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Overview

Every year, countless items of property go unclaimed, awaiting reclamation by their rightful owners. The Arizona Department of Revenue takes an active role in ensuring these properties find their way back to their owners through the use of Arizona Form 652, known as the Report of Abandoned Property - Schedule A. This form serves as a critical tool for holders, such as banks or corporations, to report personal property that appears to have been forgotten or left behind. The detailed sections of the form require information about the owner's name, their last known address, details about the abandoned property, such as account numbers, cash amounts remitted, and descriptions of security or mutual funds among other specifics. The form also covers provisions for properties with more than one owner by requesting additional information on these individuals. By compiling all relevant data, including the property type as categorized by the National Association of Unclaimed Property Administrators (NAUPA), last activity dates, and owner identification, the Form 652 ensures a systematic approach to reuniting lost assets with their owners, securing both the assets’ integrity and the rightful ownership as prescribed by state law.

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ARIZONA FORM Arizona Department of Revenue • Unclaimed Property Section

652 REPORT OF ABANDONED PROPERTY - SCHEDULE A

HOLDER NAME

Federal Employer Indenti

Grand Total Remitted

$

Item no.

Account #

 

 

 

 

 

Check #

 

 

 

 

 

NAUPA property type

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash amount remitted

 

 

 

Interest rate

 

 

 

 

 

 

Last activity date

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owner’s last name

 

 

 

Owner’s first name / middle initial

Owner’s mailing address

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

City, State, ZIP code

 

 

 

Country

 

Owner’s Tax ID (SSN or EIN)

Owner’s date of birth

NAUPA relationship code

 

 

 

 

 

 

 

 

 

 

 

Fee/Drilling cost

No.of shares remitted

 

Security/Mutual Fund name

 

 

CUSIP no.

Date of Death

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPLETE THE FIELDS BELOW IF THERE IS MORE THAN ONE OWNER FOR THIS PROPERTY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional owner’s last name

 

 

Additional owner’s first name / middle initial

Additional owner’s Tax ID (SSN or EIN)

Relationship code

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional owner’s date of birth

 

Additional owner’s date of death

Other information available

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional owner’s last name

 

 

Additional owner’s first name

/ middle initial

Additional owner’s Tax ID (SSN or EIN)

Relationship code

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional owner’s date of birth

 

Additional owner’s date of death

Other information available

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Item no.

Account #

 

 

 

 

 

Check #

 

 

 

 

 

NAUPA property type

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash amount remitted

 

 

 

Interest rate

 

 

 

 

 

 

Last activity date

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owner’s last name

 

 

 

Owner’s first name / middle initial

Owner’s mailing address

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

City, State, ZIP code

 

 

 

Country

 

Owner’s Tax ID (SSN or EIN)

Owner’s date of birth

NAUPA relationship code

 

 

 

 

 

 

 

 

 

 

 

Fee/Drilling cost

No.of shares remitted

 

Security/Mutual Fund name

 

 

CUSIP no.

Date of Death

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPLETE THE FIELDS BELOW IF THERE IS MORE THAN ONE OWNER FOR THIS PROPERTY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional owner’s last name

 

 

Additional owner’s first name / middle initial

Additional owner’s Tax ID (SSN or EIN)

Relationship code

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional owner’s date of birth

 

Additional owner’s date of death

Other information available

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional owner’s last name

 

 

Additional owner’s first name

/ middle initial

Additional owner’s Tax ID (SSN or EIN)

Relationship code

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional owner’s date of birth

 

Additional owner’s date of death

Other information available

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PAGE OF

ADOR 11017 (8/11)

↓ PDF File

File Properties

Fact Name Description
Form Designation Arizona Form 652
Issuing Body Arizona Department of Revenue, Unclaimed Property Section
Purpose Report of Abandoned Property - Schedule A
Key Information Required Holder name, federal employer identification, total remitted, detailed information on each item of unclaimed property including owner details and property specifics.
Governing Laws Guided by Arizona unclaimed property laws
Usage Used by holders of unclaimed property to report such property to the state.
Form Revision Date August 2011 (ADOR 11017 8/11)

Instructions on Writing Arizona 652

Filling out the Arizona 652 form is a vital process for accurately reporting abandoned property as required by the state. This document allows entities to report unclaimed assets in compliance with Arizona's unclaimed property laws. The information provided ensures that efforts can be made to return property to its rightful owners. Following the steps correctly and providing thorough information will streamline the process and fulfill legal obligations.

