Fill Your Delaware Ap1 Template Customize Form

Fill Your Delaware Ap1 Template

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.

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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.

Delaware Ap1 Preview

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)

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_____

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

TOTAL

COURT DEPOSITS

CT01 Escrow Funds

CT02 Condemnation Awards

CT03 Missing Heirs’ Fund

CT04 Suspense Accounts

CT05 Other Court Deposits

CT99 Aggregate

TOTAL

EDUCATIONAL SAVINGS ACCOUNTS

CS01 Cash

CS02 Mutual Funds

CS03 Securities

TOTAL

AP-1 CHECKLIST - CONTINUED

# OWNERS / # PROP.

HEALTH SAVINGS PLAN

HS01 Health Savings Account

HS02 Health Savings Account

Investment

TOTAL

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

TOTAL

IRA - TRADITIONAL, SEP, SARSEP, AND SIMPLE

IR01 Cash

IR02 Mutual Funds

IR03 Securities

TOTAL

IRA - ROTH

IR05 Cash

IR06 Mutual Funds

IR07 Securities

TOTAL

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

TOTAL

$ REPORTED

# SHARES

Funds for Liquadition/Redemption
(Accounts Rec.)

AP-1 CHECKLIST - CONCLUDED

# OWNERS / #PROP.

$ REPORTED

# SHARES

 

 

 

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

TOTAL

SAFE DEPOSIT BOX (SAFEKEEPING)

SD01 SD Box Net Proceeds

SD02 Other Safekeeping

TOTAL

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

TOTAL

AP-1 CHECKLIST - CONCLUDED

 

 

 

# OWNERS / #PROP.

$ REPORTED

 

 

 

# SHARES

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

TOTAL

UTILITIES

UT01 Utility Deposits

UT02 Membership Fees

UT03 Refunds or Rebates

UT04 Capital Credit Distributions

UT99 Aggregate

TOTAL

ALL OTHER PROPERTY NOT IDENTIFIED ABOVE

ZZZZ ALL OTHER PROPERTY

TOTAL

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)

File Characteristics

Fact Name Detail
Governing Law The Delaware AP1 form is regulated under the Delaware Unclaimed Property Law, ensuring businesses report unclaimed or abandoned property.
Purpose of Form AP1 This form is used by entities to report unclaimed or abandoned property to the Division of Revenue within the Department of Finance in Delaware.
Types of Reports Entities can file the form as a Preliminary, Final, or Supplemental report, with specific deadlines for Banking organizations and Life Insurance companies.
Submission Formats The form allows submission via different media: paper, compact disc, or diskette, providing flexibility in how entities can report the required information.

Delaware Ap1: Usage Instruction

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.

  1. Verification of Report Year: Begin by entering the year for which you are reporting unclaimed or abandoned property in the space provided at the top of the form.
  2. Select Report Type: Indicate whether you are filing a Final Report, a Supplemental Report, or a Preliminary Report by checking the appropriate box. Include the date the preliminary report was filed if applicable.
  3. Choose Media Submitted: Specify the type of media you are submitting with your report (Paper, Compact Disc, or Diskette) by checking the appropriate box.
  4. Holder Information: Fill in your Federal E.I. number, company name, address, city, state, zip code, state of incorporation, date of incorporation, and primary SIC code in the designated areas.
  5. Provide the contact person's name, email, title, telephone, and fax number in the respective fields.
  6. If your corporation is a successor corporation or has changed names in the past year, mark 'Yes' and provide the required details or attach a listing as instructed.
  7. Report Recapitulation: Enter the owner and property count, cash amount, and number of shares related to this report, additions, deletions, and the grand total. Banking organizations or Life Insurance companies should also include advertising expenses.
  8. Include the remittance amount of cash and shares.
  9. Holder Delivery of Securities: Indicate whether securities have been transferred to the State account and if account statements and transfer documentation are included with this report by checking 'Yes' or 'No' as applicable.
  10. Verification Section: Complete the verification section by entering the state and county, then sign and date the form in the presence of a notary. The notary will then fill in the date and affix their seal to the form.
  11. AP-1 Checklist: Go through the AP-1 Checklist and fill out the number of owners/properties reported, along with the reported dollar amounts and shares for each category listed. Ensure you review all sections, including uncashed checks, court deposits, educational savings accounts, and all other categories relevant to your report.

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.

Learn More on This Form

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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.

  8. 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.

  9. 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.

  10. 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.

Common mistakes

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.

