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Comprehensive Unclaimed Property Management

MarketSphere offers comprehensive services designed to manage compliance and reporting requirements pertaining to unclaimed property across all applicable U.S. jurisdictions. This service includes careful preparation and timely submission of annual filings in accordance with each state’s statutory obligations. MarketSphere’s unclaimed property solutions are suitable for organizations of any size or sector.

Through a collaborative, team-based methodology, MarketSphere utilizes the appropriate expertise to support each client engagement. Whether an organization seeks to strengthen its internal unclaimed property team or fully outsources these responsibilities, MarketSphere provides a customized level of service aligned to each client’s unique objectives.

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MarketSphere On Demand (MOD)

MarketSphere On Demand is a proprietary suite of tools and software designed to automate essential steps in the compliance process. MOD delivers a premier reporting and analysis platform while offering clients the flexibility, transparency, and access they need and deserve. This robust, in-house tool allows MarketSphere to customize functionality to better serve a diverse range of clients.

MOD acts as the system of record for unclaimed property data.
MOD can serve as a subledger to internal general ledger accounts.
MOD offers clients real-time visibility into their data, dashboards, reports, and audit logs, which is crucial in highly regulated industries.

MOD

MOD enables accurate dormancy calculations using customizable logic, allowing clients to choose their approach in determining escheatment eligibility in areas where statutory interpretation may vary. This capability addresses the limitations left by third-party software vendors that employ more rigid analysis methodologies.

MOD’s functionality supports diverse methods for conducting outreach.

MOD integrates multiple platforms for response handling, including mail, web, IVR, and more.

MOD analyzes records to detect accounting discrepancies and apply statutory exemptions, thereby reducing overall liability for clients.

As part of the compliance lifecycle, MarketSphere undertakes all necessary statutory due diligence efforts to locate rightful owners of stale-dated property and facilitate reunification prior to escheatment. Our proprietary outreach optimization technology improves response rates through mobile-friendly engagement tools, including QR codes and personalized web portals, while advanced returned mail tracking helps identify invalid mailing addresses. All responses are efficiently tracked and automatically updated within MOD to ensure accuracy.

Annual Compliance Reporting

Unclaimed property compliance differs in every organization, depending on the industry, property types, geographic location and other factors. MarketSphere’s experts know states’ unclaimed property laws inside and out, so they can efficiently manage unclaimed property obligations and provide dependable, long-term compliance.

MarketSphere’s approach to outsourcing provides flexible service options, allowing clients to concentrate on more strategic areas of their business. These outsourcing services include:

Managing unclaimed property data securely and effectively with unique, proprietary technology and consultative services.
Navigating complex reporting rules for all states, applying correct statutory dormancy periods and reporting dates.
Enhancing the customer experience with an array of easy-to-use response options for state-required due diligence campaigns.
Analyzing records to uncover errors, duplications and exemptions.
Reducing the administrative burden on internal staff resources with comprehensive unclaimed property reporting and filing services.
Completing and submitting reports and payment for clients or providing prepared report packages for remittance.

Due Diligence

Every unclaimed property holder must follow state guidelines requiring outreach to property owners aimed at reunification. The process is complex and resource-intensive for in-house staff. Keeping up with ever-changing legislation, maintaining meticulous records of last-known owner contact and managing many responses are daunting. Any deviation from state-mandated rules increases the organization’s risk of noncompliance.

MarketSphere’s proven, time-tested due diligence services fulfill state statutes and reduce the administrative burden by:

Verifying of dormancy status of properties and owners to determine statutory due diligence.
Preparing and sending due diligence letters in compliance with all state rules for letter format, content and timing.
Managing owner responses and the ability to reissue checks.
Representing clients professionally, with decades of experience managing customer interaction and, when possible, reactivation.

Initial or Gap Compliance Filing

Established businesses may raise audit red flags if they have never filed an unclaimed property report, have gaps in their reporting history, have underreported or excluded common industry property types, or have submitted incomplete or incorrect reports.

MarketSphere offers risk assessment solutions to:

Reduce audit red flags before filing reports.
Identify hidden pockets of liability proactively for remediation.
Review unclaimed property types across all lines of business, including related legal entities, such as subsidiaries.
Analyze liability, recommend strategies for becoming compliant and mitigate exposure.

Comprehensive Administrative Support