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Form AP-1 NEG Negative Reporting Form for Abandoned and Unclaimed Property - Pennsylvania
What Is Form AP-1 NEG?
Form AP-1 NEG, Negative Reporting Form for Abandoned and Unclaimed Property , is a document issued by the Pennsylvania Treasury Department and submitted by every company, business, or institution that is not in possession of any unclaimed property abandoned by its owner to verify this fact.
Alternate Name:
- PA Abandoned and Unclaimed Property Report.
This form is obligatory for every business or institution registered with the Pennsylvania Treasury Department or based in Pennsylvania. The latest fillable version of Form AP-1 NEG is available for download below.
Form AP-1, Report of Abandoned and Unclaimed Property Verification and Checklist, is a related form used by financial institutions, insurers, and businesses for reporting unclaimed property on an annual basis.
Negative Reporting Form for Abandoned and Unclaimed Property
Every state has unclaimed property programs that actively help to find owners of forgotten and lost assets. Businesses are required by law to report on all unclaimed and abandoned assets they have in possession. To protect the rightful owners, holders of unclaimed property have to review their records annually to check if they have any securities, funds, or other things that have been abandoned and unclaimed. Usually, banks, financial institutions, investment companies, insurance businesses, state, county, and city governments are the ones to possess dormant property - a tangible or intangible property that has been lost or abandoned by its owner for an extended period of time. However, if the company or institution has no unclaimed property to report, it still has to comply with the Pennsylvania Treasury Department requirement to file Form AP-1 NEG.
To fill out this document, you need to:
- Provide the company information - state the company name, the federal ID number, contact name, phone number and email, and the address of the company, indicate the assets and the annual sales, provide the number of employees and write down the year of the report.
- Check the appropriate box to specify the industry type. The form allows you to choose between various options - public and private institutions, schools and police departments, finance and transportation companies, etc.
- Certify that an annual review of records and books or your company has been performed. State that the company does not possess any unclaimed property that is reportable to the Commonwealth of Pennsylvania. Confirm your company has procedures and policies to account for the dormant property.
- The form must be signed and dated by the Chief Financial Officer or another corporate officer who is responsible to conduct the financial operations of the company. This corporate officer must also write down the title of the job and the name in print.
