The Time is Now

Those tasked with unclaimed property compliance duties in their organization understand that the reporting process is a year-round responsibility. As unclaimed property impacts several departments in a particular business, companies should implement procedural enhancements to prepare for reporting deadlines. Many jurisdictions have different requirements and reporting deadlines. Each department should work cohesively to address property (such as aged credits or uncashed disbursements) before reaching dormancy.

Many states have unclaimed property reporting deadlines in the fall. Advisely recommends that companies compile listings of property reaching dormancy and begin owner outreach at least 4-6 months before the reporting deadline. As this timeframe aligns with many of the statutorily required due diligence mailings mandated by the states, it ensures owners have the best likelihood of receiving their unclaimed funds prior to being reported to the state.

The time is now – identify aged property and work with your organization to reunite owners with their funds.

At Advisely, we partner with companies using our technology and experience to proactively activate owner outreach and due diligence. Our process helps companies maintain relationships with customers, vendors, employees, and shareholders. Implementing tracking systems and organizing accurate owner contact information can be a daunting task if not addressed appropriately. Our professionals leverage our resources to help companies stay in compliance and avoid penalties and other state enforcement.

For additional information regarding our services, contact Eric Burke (eburke@adviselyllc.com).