  1. Enter the Holder Name and Federal Employer Identification (FEI) number at the top of the form to identify the entity reporting the abandoned property.
  2. Fill in the Grand Total Remitted field with the total amount of cash and/or the value of property being reported.
  3. For each item of property, assign an Item number for organizational purposes.
  4. Enter the relevant Account number or Check number, if applicable, to help identify the property.
  5. Specify the NAUPA (National Association of Unclaimed Property Administrators) property type code that best describes the nature of the property.
  6. Input the Cash amount remitted, including any applicable Interest rate, for cash properties.
  7. Document the Last activity date on the account to indicate when the property became dormant.
  8. Provide the owner's information including last name, first name/middle initial, mailing address, city, state, ZIP code, and country if not the United States.
  9. Enter the Owner's Tax ID (Social Security Number or Employer Identification Number), date of birth, and NAUPA relationship code.
  10. If applicable, list any Fees/Drilling costs, Number of shares remitted, the Security/Mutual Fund name, and the CUSIP number.
  11. Record the owner's Date of Death if applicable.
  12. If there is more than one owner of the reported property, complete the Additional owner section with the secondary owner's last name, first name/middle initial, Tax ID (SSN or EIN), relationship code, date of birth, and date of death.
  13. Include any Other information available that could assist in identifying or contacting the owner.
  14. Repeat the steps for each item of property being reported on additional forms as necessary.

After completing the form with the required information for each piece of property, review the details to ensure accuracy and completeness. Submit the form as directed by the Arizona Department of Revenue. Timely and accurate reporting helps reunite owners with their property and ensures compliance with state laws.

Listed Questions and Answers

What is Form 652 in Arizona?

Form 652, known as the Report of Abandoned Property, is a document that businesses in Arizona must file with the Arizona Department of Revenue's Unclaimed Property Section. This form is used to report personal property that has been unclaimed, abandoned, or lost by its rightful owner. The form details information about the property, including the owner's name, last known address, and the amount or description of the property. It is a crucial part of ensuring that unclaimed assets are accounted for and can potentially be returned to their rightful owners.

Who needs to file Arizona Form 652?

Typically, entities such as financial institutions, insurance companies, corporations, and any business that may come into possession of unclaimed property are required to file Form 652. This includes property like uncashed checks, wages, refunds, or other financial assets that have been inactive for a set period, usually five years in Arizona. Businesses are obligated to attempt to contact the property owner before reporting and remitting the property to the state.

How often must Form 652 be filed?

In Arizona, Form 652 must be filed annually. The deadline for filing is usually November 1st of each year, covering the property that is deemed abandoned or unclaimed as of June 30th of the same year. It is important for holders of unclaimed property to mark their calendars and ensure that the report is prepared and filed on time to avoid any potential penalties for late filing.

What happens after Form 652 is filed?

Once Form 652 is submitted to the Arizona Department of Revenue's Unclaimed Property Section, the state takes responsibility for the unclaimed property. The Department will then make efforts to locate the rightful owners or their heirs and return the property to them. Property owners can search the state's unclaimed property database and file a claim for any property that belongs to them. Submitting Form 652 is a critical step in this process, as it provides the necessary information for the state to potentially reunite owners with their unclaimed assets.

Common mistakes

Filling out the Arizona 652 Form, which is essential for reporting abandoned property, can sometimes be confusing. However, paying attention to common mistakes can improve the accuracy and efficiency of this process. Below are six frequently made errors:

  1. Entering Incorrect Owner Information: One of the most common mistakes is entering incorrect information for the owner's name, address, or tax identification number (Social Security Number or Employer Identification Number). It's crucial to double-check these details for accuracy.
  2. Forgetting to Report All Owners: If a property has more than one owner, all individuals must be reported. Neglecting to include additional owners and their relevant details can lead to incomplete reporting.
  3. Misclassifying Property Types: The National Association of Unclaimed Property Administrators (NAUPA) property type codes must be used correctly. Misclassifying these codes can lead to the wrong processing of reported property.
  4. Omitting the Last Activity Date: The date of the last activity is mandatory as it helps in determining when the property became unclaimed. Failing to provide this date can result in the rejection of the form.
  5. Incorrect Amounts and Numbers: Reporting incorrect cash amounts, the number of shares, or check numbers is another frequent issue. Precision is key when filling out financial details.
  6. Leaving Mandatory Fields Blank: Every field in the form is important. Leaving mandatory sections blank, especially those relating to the property's details and the owner's information, can cause delays and even form rejection.

Avoiding these mistakes not only streamlines the process of reporting abandoned property but also ensures compliance with Arizona's Department of Revenue requirements. Attention to detail and careful review before submission can prevent these errors.

