Email_________________________________Title:_____________________________
Telephone:________________________________FAX Number:__________________________________
1.Is the above a successor corporation Yes___No___? If you answered yes, please attach a listing of previous corporate names and date of acquisition.
2. Has the corporation changed names in the past year Yes___NO___? If yes please enter the following information:
Previous NameFederal E.I.#Date of Change
________________________________________________________
REPORT RECAPITULATION
OWNER & PROPERTY COUNT*
CASH AMOUNT
NUMBER OF SHARES
This report:
____________________
_____________________
For Banking organizations or Life Insurance companies, please complete the following calculation when
submitting a final or supplemental report:
Preliminary Report:
Additions:
Deletions:
Grand Total:
Advertising Expenses (Bank & Insurance Holders Only): ____________________
REMITTANCE AMOUNT & SHARES:
*Owner count is defined as the aggregate number of property owners; Property count is defined as the total number of individual property items being remitted. (Ex: Property owned jointly would have two owners, but count as only one piece of property)
HOLDER DELIVERY OF SECURITIES:
Holders delivering securities must provide account statements and documentation related to the State of Delaware Escheatment. Have securities been transferred to the State account: ______Yes ______ No
Are account statements and transfer documentation included with this report: ______Yes ______ No
_____________________________________________________________________________________
VERIFICATION
State of_________________________:
County of________________________: ss
I, ________________________________________ being first duly sworn, on oath depose and state that I have caused to be prepared and have
examined this report as to property presumed abandoned under the Delaware Unclaimed Property Law for the year ending as stated; that I am duly authorized by the holder to execute this report; and I believe that said report is true, correct and complete as of said date, excepting for such property as has ceased to be abandoned.
Signature__________________________________ Title________________________________________
Subscribed and sworn to before me this____________day of__________, 20_________.
DOCUMENT NO: 25-06/87/11/10
AP-1 CHECKLIST
# OWNERS / # PROP.
$ REPORTED
# SHARES
ACCOUNT BALANCES
AC01 Checking Accounts
AC02 Savings Accounts
AC03 Matured CD or Savings Certs.
