Overview:

1. Be currently under examination or audit by the Department or one of the Department’s contract auditors;
2. Have agreed to a Department-assisted or Contractor-assisted self-audit;
3. Have been requested to conduct a Department-assisted or Contracted-assisted self audit; or
4. Have been contacted by the Department or by one of the Department’s contract auditors to schedule or to conduct an examination or audit of the holder.

1. The Holder must provide the Department of Commerce the following information.
   • Name of entity, mailing address, contact person, telephone number, facsimilie number, and e-mail address of the contact person, federal identification number, and standard industrial code classification
   • The Holder’s state of incorporation
   • The Holder’s principal place of business (city and state)
   • If the Holder’s state of incorporation and principal place of business is outside of Minnesota, the Holder must provide a list detailing the cities in Minnesota where the Holder conducts business with the number of locations in each city; and
   • If the Holder has no locations in Minnesota, the Holder must so state.
2. The Holder must submit a detailed plan outlining the disclosure process to be completed by the Holder which includes, at a minimum, a description of the procedures to be followed during the audit, the property types reviewed or audited, and sampling and/or estimation techniques employed.
3. If estimations are involved in determining the amount to be reported, the calculations for the estimations must be reviewed and approved by the Department prior to the acceptance of the property by the Department and waiver of penalties. In the event that sampling and/or estimating are required due to inadequate records, the holder must submit an affidavit signed by an officer of the company so stating.
4. The Holder must accurately identify and report unclaimed property (self-audit) due the Department for the prior ten (10) report years within three (3) months of the Department of Commerce approval of the plan (in identifying and scheduling the property, the property will be aged according to the appropriate dormancy period(s) as set forth by Chapter 345, Minnesota Statutes). The Holder must adhere to reporting periods and Department approved formats.
5. The Holder must provide any additional information that is requested by the Department during and/or after the completion of the voluntary disclosure and agree to abide by any instruction given by the Department during the course of the voluntary disclosure.
6. Upon completion of the voluntary disclosure, the Holder must annually file the unclaimed property report required by Minnesota Statute 345.
7. No property will be accepted on behalf of another state.
8. If the Holder makes any false or misleading representations to the Department, fees and penalties will be assessed as allowed by law, as well as the commencement of any other actions as permitted by law.