Unclaimed Property Verified Report Requests on the Rise in Delaware

Verified Report

The State of Delaware recently issued another batch of verified report notices to several companies (“holders”). Holders are required to respond to the notice within 30 days.

The goal of the verified report is to validate that the holder’s most recent annual report is complete and accurate. The process is often conducted by a third-party audit firm. The state requests the holder to verify the previous report, provide a list of entities included within that report, and submit a copy of unclaimed property policies and procedures (if applicable).

Failure to adequately respond to the requests may result in additional enforcement efforts (Compliance Review, Voluntary Disclosure Agreement program, or examination). We encourage holders to review current policies and procedures to confirm they align with state expectations. If you have received correspondence from the state or need additional information about the process, contact Eric Burke (eburke@adviselyllc.com).