# Unclaimed guest funds

A term used when buying hotel.

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

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, and a credit owed to a retail customer after three. The annual report is filed before November, with 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.

Part of: Buying a Hotel (https://searchspheresource.com/guides/buying-a-hotel)

Source: https://searchspheresource.com/guides/buying-a-hotel/terms/unclaimed-guest-funds
Not dated: The same editorial definitions as the glossary, inside a trade.

Site index for machines: https://searchspheresource.com/llms.txt