AC04 Christmas Club Accounts
AC05 Money on Deposit to Secure Funds
AC06 Security Deposits
AC07 Unidentified Deposits
AC08 Suspense Accounts
AC99 Aggregate
TOTAL
UNCASHED CHECKS
CK01 Cashiers Checks
CK02 Certified Checks
CK03 Registered Checks
CK04 Treasurers Checks
CK05 Drafts
CK06 Warrants
CK07 Money Orders
CK08 Travelers Checks
CK09 Foreign Exchange Checks
CK10 Expense Checks
CK11 Pension Checks
CK12 Credit Checks or Memos
CK13 Vendor Checks
CK14 Checks Written off to Income
CK15 Other Official Checks
CK16 CD Interest Checks
CK99 Aggregate
COURT DEPOSITS
CT01 Escrow Funds
CT02 Condemnation Awards
CT03 Missing Heirs’ Fund
CT04 Suspense Accounts
CT05 Other Court Deposits
CT99 Aggregate
EDUCATIONAL SAVINGS ACCOUNTS
CS01 Cash
CS02 Mutual Funds
CS03 Securities
AP-1 CHECKLIST - CONTINUED
HEALTH SAVINGS PLAN
HS01 Health Savings Account
HS02 Health Savings Account
Investment
INSURANCE
IN01 Indiv. Policy Benefits or Claims
IN02 Group Policy Benefits or Claims
IN03 Proceeds Due Beneficiaries
IN04 Proceeds From Matured Policies,
Endowments or Annuities
IN05 Premium Refunds
IN06 Unidentified Remittances
IN07 Other Amounts Due Under Policy
IN08 Agent Credit Balances
IN99 Aggregate
IRA - TRADITIONAL, SEP, SARSEP, AND SIMPLE
IR01 Cash
IR02 Mutual Funds
IR03 Securities
IRA - ROTH
IR05 Cash
IR06 Mutual Funds
IR07 Securities
MINERAL PROCEEDS & INTERESTS
MI01 Net Revenue Interest
MI02 Royalties
MI03 Overriding Royalties
MI04 Production Payments
MI05 Working Interest
MI06 Bonuses
MI07 Delay Rentals
MI08 Shut-in Royalties
MI09 Minimum Royalties
MI99 Aggregate
AP-1 CHECKLIST - CONCLUDED
# OWNERS / #PROP.
MISC. CHECKS & INTANGIBLE PERSONAL PROPERTY
MS01 Wages, Payroll, Salary
MS02 Commissions
MS03 Workers Compensation Benefits
MS04 Payment for Goods & Services
MS05 Customer Overpayments
MS06 Unidentified Remittances
MS07 Unrefunded Overcharges
MS08 Accounts Payable
MS09 Credit Balances
MS10 Discounts Due
MS11 Refunds Due
MS12 Unredeemed Gift Certificates
MS13 Unclaimed Loan Collateral
MS14 Pension & Profit Sharing Plans
MS15 Dissolution or Liquidation
MS16 Misc Outstanding Checks
MS17 Misc Intangible Property
MS18 Suspense Liabilities
MS99 Aggregate
SAFE DEPOSIT BOX (SAFEKEEPING)
SD01 SD Box Net Proceeds
SD02 Other Safekeeping
SECURITIES
SC01 Dividends
SC02 Interest (Bond Coupons)
SC03 Principal Payments
SC04 Equity Payments
SC05 Profits
SC06 Funds to Purchase Shares
SC07 Funds for Stocks & Bonds
SC08 Shares of Stock (Returned by P.O.)
SC09 Cash For Fractional Shares
SC10 Unexchanged Shares of Successor Corp
SC11 Other Certs. of Ownership
SC12 Underlying Shares
SC13
of unsurrendered Stock or bonds
SC14 Debentures
SC15 US Government Securities
SC16 Mutual Fund Shares
SC17 Warrants (Rights)
SC18 Matured Bond Principal
SC19 Dividend Reinvestment Plans
SC20 Credit Balances
SC99 Aggregate
TRUST, INVESTMENT & ESCROW ACCOUNTS
TR01 Paying Agent Accounts
TR02 Undelivered or Uncashed Dividends
TR03 Funds Held In Fiduciary Capacity
TR04 Escrow Accounts
TR05 Trust Vouchers
UTILITIES
UT01 Utility Deposits
UT02 Membership Fees
UT03 Refunds or Rebates
UT04 Capital Credit Distributions
UT99 Aggregate
ALL OTHER PROPERTY NOT IDENTIFIED ABOVE
ZZZZ ALL OTHER PROPERTY
GRAND TOTAL *
* Please total all property categories and enter grand total on front of form AP-1 in the Report Recapitulation section.
(REVISED 02/ 17/ 11)
After completing the Delaware AP1 form, a crucial step in complying with the state's regulations on unclaimed or abandoned property, you're setting in motion a process to return lost or forgotten assets to their rightful owners. This action not only helps in maintaining the integrity of your business's financial practices but also plays a significant role in reuniting individuals or entities with their property. Let's walk through the necessary steps to fill out this form correctly and efficiently.
Once you've meticulously filled out the form and reviewed all entries for accuracy, you'll submit the completed document to the Delaware Department of Finance's Division of Revenue. This submission is not only a legal requirement but a step towards enhancing the trust and transparency between businesses and the public by ensuring that unclaimed or abandoned assets find their way back to their rightful owners.
What is the Delaware AP1 Form?
The Delaware AP1 Form is a document required by the Department of Finance's Division of Revenue for reporting unclaimed or abandoned property. It is essential for entities to complete and submit this form to ensure compliance with Delaware's unclaimed property laws.
Who needs to file the Delaware AP1 Form?
Banking institutions and life insurance companies are primarily required to file this form. Banking organizations must file preliminary reports by August 1st, while life insurance companies must do so by May 1st. Other entities holding property that could be considered unclaimed or abandoned under Delaware law may also need to file.
What types of reports can be filed with the AP1 Form?
Entities can file either a final report, a supplemental report, or a preliminary report using the AP1 Form, depending on their situation. The form accommodates reporting with paper, compact disc, or diskette media.
What information is required on the AP1 Form?
The form requires the reporting entity's federal E.I. number, company name, address, state of incorporation, date of incorporation, primary SIC code, and contact information. Additionally, it requires details regarding the type of report being filed, recapitulation of owner and property count, cash amount, number of shares, and specific details regarding securities if applicable.
What happens if there’s a change in the corporation or successor corporation?
If the reporting entity has undergone a change or is a successor corporation, it must indicate this on the AP1 Form and attach a listing of previous corporate names along with the dates of acquisition.
