Your Unclaimed Property is Our Priority

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:

• Utilize our unique proprietary technology and consultative services to manage your company’s unclaimed property data securely and effectively
• Determine correct statutory dormancy periods and reporting dates, and navigate complex reporting rules for all states
• Conduct streamlined state-required due diligence campaigns, enhancing the customer experience with an array of easy-to-use response options
• Analyze records to uncover errors, duplications and exemptions
• Comprehensive unclaimed property reporting and filing services to minimize the administrative burden on internal staff resources
• Prepare and submit reports and payment (via custodial account) on your behalf or provide prepared report packages(s) for remittance

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.

• Verification of dormancy status of appropriate properties and owners to determine statutory due diligence
• Prepare and send due diligence letters, in compliance with all state rules for letter format, content and timing
• Manage owner responses, and the ability to re-issue checks
• Represent your company professionally, with decades of experience managing customer interaction and reactivation, when possible

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.

• Use the power of automation to uncover errors, duplications and exemptions that might be missed manually
• Proactively reduce the amount your organization is required to escheat using a unique analysis tool only available from MarketSphere

If your business identifies with any of the following, it could be raising an unclaimed property audit red-flag:

• Never filed an unclaimed report and has been established over 3 years.
• If there is a gap in your reporting history, especially in acquisition situation.
• If underreporting or excluding property types that are typically reported by other holders in your industry.

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.