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CITY OF GEM LAKE <br /> <br />Schedule of Findings and Reponses (continued) <br />Year Ended December 31, 2020 <br /> <br /> <br /> <br />-34- <br />B. FINDINGS – MINNESOTA LEGAL COMPLIANCE AUDIT (CONTINUED) <br /> <br />2020-004 UNCLAIMED PROPERTY REPORT <br /> <br />Criteria – Minnesota Statutes § 345.38-345.43 requires unclaimed property held for more <br />than three years (or one year for unpaid compensation) to be reported and paid or delivered to <br />the state Commissioner of Commerce each year. <br /> <br />Condition – The City did not file the unclaimed property report to the state Commissioner of <br />Commerce in the current year. <br /> <br />Context – This is a current year finding. <br /> <br />Cause – This was an oversight by city personnel. <br /> <br />Effect – The City was not in compliance with state unclaimed property requirements. <br /> <br />Recommendation – We recommend the City report unclaimed property to the state <br />Commissioner of Commerce annually to be in compliance with state statutes. <br /> <br />Management Response – The City agrees with the finding. The City will review its <br />procedures relating to unclaimed property laws to ensure compliance in the future. <br />