How are securities delivered to the State of Delaware?
Holders delivering securities must provide account statements and documentation related to the State of Delaware Escheatment. They must indicate whether securities have been transferred to the State account and if the accompanying documentation is included with the report.
What must be verified in the AP1 Form?
The form must be signed and sworn by an authorized individual of the reporting entity, verifying that the report is true, correct, and complete to the best of their knowledge, except for any property that has since ceased to be abandoned.
What types of property are reported on the AP1 Form?
The AP1 Form covers a wide range of property types including, but not limited to, cash accounts, securities, court deposits, educational savings accounts, insurance benefits, IRA accounts, mineral proceeds & interests, miscellaneous checks, and tangible property like safe deposit box contents.
What is the significance of the year-end property counts and values?
The year-end property counts and values provide a summary of the reported items, enabling the Division of Revenue to manage and reconcile abandoned or unclaimed property efficiently. These values help in understanding the scale of property presumed abandoned within a specific reporting period.
How can one ensure compliance when filing the AP1 Form?
To ensure compliance, entities should accurately fill out all required sections of the form, attach necessary documentation, and adhere to the reporting deadlines. Additionally, consulting the Delaware Division of Revenue's guidelines or seeking professional advice may help in addressing specific questions or concerns.
Filling out the Delaware AP1 form, which reports unclaimed or abandoned property, can be a complex process. There are several common mistakes that people make during this process. Being aware of these mistakes can help ensure the filing is accurate and complete, reducing the risk of delays or complications in processing the report.
Ensuring accuracy in these areas is crucial for successful reporting. Adherence to the specific requirements of the Delaware Department of Finance is essential for compliance with state regulations regarding unclaimed or abandoned property. By avoiding these common errors, entities can streamline their reporting process, contribute to their compliance posture, and ultimately support the efficient return of property to rightful owners.
Each area of the Delaware AP1 form pertains to distinct types of unclaimed property and requires detailed attention to ensure the accuracy and completeness of the report. From identifying information about the holder to specifics of the unclaimed property being reported, attention to detail is paramount. By being mindful of these common pitfalls, filers can avoid unnecessary errors and the need for corrective submissions, making the process more efficient for all parties involved.
When dealing with unclaimed or abandoned property in Delaware, the AP1 form is a crucial document. However, to ensure thorough and compliant reporting, several other forms and documents often accompany the AP1 form. These documents vary based on the specifics of the assets being reported and help provide a complete picture of unclaimed property management for both the entity reporting and the state.
Apart from the main AP1 form, these documents are key components in the reporting process. They ensure clarity, compliance, and facilitate the smooth reclamation of unclaimed property by rightful owners. Staying organized and maintaining accurate records of these documents supports a straightforward and effective reporting procedure.
The Delaware AP1 form, primarily used for reporting unclaimed or abandoned property to the state's Division of Revenue, shares similarities with the Form 1042 used by the IRS for reporting income subject to withholding for foreign persons. Both require detailed information about the reporting entity, including identification numbers and contact details, and necessitate a detailed report of financial activities. Additionally, both forms mandate a summary section where the amounts reported are recapitulated, demonstrating their alignment in structure and purpose despite serving different governmental units.
Similarly, the Form W-2, which employers use to report wages, tips, and other compensation paid to employees, parallels the Delaware AP1 form in its systematic reporting requirements. While the W-2 focuses on income and tax withheld for individuals, the AP1 encapsulates unclaimed financial property, both necessitating a comprehensive list of affected parties and a summary of financial information. Each form plays a crucial role in financial governance, ensuring transparency and accountability for corporate entities.
The Uniform Unclaimed Property Act (UUPA) Forms, used by various states to report unclaimed property, are directly analogous to Delaware's AP1 in purpose and design. These forms, while varying slightly in specific requirements based on state laws, all serve to report and facilitate the transfer of forgotten or unclaimed assets to the state for safekeeping. They share in demanding detailed financial and holder information, underscoring their common objective of protecting unclaimed property until rightful owners can be found.
The Securities and Exchange Commission’s Form 10-K, required annually from public companies, shares a similar level of detailed reporting as the Delaware AP1 form. Both demand comprehensive disclosures about the company’s financial status, albeit for different reasons. The 10-K provides investors with a detailed account of a company’s financial performance, while the AP1 focuses on unclaimed property owed to individuals or entities, underlining their compliance and regulatory functions.
