Unclaimed guest funds

Definition

Advance deposits and folio credits nobody came back for, which the state eventually takes.

Why It Matters

Money paid ahead for a stay that never happened, and credit balances left on old folios, are neither revenue nor the hotel's to keep. Ohio treats a sum paid in advance for unused services as unclaimed after a year, with the annual report filed before November and a notice letter owed to every owner of fifty dollars or more. Two things make it a deal item. A successor must file the prior holder's names with the report, so the duty follows the ledger; and the running of a limitation period against the guest does not clean the money or release the holder. An asset buyer taking the ledger takes the reporting with it.