  1. One common mistake is not checking the correct type of report filed; Final, Supplemental, or Preliminary. Each serves a different purpose and has specific filing deadlines.
  2. Failure to provide the Federal E.I. number accurately. This is essential for identifying the entity reporting the unclaimed property.
  3. Incorrect or incomplete company information, including the address, state of incorporation, and date of incorporation, can also lead to processing issues.
  4. Omitting the primary SIC Code or providing an incorrect code can result in misclassification of the business nature.
  5. Not properly indicating whether the corporation is a successor, and if so, failing to attach a listing of previous corporate names and the date of acquisition.
  6. Forgetting to note any corporate name changes in the past year and not providing the required previous name and Federal E.I. number.
  7. In the report recapitulation section, inaccuracies in reporting the cash amount, number of shares, or even the property counts can lead to discrepancies that might necessitate corrections.
  8. Overlooking to indicate whether securities have been transferred to the State account and if the accompanying documentation is included.
  9. Errors in the verification section, such as the signing officer not being duly authorized or inaccuracies in the sworn statement, can invalidate 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.

Documents used along the form

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.

  • Change of Address Form: This form is essential if the reporting entity has recently moved. It ensures that all correspondence and potential claims are directed to the correct address.
  • Due Diligence Letters: Before submitting the AP1 form, entities are required to perform due diligence by attempting to contact the rightful owners of the unclaimed property. These letters serve as proof of such efforts.
  • Power of Attorney (POA) Documentation: If an individual or service is reporting on behalf of the entity, POA documents authorize them to act on the entity's behalf. This documentation is crucial for validating the reporting process.
  • Merger or Acquisition Documentation: For entities that have undergone a merger or acquisition, including these documents helps establish the continuity and legitimacy of the ownership claims.
  • Securities Transfer Documentation: When reporting abandoned or unclaimed securities, entities must include paperwork that evidences the transfer of these securities to the State of Delaware, as indicated in the AP1 form’s requirements for securities delivery.
  • Safe Deposit Box Inventory List: If an entity is reporting contents from safe deposit boxes, an inventory list detailing the items found within each box is necessary. This assists in accurately identifying and valuing the reported property.

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.

Similar forms

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.

Dos and Don'ts

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:

  • Do verify that all sections of the form are completed thoroughly. Incomplete forms can lead to processing delays.
  • Do include the correct report year at the top of the form to ensure that your submission is allocated to the right period.
  • Do check one of the boxes to indicate if it is a Final, Supplemental, or Preliminary Report. This distinction is crucial for proper processing.
  • Do provide detailed holder information, including the Federal E.I number, company name, address, and contact details, to facilitate communication.
  • Do attach additional documentation if you are reporting as a successor corporation or if the corporation has changed names within the report year.
  • Do accurately recapitulate owner and property count, as well as cash amount and number of shares, to ensure the correct information is reported to the state.
  • Do sign and date the form under verification to attest to the accuracy and completeness of the report, following legal requirements.
  • Don’t overlook the requirement to indicate the method of report submission, whether it is on paper, compact disc, or diskette.
  • Don’t forget to include account statements and transfer documentation if securities have been transferred to the State account, as required.
  • Don’t skip the checklist sections, which help ensure that all relevant types of unclaimed property are accounted for in your report.
  • Don’t provide inaccurate or outdated contact information, which could hinder the State’s ability to reach out for any clarifications or additional information.
  • Don’t guess or approximate figures, as inaccuracies can lead to compliance issues. Ensure all reported numbers are accurate and verifiable.
  • Don’t forget to include the date of the preliminary report if filing a final or supplemental report, as this information is critical for tracking purposes.
  • Don’t submit the form without reviewing all entries for accuracy and completeness. Double-checking before submission can prevent errors and potential penalties.

Misconceptions

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.

Key takeaways

When filling out the Delaware AP1 form, here are five key takeaways to consider:

  • The Delaware AP1 form is used for reporting unclaimed or abandoned property to the Department of Finance's Division of Revenue. It is crucial for businesses to accurately report to comply with state laws.
  • There are three types of reports that can be filed using the AP1 form: Final Report, Supplemental Report, and Preliminary Report, each with different submission timelines and requirements. For example, Banking organizations must file preliminary reports by August 1st, and Life Insurance companies by May 1st only.
  • The form requires detailed holder information, including Federal E.I. number, company name, address, State of Incorporation, and contact details. Accurate data ensures that the report is processed efficiently and reduces the risk of errors.
  • In addition to cash and shareholder information, the form covers a wide range of property types, from checking accounts to safe deposit boxes and securities. Each item type has its specified code and should be reported accurately to ensure compliance.
  • Verification and documentation are essential parts of the reporting process. The form must be signed by an authorized individual, affirming the report's accuracy and completeness. For securities, transfer documentation and account statements must accompany the report if applicable.

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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