The Form 5500, required by the Department of Labor and the IRS from employee benefit plan administrators, also mirrors the AP1 form's structured data collection regarding financial activities. While the 5500 is tailored towards the specifics of employee benefit plans, including investments, operations, and participants, the AP1 form targets unclaimed property. Each form contributes to ensuring oversight and adherence to regulatory standards within their respective realms.
State-specific Sales and Use Tax Returns, while varying by jurisdiction, have a similar requirement for detailed transaction reporting as seen in the Delaware AP1 form. These tax returns necessitate a complete account of taxable sales, akin to how the AP1 requires a detailed list of unclaimed property. Both sets of documents are vital for accurate government record-keeping and ensure the appropriate allocation or return of funds.
The IRS Form 8300, which reports cash payments over $10,000 received in a trade or business, shares with the AP1 the objective of tracking and reporting financial flows to prevent misuse and ensure legal compliance. Each form requires the identification of parties involved and detailed transaction specifics to fulfill oversight and compliance mandates, highlighting the broader goal of financial accountability within and across states.
Finally, the Financial Crimes Enforcement Network’s FBAR (Report of Foreign Bank and Financial Accounts) parallels the Delaware AP1 in its focus on disclosing financial assets, specifically targeting foreign account holdings. Both forms are pivotal in combating financial fraud and ensuring transparency, although they cater to different domains of financial reporting. The AP1 and FBAR collectively demonstrate an overarching regulatory intent to monitor and manage financial assets responsibly.
When filling out the Delaware AP1 Form, it’s crucial to ensure accuracy and compliance with the state guidelines. The following are important do’s and don’ts to keep in mind:
There are many misconceptions surrounding the Delaware AP1 form, a crucial document for reporting unclaimed or abandoned property. By clarifying these misunderstandings, entities required to file this form can ensure compliance with Delaware’s regulations and avoid potential penalties.
Misconception 1: All businesses are required to file the AP1 form annually.
Not all businesses need to file the AP1 form. Only those holding unclaimed or abandoned property in Delaware are required to report it using this form.
Misconception 2: Electronic filing is optional for all companies.
While the AP1 form can be submitted on paper, compact disc, or diskette, some businesses, especially larger ones, may be required to file electronically to streamline the process and ensure accuracy.
Misconception 3: The preliminary report and the final report are the same.
The preliminary report and final report serve different purposes. Preliminary reports are filed by banking organizations and life insurance companies by specific deadlines, while final reports summarize the entirety of unclaimed property to be remitted.
Misconception 4: Only cash needs to be reported on the AP1 form.
The AP1 form requires reporting of various types of unclaimed property, including but not limited to cash. Stocks, bonds, and other securities, as well as tangible items from safe deposit boxes, must also be reported if applicable.
Misconception 5: Holder information is only required for the current year.
The form requests holder information, including any changes in corporate names or structures within the past year, showcasing the need for historical context in reporting.
Misconception 6: Successor corporations do not need to disclose their acquisition details.
If a reporting entity is a successor corporation, it must attach a listing of previous corporate names and the dates of acquisition, making clear the lineage of ownership.
Misconception 7: Securities transferred to the State's account do not require additional documentation.
Holders delivering securities must provide account statements and documentation related to the transfer, ensuring the State can accurately handle and attribute the assets.
Misconception 8: Verifying the accuracy of the report is the sole responsibility of the State.
The individual signing the AP1 form is responsible for affirming its completeness and accuracy, underscoring the importance of diligence in its preparation.
Misconception 9: Only major components like cash amounts and shares need detailed reporting.
Every section of the AP1 checklist, including smaller or seemingly minor categories, requires precise reporting. This meticulousness ensures all unclaimed property is accounted for.
Misconception 10: The AP1 form is only a formal requirement and does not significantly impact business operations.
Properly reporting unclaimed property through the AP1 form is a legal obligation that, if not met, can lead to audits, fines, and reputational damage, significantly impacting an organization’s operations.
Understanding the nuances of the Delaware AP1 form is crucial for compliance and for safeguarding one’s business from potential legal and financial repercussions.
When filling out the Delaware AP1 form, here are five key takeaways to consider:
These guidelines are essential for properly completing the Delaware AP1 form and ensuring compliance with state regulations on unclaimed or abandoned property.
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