As we noted earlier, Delaware legislation passed October 1 (effective October 11) commenced a 60 day period during which some holders undergoing Delaware unclaimed property audits have the option of converting that audit to a Voluntary Disclosure Agreement.
Unlike a traditional unclaimed property audit, in the VDA program a holder completes a self-review of its records and reports those items believed to be in scope. In return for this remittance, the Secretary of State agrees to waive the interest and penalties that could otherwise be assessed the holder for noncompliance. Note that while the VDA program offers a holder more autonomy and control over the review process, the holder's ultimate report, methodology and remittance are subject to approval by the Secretary of State's office.
According to the Delaware Secretary of State's website, any holder currently under audit that received a notice of examination from the State Escheator on or before July 22, 2015, except any securities examinations in which estimation is not required, is eligible to convert. Conversion forms are available from the Secretary of State's website. According to the website, the deadline for conversion is December 11.