When performing any unclaimed property self-audits or reviews, please keep two important givens in mind to alleviate troubles down the road:
1) Most companies will under estimate their true unclaimed property exposure if and when audited by the State(s).
2) A State will put the burden of proof on the Holder to prove they’re wrong. A State will presume a Holder is guilty unless they can be proven wrong.
For help in developing and implementing an annual unclaimed property reporting process or any questions regarding this process, please reach out to one of the Professionals at PEACC by calling 410.303.5510 or email us at info@peacc.com
