Have you ever been confused about which property code to use for a certain type of property? We have all been there. NAUPA, the National Association of Unclaimed Property Administrators, has a list of standard codes that you can view here starting at the bottom of page 17.
Property Types
There are many types of unclaimed property such as payroll checks, uncashed payroll checks or vendor checks, life insurance policies, IRA accounts, warrants, cashier’s checks or gift cards which were never redeemed. All of these property code types have their own unique code to be used when creating unclaimed property reports.
Property Codes
Each code is made up of two alpha characters and two numeric characters. The alpha characters identify a property category. AC codes are account related and usually used by financial institutions. CK codes are checks and could potentially be used by anyone. CS codes are new and are used for educational savings accounts. HS codes are new and are used for health savings accounts. CT codes are for courts and governments. IN codes are insurance-related. IR codes are also a new category and are for IRAs. MI codes are for mineral interests. These are used by oil and gas companies. MS codes are a miscellaneous category and include such things as payroll checks and refunds due. SC codes are for securities. They are used for items like dividend checks and shares of stock. TR codes are for trusts. UT codes are for utilities. The ZZZZ code is an ‘other’ category and should only be used if there is truly no other code that will properly identify the property you are reporting.
Each code is assigned a dormancy value. This is the number of years that type of property should age before it is reported to the state. The NAUPA list is a suggestion of codes for the states to use. Each state decides which codes they will adopt and how many years each should age before it is reported. Some states use extra codes that are not on the NAUPA standard list. For example, Louisiana has over 60 IR codes. Because of the variations from state to state, you’ll want to look at each state’s list of codes. You can find the codes on the states’ unclaimed property websites. Most states include the list in their handbooks. Some states post them as a separate listing on their unclaimed property page.
If you are a Sovos UPExchange user, you can find the property codes on the Resources page. Select a state on the map then click on the Property Codes link.
The property codes are required for unclaimed property reporting. It is very important to choose the correct code. If you are ever in doubt about which property code to use, it is best to contact the states. Unclaimed property experts can give you an educated guess about which codes will best identify your property, but since this is actually legal advice it is best to go directly to the states.
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Get in touch with a Sovos unclaimed property expert to learn more about managing your unclaimed property compliance processes.
