Unclaimed Property Consulting

21 Jan 2025
Sticky Post By Posted in Unclaimed Property Consulting Permalink

Unclaimed Property Assessment Key Takeaways

Sticky Post By On January 21, 2025

Been Assessed for Unclaimed Property Exposure by a State?
Here are some key takeaways to be aware of:
– Most State assessments for unclaimed property exposure are only estimates because the Holder lacks records to support their findings.
– Keeping the right support documention can prove invaluable during an unclaimed property review or audit.
– A company’s/Holder’s understanding of what unclaimed property is and the actual finding may be totally different.
– Being proactive is always a better approach than being reactive whenever it comes to unclaimed property related issues and determining exposure.

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

Consequences for Not Having a Unclaimed Property Program

Sticky Post By On January 16, 2025

Consequences for Not Having a Yearly Unclaimed Property Compliance Process in Place.
There are harsh implications for Holders who do not have a annual unclaimed property compliance program including:

– For Holders who do not submit annual unclaimed property reports
– For Holders who file inconsistent, inaccurate or non-compliant annual reports
– Not reporting all property types in reports
– Filing annual unclaimed property reports late
– Holders run the risk of being audited which could lead to hefty fines/interest rates and penalties

As you can see, identifying, monitoring, reporting and complying with all State unclaimed property reporting laws & requirements are very important functions to have implemented within your organization.

For help in developing and implementing an annual unclaimed property reporting process or any questions regarding this process, please reach out to one of the Professionals at PEACC by calling 410.303.5510 or email us at info@peacc.com

Property Escheatment And Compliance Consulting
Property Escheatment And Compliance Consulting
14 Jan 2025
Sticky Post By Posted in Unclaimed Property Compliance, Unclaimed Property Consulting Permalink

What Makes Up Your Yearly Unclaimed Property Process?

Sticky Post By On January 14, 2025

~ To reduce your unclaimed property liability and exposure
~ Obtain and maintain compliance with all State unclaimed property laws and regulations
~ Protect the Holder’s bottom line
~ Reunite Owner with their unclained assets; State maintains custody of property until Owner is found and reunited with lost property
~ Owners only have one centralized place to look for lost property

For help in developing and implementing an unclaimed property processes or any questions regarding this process, please reach out to one of the Professionals at PEACC by calling 410.303.5510 or
email us at info@peacc.com

Call PEACC for Compliance
Call PEACC for Compliance
13 Jan 2025
Sticky Post By Posted in D. Patrick ("Pat") Healy, Finding Unclaimed Property, Uncategorized, Unclaimed Property Consulting Permalink

Delaware Unclaimed Property (VDA) Notices

Sticky Post By On January 13, 2025

What to know about the Delaware Unclaimed Property Notices being mailed
out – What to Expect.

The State of Delaware continues to mail out Unclaimed Property Notices, inviting Holders to participate in the State’s Voluntary Disclosure Agreement (“VDA”). The following is how to address it if received:
Please be aware there is a 90 day turn around for the response.
Holders/companies who do not respond within 90 days will be referred to the Delaware State Escheator’s office for an unclaimed property audit.

The State’s expectations are that these Notices not only cover the entity who receives it, but also all subsidiaries and parent company involved with the entities.

Any reviews that do take place as a result of these mailings will involve a 15 year lookback period.

Companies without good accurate, records for any year(s) in the 15 year lookback period can expect estimations to be used for the years good records are not available.

Organizations incorporated in Delaware, or any of their subsidiaries incorporated there, will be the main target of the VDA Notices. However, any entities with foreign activities may also be targets of these VDA
Notices..

PEACC’s best advice if you do receive one of these VDA Notices in the mail is to respond right away, providing accurate responses. For further insite on how to respond and what to expect, please contact one of our professionals at 410.303.5510 or email at info@peacc.com. We’re here to help!

09 Jan 2025
Sticky Post By Posted in D. Patrick ("Pat") Healy, Unclaimed Property Compliance, Unclaimed Property Consulting Permalink

Unclaimed Property (UP) In-house Program

Sticky Post By On January 9, 2025

Is Your Unclaimed Property In-house Program Good & Compliant?
What makes a good Unclaimed Property Program successful and good?

Is your program one of them?
It is if it:
–  Reduces any UP exposure to the various States;
–  It is compliant with all of the State reporting laws, regulations and
requirements;
–  Allows you to keep relationships with all account Owners over the
years;
–  It reunites lost/unclaimed funds with its true & rightful Owner(s);
–  It reduces the risks related to non-compliance, including:
    • Possible fines & interest penalties
    • UP audits and reviews;
–  All employees understand UP & know where to turn with questions.

23 May 2024
Sticky Post By Posted in Unclaimed Property Consulting, Unclaimed Property Laws Permalink

UNCLAIMED PROPERTY LAWS: WHAT ARE THEY ALL ABOUT?

Sticky Post By On May 23, 2024

Unclaimed property involves intangible property, normally cash, checks or securities. The only
tangible property involved would be safe deposit box contents that goes unclaimed if the
holder/bank may have lost contact with the owner. This would constitute unclaimed property
when the state dormancy/holding period has been met.

Read more

27 Feb 2020
Sticky Post By Posted in Unclaimed Property Consulting Permalink

Key Points from Delaware’s February 2020 VDA Invitation – PEACC.com

Sticky Post By On February 27, 2020
Delaware Seal

• Delaware’s Secretary Of State Voluntary Disclosure Agreement (“VDA”) invitations mailed out in February 2020 have been granted a response extention.
• Responses are now required by July 18, 2020.
• These extension only apply to companies that received the VDA invitation in February 2020.
• Recipients of this letter may include the CFO, General Counsel, Accounting Manager or others.
• It is important to inform all persons and departments of what action they should take if they have received this February 2020 DE VDE invitation letter.
• If recipients do not respond to the invitation by the July 18, 2020 due date, they may/will be referred for an unclaimed property audit.
If you firm is contemplating participating in the Delaware VDA invitation, please feel free to contact us at 410.303.5510 for a free discussion as to whether or not it may be right for you.

Your Total Source for Unclaimed Property Compliance

Get in touch with us!

    Your Name (required)

    Your Email (required)

    Subject

    Your Message