Four Phases of the Unclaimed Property Audit Process
The Four Phases of the Unclaimed Property Audit Process include: PHASE I ~ Entity & property types scoping - Public information review/10k - Tax Return review - Analysis of general ledgers & Review of all legal entities PHASE II~ Quantification of Any Potential Unclaimed Property
Examples of Unclaimed Property in the Corporate World
- Vendor or Accounts Payable Checks- Payroll Checks or Denied Automatic Payments/Direct Deposits- Refunds/Rebates- Account Receivables/Credit Balances- Customer Overpayments- Unapplied Cash- Unredeemed Gift Certificates- Dormant Back Accounts (Checking/Savings Accounts)- Life Insurance Proceeds Due- Uncashed Benefit Checks Call PEACC for Compliance 410.303.5510
What Is Unclaimed Property?
Unclaimed property in the corporate world typically refers to intangible property and are funds owed to another party that have remained unclaimed or uncashed for a specific time period. Normally a period ofone, three or five years, known as the dormancy period. After this dormancy period expires, the property