Unclaimed Property 101

It’s the law to track and report abandoned property to the states. Make sure you have all the information you need to file successfully and avoid an audit, fines and/or penalties. During this Unclaimed Property 101 webinar our experts will discuss specific unclaimed property items including:

  • Unclaimed Property 101 Basics: Definition, Facts, Terminology, Rules of Jurisdiction, Reciprocity, Common Types

  • Unclaimed Property Reporting: Cycle, Due Diligence, Best Practices, NAUPA 3

  • Trends and Legislation: ​​​​​​​Legislation Updates, Revised Uniform Unclaimed Property Act (RUUPA), 

  • Keeping Management Informed: ​​​​​​​Penalties, Interest, Misdemeanor, Policies and Procedures

  • Consulting: ​​​​​​​Voluntary Disclosure Agreements (VDA), Audits, Enforcement, Changing Definitions

  • Solution Highlights: ​​​​​​​Software, Managed Services, Consulting

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First and foremost, it’s the law to track and report abandoned property. You cannot count unclaimed funds as income. Every company is required to report unclaimed property to the state(s) once it becomes “stale,” and each state has its own rules about when that “stale date” becomes due. The states will then hold that property until the owner comes forward to claim it.

Because there is widespread non-compliance with unclaimed property laws, states are dramatically increasing their audits. Oftentimes states hire third-party “contractors” who may audit on behalf of several states at the same time. The consequences of not following unclaimed property laws can include thousands of dollars in fines and even jail time.

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