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Auditor warns against change to unclaimed-property rules for nonprofits; committee approves amended bill
Summary
Senate Bill 283 (as amended) would shorten the time nonprofits must hold certain unclaimed property before reporting it and create a two-step return process; the auditor’s office opposed parts of the amendment that could transfer ownership absent judicial process, but the committee approved the amended bill after debate and technical fixes.
Senate Bill 283, amended in committee, revises procedures for unclaimed property held by nonprofit organizations. The sponsor and proponents said the change would give nonprofits a way to resolve longstanding unclaimed-account balances (for example, initiation deposits or membership fees) that can stretch back decades and for which nonprofits have difficulty locating owners.
Steve Lutz (Hot Springs Village) described an example: membership initiation deposits from the mid-1990s for which the nonprofit has been unable to locate owners. Under the amendment adopted in committee, nonprofits with less than $5 million in revenue would have one year…
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