Sometimes abandoned and unclaimed property is simply ignored and overlooked until it becomes an unavoidable problem.
Every organization handles the annual cycles of abandoned and unclaimed property differently depending on the company’s industry, property types, geographic location and other factors. However, all organizations face the same general abandoned and unclaimed property challenges:
- Identifying every location unclaimed property can be found in the company and uncovering all the various property types
- Stale-dating unclaimed property correctly and managing it effectively
- Performing due diligence activities to fulfill strict statutory responsibilities and effectively proving it
- Properly removing property from dormant liability accounts and reissuing payments if reunited with the property owner
- Filing complex reports with varied deadlines to document unclaimed property
- Keeping up with challenging, ever-changing statutes that differ from state to state
- Striking a balance between reporting too much and not reporting enough
- Doing it all over again several times a year
