State Unclaimed Property Audit Letter

“Please forward the State your company’s written unclaimed property policies & procedures for reporting your property….”

Does the above phrase make you shiver, squirm?

Unfortunately, if your company is ever selected for the dreaded unclaimed property audit, prior to commencement, the first area of audit will be the review of the company’s unclaimed property policies and procedures.

This audit request is used to determine if the company is fulfilling their obligations of turning over their unclaimed property to the appropriate State and doing it in compliance with each State’s laws and reporting regulations. 

If the Holder has formal unclaimed property policies and procedures, great! You’re one step ahead of most companies.

You will most likely still be audited for your unclaimed property compliance, but the State or third-party auditing firm may not look as intensely at companies who do NOT have formal written policies and procedures in place.

If you do NOT have formal written policies and procedures in place within your organization or what you have can use a review or update(s), let the Professionals at PEACC assist with the development or revision of your unclaimed property policies and procedures. 

Please contact one of the professionals today at PEACC at 410.303.5510, to hear how we can develop customize unclaimed property policies & procedures or review your current policies and procedures to ensure you are compliant with your State reporting obligations.

Act now before the States come calling!

Unclaimed Property Audit Triggers

Ever wonder what may trigger an unclaimed property audit examination?

Stay alert to the following audit triggers:

1) The company has never filed unclaimed property reports in the past.

2) The company is not reporting all required property types.

3) The company files back-to-back negative reports stating they have no property to report.

4) The company is not reporting like a similar company/competitor is.

5) The company has spikes and dips in their annual reports.

6) The company has been the the news recently.

7) The company has acquired or merged with another company.

8) The property owners have repeatedly contacted the State to claim funds.

9) The industry has randomly been selected for audit.

10) The company does not respond to an inquiry from a State.

Your Total Source for Unclaimed Property Compliance

Get in touch with us!