Prior to reporting any unclaimed property to the States, a formal set of
standard reporting procedures should be developed and followed
including:
1) Identify and track all unclaimed property.
2) Set up Liability Account/Spread sheet of all identified unclaimed properties.
3) Calculate correct State dormancy periods. (most cases 1,3 or 5 years)
4) Determine if any property may be exempt from State reporting.
5) Mail out State required Due Diligence/Search letters during State mandated time frames.
6) Prepare State reports in proper State formats.
7) Submit reports & remittance to the appropriate State, normally thru the State website portal.
8) Update records, including Liability account.
9) Enjoy a cup of coffee, until next year!
