There were many educational sessions at this year’s UPPO Annual Conference held in March in beautiful Austin, Texas. This year, MarketSphere had the privilege to co-present three sessions including “The Changing Dimensions of Unclaimed Property Audits”. The session discussed how the multi-state audit process has changed over time and what organizations, either under audit or possibly exposed, can do to avoid being caught flat-footed.
The following are some of the takeaways from the session that can assist holders with their planning and decision making.
Ensure that you have appropriate policies and procedures in place to mitigate the creation of unclaimed property and to hand any unclaimed property generated.
Monitor activities of third-party administrators such as payroll processors, rebate processors and stock transfer agents, to ensure that any unclaimed property generated is appropriately handled.
Be proactive and determine whether the company has an unclaimed property exposure. If it does, understand the options to mitigate this exposure and execute the best mitigation strategy.
Unclaimed property is at the forefront of the states’ mindset. Compliance is no longer optional. Non-compliance can be expensive when you take into account potential penalties and interest. With the states now using better technology to identify non-compliant companies and the increase in the number of state audits, if you’re non-compliant, being audited is not a matter of if, but when. Consequently, the best defense is offense. Partnering with an unclaimed property professional can provide holders with guidance to determine exposure, or risk, thus allowing holders to be proactive and mitigate potential issues.
Visit the MarketSphere Knowledge Vault for more valuable resources on a wide range of topics to help you start to master any unclaimed property compliance challenges.
If you received a letter or an email, please check out our FAQ section to learn more about next steps.
We offer a customized approach to fit your specific needs.