D. Patrick (“Pat”) Healy

President & Founder
PEACC – Property Escheatment And Compliance Consulting
Oct 2002 – Present · 22 yrs 1 moOct 2002 to Present · 22 yrs 1 mo
Sykesville, MarylandSykesville, Maryland
Market and perform unclaimed property consulting services for corporations throughout the United States looking to get in compliance with all State unclaimed property reporting obligations. This includes Voluntary Disclosure Agreements (VDA’s), Audit Defense, Unclaimed Property Report Generation, Due Diligence, Policy & Procedures Development/Review, Property Recovery and Compliance Seminars & Trainings.

04 Aug 2025
Sticky Post By Posted in D. Patrick ("Pat") Healy, Escheatment, Holder: Due Diligance Permalink

State Unclaimed Property Report Reminders

Sticky Post By On August 4, 2025

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 State
jurisdiction before the end of the dormancy period, normally 3 or 5 years.

Key reporting questions to consider:

– Does the State require reports to be in the NAUPA standard format or something unique to that State?
– Are there any Due Diligence/Search Letter requirements?
– Is there a “Negative Report” requirement?
– Will the Unclaimed Property Report need to be Notarized or signed by a Company Official?
– Do State reports need to be uploaded via the State reporting website or mailed in on CD or a paper report?

– Remittance/Payment Instructions
    •  Cash Property – Submit a check or payment through ACH/Online Payment.
    •  Securities – Does the State require advanced notice/payable to instructions?
    •  Tangible/Safe Deposit Box property. Does the State require a special reporting form/instructions for Safe Deposit Box contents?

For questions about “How to report to each State along with special instructions”, please reach out to PEACC.com to ensure you are in compliance with all the State report requirements. Call us at 410.303.5510 or email at info@peacc.com

Call PEACC for Compliance
Call PEACC for Compliance 410.303.5510
07 Jul 2025
Sticky Post By Posted in D. Patrick ("Pat") Healy, Unclaimed Property Compliance Permalink

How Are States Enforcing Their Unclaimed Property Compliance?

Sticky Post By On July 7, 2025

–  Through State or State sponsored Compliance Reviews
–  Through formal State audit notices.
–  Self-Audit notices, including those conducted/sponsored by third party firms.
–  State reminder letters regarding Compliance with reporting obligations.
–  State VDA (“Voluntary Disclosure Agreement”) Invitations.
–  Automatic penalty & interest assessment for non-compliance.
– If you are contacted by a State regarding your compliance efforts, it is best to respond right away!

To discuss these State enforcement steps or any other issues relating to unclaimed property reporting compliance, please reach out to a professional at PEACC by calling 410.303.5510, or email us at
info@peacc.com

Call PEACC for Compliance
Call PEACC for Compliance 410.303.5510
03 Jun 2025
Sticky Post By Posted in D. Patrick ("Pat") Healy, Unclaimed Property Consulting, Unclaimed Property Reporting Permalink

Annual Unclaimed Property Reporting – Date Specifics

Sticky Post By On June 3, 2025

Annual Reporting Date Specifics:

Depending on the State, unclaimed property reports are due throughout the year, Spring, Summer, and Fall.

For States with a Fall Reporting due date, the date can be October 31 or November 1 each year. The cut off date will be June 30th of each year.

Depending on the Holder type, unclaimed property reports may be due to a State in the Spring, March 1 through May 1 every year, with a cut off date of December 31, the previous year.

Finally, depending on the Holder type and State, the unclaimed property report may be due over the Summer months such as, July 1st every year, with a cutoff date of March 1st or March 31st.

As you can see, there are numerous Reporting due dates throughout the year depending on the State, Holder type and property type being reported.

Please note, individual unclaimed property reports are due once a year, with the exception of California where they are due twice. The preliminary report is due November 1st and the final/remittance report is due the following June, between June 1st and June 15th.

For all other States, the remittance report is due at the same time the initial report is due each year.

For further clarification and compliance information regarding State unclaimed property reporting, please reach out to the professionals at PEACC.com at 410.303.5510 or email us at info@peacc.com

Call PEACC for Compliance
Call PEACC for Compliance 410.303.5510
29 Apr 2025
Sticky Post By Posted in D. Patrick ("Pat") Healy, Escheatment, State Unclaimed Property Laws, Unclaimed Property Consulting, Unclaimed Property Reporting Permalink

The ABC’s of State Unclaimed Property Reporting

Sticky Post By On April 29, 2025

Companies/Holders need to track all their unclaimed property, on average for either a dormancy period of 3, 5 or 7 years & resolve this unclaimed property with the Owner.

