6 Key Ways to Maintain VDA Administrator Contact

If you are currently enrolled in Delaware’s voluntary disclosure agreement (VDA) program, it is very important to provide periodic updates to the VDA administrator contact assigned to you – either Faegre Drinker Biddle & Reath LLP or TL2Q, LLC.. All correspondence from the state or it’s administrators should be treated seriously and responded to in a timely manner. However, VDA administrator correspondence should be considered even higher priority, as in many instances repeated lack of response may lead to referral for unclaimed property audit consideration. If there is not adequate correspondence or response to complete the Delaware VDA, Delaware’s Secretary of State may refer the company to the Department of Finance, State Escheator for examination pursuant to Section 1172 of Title 12 of the Delaware Code.

Although we are focusing our discussion on Delaware, this is an important reminder if you are enrolled in other state VDA programs as well. There are deadlines associated with most programs, so communication with the state or VDA administrators is a critical factor in the successful completion of a VDA.

How to keep in touch with VDA administrators

If your company has an open VDA but you’re unsure when the last communication was, don’t wait, reach out to the VDA administrator assigned to you. If you don’t know who your VDA administrator is, reach out to their general email address on their website. Here are other ways to maintain contact with your VDA administrator: 

1. Add the state and state administrator emails to your contact list or safe senders list, depending on what email platform you use.
2. Create an email rule so important emails from specific email domains go into a special folder that you check regularly. 
3. If a former employee was assigned to manage the VDA, make sure their emails are monitored, forwarded or that the main point of contact change is communicated to the VDA administrator.
4. Don’t just rely on email – make a phone call, schedule a conference call or set up a virtual meeting (Zoom, Webex, Teams, etc).
5. Schedule regular touch points with the VDA Administrator to demonstrate progress.
6. Utilize an advocate to streamline processes and guide you through the VDA.

Avoid an unclaimed property audit

VDA’s are designed as a business-friendly and efficient means for coming into compliance with current and historical unclaimed property liabilities. An important part of the VDA process includes regular touchpoints showing momentum in the program as holders and the state work together to reach an agreement. Enforcement is a last resort used as needed to promote compliance and includes significant interest and penalties. Make sure your company is doing everything it can to avoid an audit.