Documents used along the form

In the complex and detailed field of unclaimed property law, various forms and documents supplement the filing and processing of such properties. The Arizona 652 form, known as the Report of Abandoned Property, serves as a critical document in this process. However, to fully adhere to legal requirements and ensure a comprehensive approach to unclaimed property reporting and claim processing, several other documents are commonly utilized in conjunction with the Arizona 652 form. These additional forms and documents play vital roles in ensuring the accuracy, legality, and efficiency of handling unclaimed property.

  • Holder Notice Report Form: This form is used by holders to notify the owner before transferring the abandoned property to the state. It serves as a preliminary step to the formal reporting process.
  • Due Diligence Letter: A due diligence letter is sent by the holder to the apparent owner of the unclaimed property as an attempt to contact them before the property is escheated to the state.
  • Verification of Reported Property Form: After submitting the Arizona 652 form, holders may need to provide additional verification for the properties reported. This document helps in validating the details submitted in the report.
  • Claimant's Affidavit: Individuals claiming ownership of unclaimed property must complete this form to affirm their rightful ownership or entitlement to the property.
  • Indemnification Agreement: In some cases, claimants might be required to sign an indemnification agreement to protect the holder or state against potential claims or disputes over the property.
  • Power of Attorney and Declaration of Representative: This legal document authorizes another person to act on behalf of the claimant or holder in matters related to the unclaimed property.
  • Owner Death Certificate: For claims related to deceased property owners, a certified copy of the death certificate may be necessary to prove the claimant's right to the property.
  • Heirship Affidavit: If the unclaimed property belongs to a deceased person, heirs can use this affidavit to establish their relationship to the deceased and their right to the property.
  • Finder's Agreement: When a finder or locator service is used to identify or recover unclaimed property, a finder's agreement outlines the terms, fees, and conditions of their services.
  • Safe Deposit Box Inventory Form: In cases where unclaimed property involves the contents of a safe deposit box, this form lists the contents discovered and reported to the state.

These documents collectively facilitate the transparent, lawful, and systematic handling of unclaimed property in Arizona. They ensure that both the interests of the rightful owners and the legal obligations of the holders are adequately protected and served. Understanding the purpose and requirements of each document helps in navigating the complexities of unclaimed property law, enabling a smoother and more efficient reporting and claim resolution process.

Similar forms

The Uniform Unclaimed Property Act (UUPA) Report is closely related to the Arizona Form 652. Both documents are used to report unclaimed property to the authorities, ensuring compliance with local laws. Where the Arizona form is specific to that state, the UUPA report may be used in states that have adopted this standardized legislation. They share the objective of reconciling lost or forgotten assets with their rightful owners, covering various types of property such as uncashed checks, stocks, and inactive bank accounts. Both require detailed information about the property, the owner, and any transactions associated with the asset.

The Internal Revenue Service's (IRS) Form 1099 is another document with similarities to Arizona's Form 652. Form 1099 reports various types of income outside of wages and salaries, such as dividends, interest, and proceeds from broker transactions. While it's primarily a tool for tax purposes, it parallels the Arizona form in its need to report financial information and identify individuals. Both forms require a detailed account of financial transactions and personal identification to ensure accurate reporting and compliance with federal or state guidelines.

Form SD (Special Districts) for abandoned property in other states serves a similar purpose to Arizona's Form 726. Special District forms are tailored to local jurisdictions within a state and focus on properties abandoned within specific areas, such as municipalities or counties. Like the Arizona form, these documents are crucial for reporting abandoned or unclaimed property to the relevant authorities. They ensure that entities holding unclaimed assets adhere to state laws requiring them to report and remit these properties, thereby protecting the rights of property owners.

The Report of Foreign Bank and Financial Accounts (FBAR) parallels the Arizona Form 652 in its effort to combat and prevent financial misconduct. Although the FBAR specifically targets accounts held at foreign financial institutions, both documents require the disclosure of financial assets to authorities. By mandating detailed reporting, they help ensure transparency and compliance with fiscal regulations. Each form plays a crucial role in preventing tax evasion and ensuring that rightful owners or authorities are aware of the existence of assets.

Last but not least, the SEC Form TA-2, used by transfer agents to report activities and operations to the Securities and Exchange Commission, shares some objectives with Arizona's Form 652. While the SEC form focuses on securities transactions and the performance of transfer agents, both forms contribute to the oversight of financial activities and protect investor interests. They require detailed information about transactions, ownership, and compliance with relevant regulations, facilitating transparency and accountability within financial operations.

