Minimize UP Exposure

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

UP Compliance Reviews

States Performing Formal Unclaimed Property Reviews –

There are currently only a handful of States conducting Formal Unclaimed
Property Reviews. To successfully complete one of these Reviews, the
following areas should be investigated and analyzed:

–  Any written Unclaimed Property policies & procedures.
–  Expectations about how certain Property types are handled/reported.
–  Reporting history of all entities including acquisitions & divestitures.
–  How are outstanding/uncashed checks treated on closed bank accounts?
–  Any De Minimus policies or rulings?

Call PEACC for Compliance
Call PEACC for Compliance 410.303.5510

New Yorkers Could Receive Up to Surprise $250 in Mail!

Some New Yorkers Could Receive Up to Suprise $250 in Mail!
Based on a recently passed law and starting this month, January 2025, New Yorkers could receive up to $250 automatically from the State’s Controller’s Office, states a recent news article from the New York
Post. These funds may include funds from unclaimed and old bank accounts, investments, gift cards and insurance checks that were turned over to the States after they weren’t claimed in enough time.    State
residents do not need to do a thing!

Under the recently passed law, the Controller’s Office will automatically mail out checks to Owners who have property owed to them up to $250. Since most unclaimed property can be between $70 & $100,
this will cut down on some of the headaches associated with claiming this property. The State will still verify that this property is rightfully theirs.

Please note, the checks will only be mailed to Owners of property up to $250. Owners will still have to submit a claim with the State on any property over $250. Prior to this announcement, Owners had to go through the headache of filing a claim with the State to reclaim all unclaimed property due to them, no matter what the amount.

This is a significant benefit for New York residents and Owners of unclaimed property because it cuts down on all the red tape and hoops Owners need to jump through to reclaim this rightful ownership to the property.

We can only hope additional States implement this new ruling the State of New York just announced. Although this new ruling is only for property reported to the State of New York as unclaimed from January 2025, going forward. For property reported prior to January ’25, the Owner will still need to file a claim with the State in order to reclaim it.

We can only keep our fingers crossed more States adopt this ruling to alleviate the burden, headaches and wait times Owners have experienced when trying to reclaim funds that are rightfully owed to them.
So sit tight New Yorkers, funds may be coming your way in the mail!

Call PEACC for Compliance
Call PEACC for Compliance

PEACC.COM FREE UNLAIMED PROPERTY CONSULTATION 

PEACC is a leading provider of unclaimed property compliance solutions, helping companies of all sizes navigate the complexities of state regulations. We offer a range of services, from initial compliance reviews and report generation to audit defense and customized training programs. Our goal is to provide effective and cost-efficient solutions that minimize risk and ensure compliance with all state requirements.

We understand that unclaimed property compliance can be challenging, and we are committed to providing our clients with the support they need to succeed. Our team of experts has extensive experience in all aspects of unclaimed property, and we are dedicated to staying up-to-date on the latest regulations and best practices. We believe in building long-term partnerships with our clients, providing ongoing support and guidance to ensure their continued success.

Contact PEACC today. at 410.303.5510, to schedule a FREE consultation and learn how we can help your company achieve and maintain full compliance with unclaimed property laws.

Call PEACC for Compliance
Call PEACC for Compliance 410.303.5510

A Formal Unclaimed Property Reporting Step Process

Prior to reporting any unclaimed property to the States, a formal set of
standard reporting procedures should be developed and followed
including:

1)  Identify and track all unclaimed property.
2)  Set up Liability Account/Spread sheet of all identified unclaimed properties.
3)  Calculate correct State dormancy periods. (most cases 1,3 or 5 years)
4)  Determine if any property may be exempt from State reporting.
5)  Mail out State required Due Diligence/Search letters during State mandated time frames.
6)  Prepare State reports in proper State formats.
7)  Submit reports & remittance to the appropriate State, normally thru the State website portal.
8)  Update records, including Liability account.
9)  Enjoy a cup of coffee, until next year!

Call PEACC for Compliance
Call PEACC for Compliance 410.303.5510

How to Successfully Complete the Voluntary Compliance Process (“VCP”):


– Apply for and receive approval for enrollment into the program from the VCP State.
– Complete any formal educational/training given by the State, if any.
– Review your books and records for unclaimed property.
– Preform and complete Holder required Due Diligence Mailings.
– Submit a preliminary “Notice” report to the State. If approved:
– Submit a final “Remit” report to the State along with any remittance.

For further information regarding reports or unclaimed property compliance issues, please contact the professionals 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

What Areas of a Company are Analyzed to Perform a Thorough Unclaimed Property Review or Audit?

–  Corporate structure
–  Current and previous Chart of Accounts
–  Review of Accounts that May Hold Uncashed Property
–  Review of General Leger Trial Balances
–  Any previous State unclaimed property reports.
–  Any past audit reports & results
–  Outstanding check listing of all disbursement accounts
–  Accounts Receivables aging report
–  Journal entries related to write-offs and any details
– Descriptions and any contracts related to any third-party administrators
–  Any mergers & acquisitions reports and detail

Call PEACC for Compliance
Call PEACC for Compliance 410.303.5510

The Ins & Outs of State Reporting Unclaimed Property Due Dates

When it comes to submitting your unclaimed property reports, there are a myriad of State Reporting Unclaimed Property due dates including what are considered Spring States and Fall States.

Also keep in mind that, depending on the Holder type, that will also dictate when the report is due.

Most Life Insurance Companies have reports due in the Spring.

– 41 States are considered Fall Reporting, with reports due to them by October 31st/November 1st.

– 9 States have a Spring reporting deadline between  March 1st and July 1st.
        Delaware
        New York
        Connecticut
        Pennsylvania
        Florida
        Illinois
        Vermont
        Michigan
        Texas

– The above list also includes a couple of States that have reports due over the Summer/July 1st (Michigan & Texas).

– California has a preliminary report due by October 31 each year with their remittance report due in to them between the following June 1st – June 15th. The State will notify the Holder the exact final due date.

– Puerto Rico has a preliminary report due date of August 10th and the remittance report is due to the State by December 10th each year.

– Please note, the dormancy periods vary from one, three or five years amongst the States, depending on the property type. With a one year dormancy period being for Wages, Payroll or Salary. Traveler Checks have a 15 year dormancy period.

As you can see, there are an abundance of stipulations and requirements regarding unclaimed property reporting compliance. For how to navigate the reporting due date requirements, feel free to reach out to PEACC at 410.303.5510 or email us at info@peacc.com

Call PEACC for Compliance
Call PEACC for Compliance 410.303.5510

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