If you or your department is responsible for the management and/or reporting of unclaimed property to the state, then I feel your pain. It’s a necessary and sometimes daunting task. Compliance is extremely important, but let’s face it….how much time are you currently spending on managing the entire unclaimed property reporting process? If you’re […]
Managing an organization’s unclaimed property can be a full-time job. With the complexities of regulatory requirements, the numerous due diligence and dormancy tracking rules by property type and state, along with due diligence requirements, also varying by state, record retention needs in case of an audit, as well as reporting to multiple states, the process […]
One of the things that make Unclaimed Property Reporting so complex is the aspect of Dormancy. According to the National Association of Unclaimed Property Administrators’ (NAUPA) website, Dormancy is “the period of time during which the owner of the property does not take action on his property”. This sounds simple enough except for the fact […]
Unclaimed property results from the everyday functions of a company’s operations. As state budget deficits continue to grow, companies should expect unclaimed property compliance and related audits to continue and possibly increase. So, who is responsible for handling the process of Unclaimed Property management and escheatment to the state and keeping their company compliant? Tax […]
Most companies only worry about unclaimed property reporting when it is time to report their dormant records to the state. While this might ensure that your company is being compliant, is it really the most economical way for your company to manage their escheatment liability? More and more companies are focusing on the due diligence/pre-escheat […]
Oftentimes organizations are unsure where to begin when it comes to unclaimed property processes and procedures. Check out this free eBook that provides a solid base to get your company on track when it comes to unclaimed property compliance. Download your copy today!
We all know it, but few people express this in official circles. Unclaimed property filing is no fun. It isn’t glamorous or exciting. It is often downright frustrating. If you feel this way, just know that you are not alone. Many companies assign this task to the person with the least seniority. This person usually […]
As part of our continuing series of interviews with UPExchange users, our Roving Reporter traveled to Valparaiso, Indiana, to interview Sergeant Bud Gootee of the Porter County Sheriff’s Department. Sgt. Gootee became the Department’s business manager in 2007, after serving as a division commander in the Department’s police services. His responsibility for unclaimed property reporting, […]