Report Unclaimed Property

Ensuring Compliance

By law, businesses in Tennessee holding unclaimed property are required to report it each year by the reporting deadlines.

Let us help you achieve compliance with state laws!

If you are an entity that in some aspect is currently not in compliance with the State of Tennessee Unclaimed Property laws, we provide an opportunity for you to come into compliance.

law scales and gavel in library

CDA (Compliance Disclosure Agreement) Program

The Unclaimed Property Division wants to encourage companies that are not compliant with the law to begin on the road to compliance. Your admittance in our CDA program will waive any possible penalties you would incur.

Complete the CDA Form

About the CDA Program

Admittance to the CDA program is dependent on the approval of the State of Tennessee. Admittance to the program provides a mechanism for companies to come into compliance with a waiver of penalty.

Who is eligible?

Any company who is willing to come into compliance with the Uniform Unclaimed Property Act and is willing to file a full and complete report of all dormant property is eligible.

The company can not currently be under audit or have been selected by the State of Tennessee for an audit.

financial buildings abstract view

person presenting a contract agreement

What is required?

You must complete and submit the online CDA in its entirety, including required documentation.

The required components are:

Compliance disclosure agreement
Proposal of Reporting Method Worksheet, describing in detail how your unclaimed property liability will be determined
Your current written policies and procedures regarding unclaimed property

Complete the CDA Form

Once we receive your CDA, we will review it to make sure it is complete and that you have not already been selected for an audit. If approved we will then sign and date the agreement between your company or entity and the State of Tennessee Unclaimed Property Division.

Why should I complete a CDA?

We are aware that there are various reasons a company may be in noncompliance, and that most companies or entities want to comply with the law. This program is intended to help companies achieve compliance.

Under the CDA agreement, the State of Tennessee Unclaimed Property Division will waive the penalties that are subject to you.

compass with needle pointing toward the word Compliance

Unclaimed property reporting audits

The State of Tennessee Unclaimed Property Division uses audits to enforce the Unclaimed Property Law.

calendar, pencil, laptop, and file folders

What to expect if you are audited

Depending on the circumstances, the scope of the audit will vary from a complete review of the company or entity’s records to a “desk audit”.

A desk audit typically limits the scope of what is being reviewed. For example: A desk audit may just be a review of the companies policies and procedures or how they perform the due diligence requirement.

Selecting audits

The State of Tennessee Unclaimed Property Division uses various statistical data and analysis to select what companies or entities we will audit.

The most prevalent method uses the company or entity’s unclaimed property reporting history.

The best defense in being selected for an Unclaimed Property audit is to be in compliance or to enter into a CDA with the State of Tennessee Unclaimed Property Division.

reviewing data on screen

gavel and justice scales in front of law books

Penalties for noncompliance

Tennessee law provides for penalties to be assessed for noncompliance with the law.

There are two types of penalties:

Failure to report or perform other duties required by law
Failure to pay or deliver property as required by law

View Tennessee law regarding noncompliance

We can help you ensure compliance

Remember: The best defense in being selected for an Unclaimed Property audit is to be in compliance or to enter into a CDA with the State of Tennessee Unclaimed Property Division.

If you have questions, please call us at (615) 253-5362.

Complete the CDA Form

representative on phone, helping business with unclaimed property reporting