All companies, no matter their size or structure, have a responsibility to report unclaimed financial obligations, also known as “unclaimed property.” These obligations include things such as un-cashed payroll and accounts payable checks, customer credit balances, gift cards, dormant checking or savings accounts, as well as dividends and stocks.
States are becoming more aggressive in initiating audits and using more drastic methods to increase assessments.
Companies are now required to be more diligent than ever in meeting their responsibilities related to unclaimed property compliance. Our team of experts can identify your company’s areas of need, develop a comprehensive plan to get your company into compliance, and help maintain compliance into the future.
With Clearview as your company’s advocate, we will interview the different function groups that potentially generate unclaimed property, learn more about your company’s structure, and formulate a solution that is easy to manage and adjust as your company’s needs change. Our projects typically include one or more of the following areas of expertise.
Our analytic review process involves looking at all pertinent company data such as: internal system reports, bank reconciliations, general ledger data and previous reporting history. We can then use that data to quantify a high-level estimate of potential liability in the event that your company is audited or voluntarily comes forward to report past-due property to the states. If either event occurs, our team will then work with your company to discuss options and develop a roadmap in order to help you achieve full compliance.
Because of the complexity of reporting regulations and deadlines, unclaimed property escheatment has now become a year-round endeavor. Clearview can help your company manage the entire compliance process from beginning to end. We mail due diligence letters, track responses, process state reports, and provide comprehensive management and reconciliation reports. This gives your company the comfort and peace of mind of knowing that all liabilities are being accounted for and reported correctly.
As states become more aggressive with their techniques for generating revenue, companies need a trusted advocate in their corner. The seasoned experts at Clearview have experience with all states, as well as the third-party firms that states utilize for multi-jurisdictional audits. We leverage this experience to help organizations greatly reduce their overall exposure.
With companies placing increasing emphasis on retention and maintenance of documentation, it is important to develop and sustain internal controls that help companies mitigate their liability and meet escheatment requirements.