If it can’t be resolved with the Owner, it must be reported and remitted to the State of the property Owner’s last know address, based on what the outstanding item Owner’s last known address is.

However, if there is no last know address, or the item has a foreign address, it must be reported & remitted to the Holder’s State of Incorporation.

Sourcing rules for establishing where unclaimed property is to be reported:

Priority Rule #1 – Unclaimed property should be reported & remitted to the property Owner’s State of last known address.

Property Rule #2 – If the last known address is unknown or foreign, property should be reported & remitted to the Holder’s State of Incorporation or State of Principle Business.

For further information regarding where to report & remit unclaimed property please reach out to a professional at PEACC to help resolve your unclaimed property compliance issues at 410.303.5510 or email us at info@peacc.com before a State tracks you down!

Call PEACC for Compliance
Call PEACC for Compliance 410.303.5510
21 Apr 2025
Sticky Post By Posted in D. Patrick ("Pat") Healy, Unclaimed Property Compliance, Unclaimed Property Consulting, Unclaimed Property Reporting Permalink

Unclaimed Property Reporting Steps

Sticky Post By On April 21, 2025

In order to get in and remain compliant with the State reporting requirements Holders must:

– Identify all unclaimed property on an annual basis
– Calculate dormancy periods based on the State property is due to; and depending on type of property and whether it would be reportable in 1,3, 5, 7 or 15 years
– Determine if any property may be exempt from State reporting
– Send State required Due Diligence/Search Letters out approximately 60 to 90 days prior to the State report due date
– Prepare and generate State reports in the required State format
– Update Holder records as to whether dormant property was reported/remitted to the State, paid to Owner or was an error in records

For additional information on how to track & comply with your State unclaimed property reporting obligations please contact PEACC at 410.303.5510 or email at info@peacc.com

Call PEACC for Compliance
Call PEACC for Compliance 410.303.5510
15 Apr 2025
Sticky Post By Posted in D. Patrick ("Pat") Healy, Unclaimed Property Audits, Unclaimed Property Compliance, Unclaimed Property Consulting, Unclaimed Property Laws, Unclaimed Property Reporting Permalink

Unclaimed Property Audits & Reviews

Sticky Post By On April 15, 2025

Who has the ability to audit Holders? Most State jurisdictions have the ability/authority to preform the dreaded Unclaimed Property Audit. Most States have their own audit staff conducting their own various State Audits. But most States still contract with third-party auditors. These third-party auditors have, in the past, conducted contingency fee Unclaimed Property Audits. Where these firms get a percentage of what they uncover from the Holder. Now, most States pay an hourly rate to perform Audits on behalf of a State. The third-party auditors under contract with most States, include the following firms:

• Kelmar Associates, LLC
• Specialty Audit Services (SAS)
• Kroll (was Versus Financial)
︎• Treasury Services Group, LLC (TSG)
• Innovative Advocates Group, LLC
• Discovery Audit Services (DAS)
• Escheatment Expertise Consulting Services (EECS)
• Faegre, Drinker, Biddle & Reath (FDBR)
• KDAC, LLC • Barnes & Thornburg
For further help in navigating the complexities of third-party unclaimed property auditors, please contact PEACC at 410.303.5510 or email us at info@peacc.com

Call PEACC for Compliance
Call PEACC for Compliance 410.303.5510
14 Mar 2025
Sticky Post By Posted in D. Patrick ("Pat") Healy, Unclaimed Property Compliance, Unclaimed Property Consulting Permalink

Minimize UP Exposure

Sticky Post By On March 14, 2025

How Does a Company Minimize Their Unclaimed Property Exposure & Implement Best Practices?

– Ensure you are abiding to all State reporting deadlines and compliance calendars.
– Understand and abide to the various compliance rules and regulations along with your industry requirements.
– Establish and implement unclaimed property liability accounts. Update them monthly.
– Perform all State mandated due diligence/search letter mailings.  Stay on top of rules & requirements.
– Investigate and implement any possible outsource solutions.
– File reports annually & consistently as required. Maintain copies of reports.
– Document and maintain support of what you DO NOT owe the States.
– Maintain a log of State’s offering Voluntary Disclosure Agreements (“VDA”) and all specifics.
– Conduct periodic reviews of all functions.
– Assign personnel and define rolls.

Call PEACC for Compliance
Call PEACC for Compliance 410.303.5510

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