There are many firms that can process your unclaimed property. However, we believe that holders deserve more than just what is legislatively required. The specialists at MarketSphere evaluate client needs to implement innovative strategies that fit each company’s unique circumstances. The goal is to achieve statutory compliance, while saving time, money, and reducing the negative impacts of unclaimed property on businesses and their employees.
Unclaimed property compliance is different in every organization depending on the company’s industry, property types, geographic location, and other factors.
Our team of experts have extensive knowledge of the states’ unclaimed property laws. MarketSphere specializes in services that efficiently manage unclaimed property obligations and provide a healthy long-term compliance program.
Our outsourcing services include:
Outsourcing your unclaimed property administration to MarketSphere can help you save time and resources while ensuring compliance with state laws.
MarketSphere’s approach to outsourcing is based on the client’s needs. We provide flexible service options, allowing you to concentrate on more strategic areas of your business.
Every holder of unclaimed property is required to follow the applicable state guidelines in performing outreach to property owners with the hopes of reunification. The process can be extremely complex, and some states are more stringent than others.
Some companies attempt to complete due diligence in-house, but it’s an administrative undertaking. Not only does staff have to keep up with ever changing legislation, but they also maintain meticulous records surrounding last known owner contact and manage a multitude of response inquiries and responses. Any deviation from state-mandated due diligence or reporting rules can open an organization to risk of non-compliance.
Over the years, we have established proven policies producing letters that fulfill state statutes and collaborate on customizations.
The goal of unclaimed property business functions for a holder, is to follow the law, and to escheat what is due. MarketSphere’s proprietary exemption analysis tool and the proven process has reduced the ultimate amounts escheated to the states. Using this tool and process, your organization could identify savings that impact your bottom line.
If your business identifies with any of the following, it could be raising an unclaimed property audit red-flag:
Other red flags include filing unclaimed property report solely to your business’s principal location or if there are errors in the reports or the related remittances.
Regardless of the situation, MarketSphere has solutions to solve the issue and may recommend a Risk Assessment which is a valuable services that is typically utilized before filing reports, if in any situations above. Many audits uncover pockets of liability that the holder was unaware of, and a risk assessment assists in proactively identifying these for remediation.
A risk assessment helps the organization review the types of unclaimed property generated across all lines of business, including related legal entities, such as subsidiaries. This includes how unclaimed property is identified, the types of owner communication sent across the enterprise, and even data retention policies. Our objective is to analyze the liability and recommend strategies for coming into compliance and mitigating exposure, laying out best practice recommendations for ongoing annual compliance.
Our solutions are designed to accommodate organizations of all sizes and industries address unclaimed property. With our collaborative, team-based approach, we are able to apply the right blend of skills to every client engagement to minimize time and effort expended by your people. Whether you need to complement an in-house unclaimed property team or outsource all of the responsibilities, we apply the right level of services to meet your needs.