Issue link: https://viewer.e-digitaledition.com/i/45928
an Annual Report of Unclaimed Funds. What kind of unclaimed funds could a medical practice hold that would require reporting? Most commonly, this would fall into three categories: paychecks of $50 or more, checks payable to individuals such as refund checks that have not been cashed, and credit balances on patient accounts. There are various dormancy periods specified by the Ohio Department of Commerce that range from one to five years depending on the nature of the funds being held. Payroll checks, amounts payable from a retire- ment plan, and payments for goods and services made to individuals not exempt as a "b to b" transaction have a one year dormancy period. Refund checks, other miscellaneous outstanding checks and accounts receivable credit balances have a three year dormancy period. Monthly reconciliations of your bank- ing accounts should readily identify stale dated checks. Research to make certain that the check, in fact, has not been reis- sued and by oversight was not "voided" in your records. If you determine that the check is genuinely outstanding, try to contact the payee to find out why it hasn't been cashed. Most commonly, it was never received by the intended party or it was their oversight in not cashing it. A replacement check will clear up the matter and funds will not need to be reported as "Unclaimed." While most practices are diligent about keeping tabs on accounts due to them, some are not apt to pay much attention to patient accounts with overpayments. There should be a practice financial policy in writing that outlines not only patient responsibilities regarding payment for services but also what the procedure will be in the event of an overpayment. If a practice is examined for compliance by the Ohio Department of Commerce, Division of Unclaimed Funds, the auditor will request a copy of the policy for refunding patient credit balances as well as patient account balance reports, bank- ing records, reconciliations and checks. Disregarding filing obligations can result in substantial penalties so make sure that the Unclaimed Funds reporting rules are being followed. Full information can be obtained at www.com.ohio.gov. While visiting this website, search the "Treasure Hunt" to see if the State may be holding some of your funds! Diane Burge is a CPA and principle with Weidrick, Livesay, Mitchell & Burge in Akron. n