Recently, we discussed many of the misperceptions associated with unclaimed property obligations and outlined many of the risks associated with the current surge in compliance efforts happening at the state level. As a follow-up to that initial discussion, we’d like to now examine what options you should consider when developing a best practices approach to achieving compliance. Implementing a best practices approach to managing unclaimed property risk can be a challenge. If you are a first-time unclaimed property reporting entity not under state audit, and you find your company in an initial compliance situation, you should initiate an immediate outreach program. Make an effort to connect with property owners. Read More.

Whether you know it or not, the normal, everyday operation of your enterprise results in the generation of unclaimed financial obligations that become known as “unclaimed property.” Many business leaders who are uneducated about the issues of unclaimed property are often surprised to learn their true obligations. When not correctly managed and reported, the risk of state audit— and subsequent fines and penalties for non-compliance —become a distinct reality. What Is Unclaimed Property? Unclaimed property encompasses any financial obligation that is due and owed to another party (customer, vendor, employee, contributor, etc.). The key rule to remember is that this property never becomes the company’s property – it always. Read More.