Unclaimed Property Compliance Program Essentials
What is Essential?
– Unclaimed property awareness is critical among company shareholders & management teams
– Open communication across organization/groups & lines of business.
State Unclaimed Property Report Reminders
Holders/companies need to identify and track their unclaimed property with appropriate dormancy period. Then resolve liability with the property Owner or report the property to the appropriate Statejurisdiction before the end of the dormancy period, normally 3 or 5 years. Key reporting questions to consider: - Does the State
Basic Provisions (Requirements) of the Uniform Unclaimed Property Act
The Uniform Unclaimed Property Act addresses all unclaimed intangible property along with all unclaimed bank safe deposit box contents.• general ledger & securities- Requires Holders to perform Due Diligence/Search Letter Mailings• Look for Owner prior to reporting property to appropriate State.- Requires Holder to generate reports in the required formats and