Dos and Don'ts

Filling out the Arizona 652 form, a Report of Abandoned Property, requires attention to detail and a good understanding of the form's requirements. To ensure accuracy and compliance, here are 10 dos and don'ts:

Do:
  1. Verify all information before submission to ensure accuracy.
  2. Include the NAUPA property type for clear classification of the abandoned property.
  3. Ensure the last activity date is accurately recorded to establish the timeline of abandonment.
  4. Report the correct cash amount remitted, including any interest accrued, if applicable.
  5. Use the owner’s full legal name and double-check the spelling.
Don't:
  • Leave any required fields blank. If a field doesn't apply, mark it as N/A.
  • Estimate values or dates. All information should be exact and verifiable.
  • Forget to include additional owners if the property has more than one.
  • Overlook the need to update the owner’s address if it has changed from the one initially registered.
  • Submit the form without reviewing it for errors or omissions. A second review can catch mistakes that were initially overlooked.

Approaching the Arizona 652 form with diligence and care will streamline the process of reporting abandoned property and help fulfill legal obligations accurately. Always keep a copy of the submitted form for your records.

Misconceptions

When dealing with the Arizona 652 form, a Report of Abandoned Property - Schedule A, there are several misconceptions that need to be clarified. Understanding these inaccuracies can help ensure accurate and efficient filing:

  • The form is only for large companies. This misconception might lead smaller entities or individuals to believe they are not required to report abandoned property. In reality, any holder of abandoned property, regardless of size, is required to file this form if they possess unclaimed assets.
  • All abandoned property is cash. While the form includes fields for reporting cash amounts remitted, it also accommodates other types of property, such as securities, mutual funds, and shares. This variety underscores the form’s broad applicability beyond cash assets.
  • Interest rates are irrelevant. Interest rates may need to be reported for certain types of property. Acknowledging the interest rate is essential for a complete submission, as it can affect the total value of the reported property.
  • Owner information is optional. Some may think that providing extensive owner information is optional. However, completing the owner’s details, including their Tax ID (SSN or EIN), mailing address, and date of birth, is crucial for the proper identification and notification of the owner.
  • Fees or drilling costs do not need to be reported. This incorrect assumption can result in incomplete reporting. Fees, drilling costs, or other associated expenses might need to be included based on the property type.
  • A single form is enough for multiple properties with different owners. While the form is designed to report multiple items of property, details regarding additional owners for the same property entry must be provided, including their relationship code and dates of birth and death, when applicable.
  • Reporting is only necessary if contacted by the state. Proactive reporting of abandoned property is required by law; holders should not wait to be contacted by the state to fulfill their reporting obligations.
  • Last activity date is the same as the date of death for an owner. The last activity date refers to the last known interaction with the account or property, which is crucial for determining when the property is considered abandoned. This date is distinct from the owner's date of death and serves a different purpose in the reporting process.

Clearing up these misconceptions ensures that the reporting of abandoned property via the Arizona Form 652 is accurate and compliant with state requirements, facilitating the process for both the holder and the rightful owners to whom the property belongs.

Key takeaways

Understanding the Arizona Form 652, titled "Report of Abandoned Property - Schedule A," is crucial for anyone in possession of unclaimed property that is presumed abandoned. This form serves as a tool for reporting such property to the Arizona Department of Revenue (ADOR). Below are key takeaways to consider when filling out and utilizing this form:

  • Accuracy is critical: Every field in the Arizona 652 form requires attention to detail. From the holder's name and federal employer identification number to the specifics about the abandoned property, including account numbers, cash amounts remitted, and owner information. Making sure all information is accurate and complete is essential to avoid delays or complications in processing the form.
  • Last activity date: The form requests information on the last activity date with the property. This date is crucial as it helps determine whether the property is indeed abandoned according to state laws. Property is generally considered abandoned after a period of inactivity or non-contact with the owner, which varies by property type.
  • Owner details are essential: Complete information regarding the owner's last name, first name or middle initial, mailing address, tax ID (SSN or EIN), and date of birth are required. This detailed information aids in ensuring that the rightful owner can be identified and located should they come forward to claim the property.
  • Reporting for multiple owners: If the abandoned property has more than one owner, the form accommodates this by allowing for the entry of additional owners' details. This includes their names, tax IDs, relationship codes, and dates of birth and death (if applicable), ensuring that all parties connected to the property are accounted for.
  • Adherence to deadlines: Filing the Arizona Form 652 by the prescribed deadline is imperative. Late filings can result in penalties, and failing to report abandoned property is a violation of Arizona’s unclaimed property laws. The due date is typically predetermined by the state, and staying informed of this deadline ensures compliance and avoids legal issues.

Once successfully submitted, the Arizona Form 652 plays a vital role in the process of reuniting owners with their abandoned property, adhering to the principles of unclaimed property laws in Arizona. It's more than a formality; it's a step toward responsible asset management and ownership rights protection.

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