Businesses may be surprised to learn that not only can their vendors, customers and employees be entitled to unclaimed property, but the organization itself may be entitled to unclaimed funds that are held by the states or by bankruptcy courts or county, local or federal agencies. As a holder of unclaimed property, an organization may also have escheated unclaimed property in error to a state’s unclaimed property department or paid an owner in error. Even if a business handles unclaimed property in-house, an organization may benefit from a recovery specialist to assist in the holder recovery and reimbursement process.
Why hire a recovery specialist to assist you in locating your own organization’s lost funds or handle reimbursements on your behalf for funds paid out or reported in error? For starters, there are hundreds of state and local reporting jurisdictions that may have recoverable items in their possession, with each of these jurisdictions potentially having their own protocols dealing with recovery. Recovery specialists are accustomed to the complexities involved in recovering unclaimed property and can assist in navigating and managing the claims and/or reimbursement process efficiently, while tailoring and streamlining the process for each business.Expertise
A business may be entitled to unclaimed property for many reasons – the business may have relocated, undergone a change in process and/or personnel, or checks owed to the business may have gone uncashed simply because they were lost in the mail.
Unclaimed property recovery specialists are experts at searching for and identifying corporate assets. They maintain complex matrices that track and monitor ever-changing unclaimed property legislation and regulatory activity across all jurisdictions, know where to look for pockets of hidden assets, maintain sophisticated databases and foster relationships with the various jurisdictions. They also understand the complexities involved in recovering property for companies that have undergone mergers, acquisitions, or bankruptcies.
Recovery specialists utilize specialized technology to increase search “hits” and locate unclaimed property from a wide variety of sources. They perform regular searches of sources and databases across all jurisdictions to maximize results and maintain libraries of up-to-date documentation to readily support the recovery process. Additionally, recovery specialists are licensed and/or registered in those states that require it such that they are readily available to assist in the recovery process in any jurisdiction. They ensure that the nature of each claim is adequately researched, understand the procedures unique to each jurisdiction, and are ready to interface with and respond to any and all inquiries throughout the process.
Businesses often lack the bandwidth – resources, time, or expertise – necessary to search and recover lost or unclaimed assets. Recovery specialists can efficiently search and identify the assets, collect the data and submit documentation on behalf of the organization, monitor and follow up on the claims process. These outreach efforts, continued monitoring and submission of claims enables the organization to direct and utilize its resources where they are most needed.
If your organization utilizes third party vendors or has undergone a merger or acquisition, it may be worthwhile to look to a recovery specialist to assist in recovering your unclaimed funds. Contact Us to learn more and discuss the process of uncovering and recovering funds for your organization.
*Content contained in this article is considered accurate as of the publish date.