For years after the Uniform Law Commission (ULC) established unclaimed property regulations for states to follow, some state administrators were not able to dedicate resources to enforce the laws. As a consequence, many holder organizations became lax in reporting. Some companies still are holding years of unclaimed property that should have been reported or routinely have been writing it off. If an audit is conducted and the facts indicate noncompliance, auditors are allowed by law to assess large escheatment amounts, penalties and interest that can amount to many times the original value of the property.
We review your financial processes, data and reporting history to assess the company’s potential exposure under audit, then identify available ways to come into initial compliance with the least possible risk and cost.
Based on uncovered areas of exposure, we work with you to execute the best risk mitigation strategy. Strategies often include making arrangements with one or more states to execute Voluntary Disclosure Agreements (VDAs).
We determine amounts owed all states, find legal exemptions, complete due diligence, then report and remit amounts due. We help you establish efficient annual policies and procedures to help ensure compliance in years to come.
We Can Help You:
Are you reporting and escheating too many dollars? Or are you reporting too little and risking huge penalties? Take two minutes to take the JustRight Compliance® quiz to find out!
MarketSphere clearly has a high-level of expertise in Unclaimed Property issues. You dealt directly with our various third-party agents and helped us reduce unnecessary involvement from our employees.
Deputy Group Company Secretary, Global Communications Leader