“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!