Audits are more frequent and more intense now that states have decided to enforce the law. Contingency fee auditors don’t care if an audit takes several years to conduct. They’ll turn over every rock to find escheatable property on your books and hold your company accountable. The more they find, the more they get paid—and the more you might have to pay in penalties and interest.
This encyclopedia helps you improve your knowledge of unclaimed property types, so you can better understand what auditors will be looking for and guard against missteps that might lead to unnecessary exposure.
Nearly every department in holder companies like yours can produce unclaimed property—sometimes without realizing it. Not everyone knows they need to be completing due diligence and escheating properties. It’s up to you to learn where properties might be and isolate them for proper regulatory management. Use this alpha listing to find properties aligning with your organization’s situation and the way you do business.
This reference will help you:
- Understand business conditions that often result in unclaimed property and learn how to use clues to find those properties in your organization
- Identify specific property types that apply to your organization, so you can minimize costs, time and resources required to manage unclaimed property and escheatment
- Communicate to others within your organization what constitutes unclaimed property and ask for their help identifying ongoing stale-dated properties for processing
- Pre-empt efforts of aggressive auditors and administrators—reduce your potential risk and liability by properly fulfilling requirements for statutory compliance