NAUPA Standard Codes The Codes They Are A-Changin' Ken Wagers Kelmar Associates, LLC

NAUPA Reporting Standard Codes • History ▫ Standardized Property Type codes began in with the first NAUPA reporting standard, approved in the 1990s.  Included initial list of property type codes

▫ Revised NAUPA Electronic Reporting Standard was approved by NAUPA in 2002  No changes to the property type codes

NAUPA Reporting Standard Codes • History (continued) ▫ Committee to standardize relationship codes  Never formally approved by NAUPA

▫ Property Type codes revised in 2010  New Property Type codes added to NAUPA II standard

▫ Where? http://unclaimed.org/reporting/naupa-standardelectronic-file-format/

NAUPA Reporting Standard Codes • Primary Codes Property Types

Relationship Types

Owner Types

Paid or Deletion Codes

Country Codes

• Other Codes Deduction Codes

Addition Codes

Security Delivery Codes

NAICS Codes

NAUPA Reporting Standard Codes • Are they really standard? ▫ YES  Country Codes  NAICS Codes

▫ NO  Property Types  Relationship Types

NAUPA Reporting Standard Codes • Are they really standard? ▫ “Mostly”     

Owner Types Security Delivery Types Deduction Codes Addition Codes Deletion Codes

NAUPA Reporting Standard Codes • What’s in a Property Type? ▫ Category     

AC – Accounts CK – Checks CT – Court Funds IN – Insurance MI – Mineral Interests

NAUPA Reporting Standard Codes • What’s in a Property Type? ▫ Category      

MS – Miscellaneous SC – Securities SD – Tangible Property TR – Trust Property UT – Utilities ZZ – All other

NAUPA Reporting Standard Codes • Newer Property Type Code categories ▫ CS - Educational Savings Accounts ▫ HS - Health Savings Accounts ▫ IR - Individual Retirement Accounts

NAUPA Reporting Standard Codes • A Few Interesting Statistics:

NAUPA Reporting Standard Codes • A Few Interesting Statistics: ▫ 123 Property Type Codes in the NAUPA II Spec

NAUPA Reporting Standard Codes • A Few Interesting Statistics: ▫ 123 Property Type Codes in the NAUPA II Spec ▫ 337 Property Type Codes in use

NAUPA Reporting Standard Codes • A Few Interesting Statistics: ▫ 123 Property Type Codes in the NAUPA II Spec ▫ 337 Property Type Codes in use ▫ 1,130 Different Property Type Code Descriptions

NAUPA Reporting Standard Codes • A Few Interesting Statistics: ▫ ▫ ▫ ▫

123 Property Type Codes in the NAUPA II Spec 337 Property Type Codes in use 1,130 Different Property Type Code Descriptions 150 Property Type Code in use by 4 or more states

NAUPA Reporting Standard Codes • A Few Interesting Statistics: ▫ ▫ ▫ ▫ ▫

123 Property Type Codes in the NAUPA II Spec 337 Property Type Codes in use 1,130 Different Property Type Code Descriptions 150 Property Type Code in use by 4 or more states 130 Property Type Codes in use by 10 or more states

NAUPA Reporting Standard Codes • A Few Interesting Statistics: ▫ ▫ ▫ ▫ ▫ ▫

123 Property Type Codes in the NAUPA II Spec 337 Property Type Codes in use 1,130 Different Property Type Code Descriptions 150 Property Type Code in use by 4 or more states 130 Property Type Codes in use by 10 or more states 84 Property Type Codes used only by a single state

NAUPA Reporting Standard Codes • Why worry about standardization? ▫ Reciprocal reporting ▫ Consistency for holders managing multi-state reporting ▫ Effective & consistent claims process

NAUPA Reporting Standard Codes • Property Types - Why aren’t they standardized? ▫ ▫ ▫ ▫

Legacy systems State-specific property types New types of property Adding on at the end of the list

NAUPA Reporting Standard Codes • How can we get back to a standard? ▫ ▫ ▫ ▫

Improve descriptions Build a matrix for all states Assist with conversion of data Allow for controlled and approved state-specific differences ▫ Build in reciprocity information

NAUPA Reporting Standard Codes • Sample of Enhanced Descriptions for Property Types AC01

Checking Accounts

A bank deposit against which checks can be drawn by the depositor, maintained by a bank or financial institution.

AC02

Savings Accounts

Deposit account at a commercial bank, savings bank or savings and loan association that pays interest.

AC03

Mature CD or Savings

A Certificate of Deposit (CD) is a debt instrument

Certificate

issued by a bank that usually pays interest. A savings certificate is a retail Certificate of Deposit that normally is issued in denominations of $500 or more, and has a stated maturity. Mature CD's or Savings Certs are those that have Reached the date at which a debt instrument is due and payable. A mature CD or Savings Certificate will return the CD holder's principal and final interest payment.

NAUPA Reporting Standard Codes • Sample of Enhanced Descriptions for Relationship Codes JE

Tenants in Entireties

JT

Joint Tenants

OR OT

Unspecified Joint Relationship (Or) Unspecified joint relationship including 'OR' Other Relationship Relationship other than specified in this list. Additional details should be submitted with the property. Payee The one named on a check or promissory note to receive payment.

PA

Joint ownership of property or securities by a husband and wife where, upon the death of one, the property goes to the survivor. An account held in joint tenancy presumes a right of survivorship, but this presumption can be overcome by evidence that the account was really the property of only one, and the joint tenancy was for convenience. Right of Survivorship is not specifically stated.

NAUPA Reporting Standard Codes • Steps for a state to standardize codes ▫ Inactivate all non-standard codes ▫ Add any missing standard codes ▫ Translate old codes to new codes  Must do this carefully and watch dependencies  Might need to use intermediate codes ▫ Educate staff ▫ Publish updates to holders ▫ Publish updates to software vendors ▫ Delete unused codes

NAUPA Uniformity & Standardization Proposal • Create a clearinghouse for Property Codes • States and Canadian Providences will request a new property code for jurisdiction specific property • NAUPA Uniformity & Standardization Committee will assure that requested property code is not already in use • NAUPA Standardization Committee will approve property code • Property code can not be used by another jurisdiction for different type of property.

NAUPA Uniformity & Standardization Proposal •Written definition for each property code • NAUPA Standard Electronic File Format will have a definition along side of each property code • Jurisdictions requesting additional property codes will provide the Uniformity & Standardization Committee with a definition of the type of property that is associated with the requested code. • Will help provide agency authorities and holders information on each code.

NAUPA Uniformity & Standardization Committee Members - 2012 • • • • • • • •

Jim McKeon, Montana Department of Revenue, Chairman Jennifer Brown, N.Y. State Comptroller’s Office William Dadum, Virginia Treasury Cindy Hillen, West Virginia Treasury Nancy Hollins, California State Controller’s Office Allen Martin, North Carolina Treasury Celeste Monahan, Washington Department of Revenue Jo Ann Tinsley, West Virginia Treasury

NAUPA Reporting Standard Codes • NAUPA Electronic Reporting Format Revision II ▫ Fixed length ASCII file ▫ Multiple Record types ▫ Not easily validated

• Next Generation Reporting Standard ▫ Use current data exchange standard ▫ Build in validation ▫ Extensibility

Questions