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Showing posts from October, 2013

'Twas the Night Before Fall Reporting

‘Twas the night before Fall Reporting, and all through the firm, Everyone in unclaimed property was starting to squirm. Wire transfer instructions were given to disbursements with care, In the hope that remittance confirmations soon would be there. In state capitols, Treasurers smiled at the incoming proffers, Knowing that millions would soon be in the states’ coffers. Bob was in payables, and me with the CFO, Was it all out?  Both of us wanted to know. When down from the Controller there arose such a wailing, I assumed there must be a late response to a due diligence mailing. Away to accounting we ran down the hall, Where Bob and I nearly tripped over the accumulated sprawl. UP-1s, NAUPA codes, and Holder Reporting Guides, Covered every flat surface with big stacks besides. When, what led my stomach to churn and contort, But hundreds of names that were left off the report. When I asked how this many names could’ve been missed, I was told they

Friday Lost + Found: D(minus) as in "Delaware", Money at the State Fair

COST Issues Unclaimed Property Scorecard, Delaware Still at Bottom  -- The  Council on State Taxation , a nonprofit trade association representing the interest of corporate state taxpayers, recently issued its second  Unclaimed Property Scorecard .  The Scorecard is an effort by COST to compare and contrast the states' varying approaches to unclaimed property law compliance and looks at such topics as the use of contingent fee auditing firms, the treatment of penalties and interest and the availability of appeals processes and the like.  Once again, Delaware finds itself at the bottom of the list, registering a D-.  The highest grades were given to Virginia and Massachusetts, both of which received As.  If you are interested in unclaimed property, the Scorecard is worth a read. Going to the State Fair Pays Off  -- We've mentioned  state fairs  in this space as one of the places where states do unclaimed property outreach to potential owners of unclaimed funds.  This year, the

California Lowers Aggregate Reporting Threshold

The unclaimed property laws of most states provide for "aggregate reporting" of all items under a specified dollar amount.  For items under the threshold, the holder must still deliver the property to the state, but is not required to report the owners' name and address information.  The measure is generally considered to be an accommodation to holders - relieving them, for example, of the obligation to report dozens (or hundreds, or thousands) of lines of name and address information for "small balance" items from $0.01 to up to $50 or $100. Of course, if the holder is not required to report name and address information to the state, the state will not have that owner identifying information for the purpose of reuniting owners with their property.  For that reason, the states' willingness to allow aggregate reporting has been criticized  as inconsistent with the fundamental purpose of the unclaimed property laws - to have the state serve as custodian of a