Georgeson's team of experienced unclaimed property consulting specialists can help your company:
Assess its risk of non-compliance
Quantify its potential unclaimed property liability
Identify voluntary disclosure opportunities to help your company minimize interest and penalties
Navigate unclaimed property audits
Recover assets reported as unclaimed property
Develop comprehensive policies and procedures
Educate internal teams
We are a trusted partner that provides tailored solutions built on our clients’ specific circumstances.
Our solutions
Unclaimed Property Audit Assistance
You don’t have to go it alone. Georgeson’s proactive approach can help your organization minimize audit exposure and maintain control. We can assist with everything from setting up effective audit protocols to navigating the audit closing process.
VDA (Voluntary Disclosure Agreement) Services
Filing your report late and reporting property that is past due can result in the imposition of interest and penalties. State VDAs present an opportunity to get interest and penalties waived. The team at Georgeson helps their clients complete VDAs successfully.
Risk Assessment & Remediation
Whether you need to prepare for an audit, get ready to file a VDA, or just want to confirm you are in compliance, a comprehensive risk assessment is the way to go. If compliance issues are discovered, remediation can help lessen the impact.
Unclaimed Property Policy & Procedures
A clear policy and detailed procedures are keys to maintaining unclaimed property compliance. To be effective, they must be clear, comprehensive, and compatible with other accounting procedures. Georgeson can help you develop and integrate new or updated policy and procedures.
Frequently Asked Questions
What do unclaimed porperty consulting services include?
Unclaimed property consulting services include a broad range of services including audit assistance, assistance with VDAs (voluntary disclosure agreements), risk assessments, policies and procedures and more.
When do companies engage an unclaimed property consultant?
Unclaimed property consultants are typically engaged when a company has identified an area of potential non-compliance, received an unclaimed property audit notice, or received an invitation to the Delaware voluntary disclosure program (VDA).
What should I do if I get a letter from Delaware inviting my company to sign up for its VDA?
First, pay close attention to the dates. Your company will have 90 days to accept the invitation or it will be selected for audit. Next, carefully consider all relevant factors (e.g., corporate structure, level of compliance, etc.) to determine the best course of action.
How do I know if I am in compliance with unclaimed proeprty requirements?
The only way to confirm compliance is to perform a detailed review of the company’s books and records. Common compliance pitfalls can include voiding checks that should be reported as unclaimed property, writing off credit balances that are due to customers, and using the incorrect dates to age unclaimed property.
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Don't Overlook Unclaimed Property in Advance of a Corporate Action
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Keeping things running smoothly at an enterprise is challenging, and you've got a myriad of different compliance issues to tackle. When it comes to unclaimed property compliance, with the ever-changing state requirements and the growing risk of audits, fines and penalties, you need a way to make sure you can Keep UP with Confidence with a partner that knows the industry and state requirements for everything from due diligence to reporting inside out.