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!