Voluntary Disclosure Agreement - Illinois State Treasurer'S Office printable pdf download

Voluntary Disclosure Agreement

This Agreement is made and entered into this _____ day of __________, 20___ by and between

The Illinois State Treasurer’s Office, (The “Treasurer”) and the _________________________

(the “Holder”).

RECITALS

WHEREAS,__________________________________ (Holder), is Incorporated in _________________.

WHEREAS,

the Holder is voluntarily notifying the Treasurer of its potential liability under the Illinois Disposition

of Unclaimed Property Act (the “Act”) in an effort to correct any previous underreporting; and

WHEREAS,

the Holder is not currently under examination nor, to its knowledge, has it been notified by the

Treasurer, or by anyone acting on behalf of the Treasurer, of the Treasurer’s intention to conduct an unclaimed

property examination of the Holder;

WHEREAS,

because of the Holder’s voluntary disclosure, the Treasurer stands to obtain property that,

otherwise, might have gone unreported;

NOW,

THEREFORE,

the Treasurer and the Holder hereby agree as follows:

1. The foregoing recitals are hereby incorporated herein and made an express part of this Agreement.

2. The Holder shall complete an audit of its books and records and file a report of findings for the period

required for the presumptive abandonment plus the nine (9) years immediately preceding the beginning of

the period. The Holder shall also file a report for the current reporting period in a timely manner.

3. If estimation techniques were used to determine the Holder’s unclaimed property for periods where records

were not maintained, the Holder will provide a written explanation of the techniques and principles used in

coming to their estimations. The Treasurer shall then approve the estimation techniques employed by the

holder before any estimated remittance is made and penalties are waived.

4. The Holder shall be required to submit their remittance on form UPD601 and include owner details in an

electronic format approved by the Illinois State Treasurer’s Unclaimed Property Division. (Forms and format

are available at if you follow the I-Cash link.) The Holder report and subsequent

monetary findings will be due in the Treasurer’s office no later then six (6) months from the date the

Agreement is signed by the Treasurer’s Office.

5. The Holder and the Treasurer agree that the Treasurer maintains the right to perform an examination of the

Holder’s books and records to determine the Holder’s unclaimed property obligations for fourteen (14) years

to present (the “Examination Period”), or date of incorporation, whichever is older.

6. All fees, penalties and interest, otherwise attributable to Holder’s unclaimed property obligation for the

Examination Period shall be waived by the Treasurer if the Holder achieves compliance with the Illinois

Uniform Disposition of Unclaimed Property Act.

Voluntary Disclosure Agreement - Illinois State Treasurer'S Office