The Essentials of Reporting & Compliance Part 2
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1 The Essentials of Reporting & Compliance Part 2 Jennifer Brown, Manager, Holder Education and Research Unit, N.Y. State Comptroller s Office Kathy Janes, CPA, Director of Unclaimed Property, Oklahoma Treasury Kathleen Lobell, Director of Unclaimed Property. Louisiana Treasury Cherish Simmons, Vice President, Xerox Barry Williams, Financial Examiner/Analyst Supervisor, Florida Department of Financial Services Sara Withrow, Receipts Manager, West Virginia Treasury The Foremost Authority on Unclaimed Property
2 When does the clock start ticking? No owner-generated activity Owner has indicated an interest in the property or account
3 Activity that Prevents Abandonment Written communication Phone contact Electronic contact Some other indication of interest
4 What is NOT considered activity? Recurring, automatic electronic transactions Statements or notices mailed to the customer not returned as undeliverable (RPO) Unrelated Purchases or Charges Unrelated Payments Interest Posted Inactive IRA, Benefit or Tax Deferral Accounts
5 Dormancy charges When can a fee be imposed based on inactivity?
6 State Provisions on Dormancy Charges
7 Extensions Why? Ensure Compliance Establishes good faith Reduces audit risk When? Within 30 days of reporting deadline
8 Reasons to Request an Extension Technology changes or updates Change in Personnel Transfer Agent change Reporting Agent change Merger or Acquisition
9 What is a Holder Reimbursement? Return (recovery) of monies to the holder after the annual Unclaimed Property Report has been filed and the money as been received by the state
10 Holder Reimbursements Advantages for Holders Holder can readily refund the owner Maintain customer goodwill Makes Holder whole
11 Holder Reimbursements Common Reasons to File Property Reported in Error Property Previously Paid out Customer Contact Linkage of Account
12 Filing the Reimbursement Claim Submit NAUPA Holder Request for Reimbursement Form
13 Filing the Reimbursement Claim Contact State UP Office for specific requirements Forms accepted and method of submission Property Information required Proof of Reimbursement
14 Reciprocal Reporting The process whereby states who routinely accept property belonging to other states annually forward that property to the appropriate states.
15 Reciprocity Matrix REPORTING RESOURCES SECTION OTHER RESOURCES LINK RECIPROCITY SECTION
16 QRP RECIPROCITY MATRIX
17 Reciprocity Considerations Property must be remitted and reported per the laws of the Entitled State, not the Receiving State Receiving State cannot indemnify the holder for property not belonging to that state
18 RECIPROCITY IS NOT INTENDED FOR: Reporting most, if not all, property to a state solely on the basis of that state s willingness to accept property for a lot of other states. Reporting past due property to a state other than the Entitled state to avoid penalties and interest. Reporting to a state other than the Entitled state because you like its laws better.
19 Unclaimed Property Owner Related Issues Owner: Person who has a legal right or equitable interest in the unclaimed property.
20 Owner and Property Details Receiving good data in both the owner information and property description fields of the record: Increases the likelihood of locating claimants property. Significantly eases and expedites the claims process.
21 UPDATED NAUPA RELATIONSHIP CODES
22 Unclaimed Property Audits & Voluntary Compliance Programs
23 Unclaimed Property Audit Authority to Audit - State Laws Financial in Nature Look Back Period Varies by State Audit Fees/Fines Varies by State
24 Factors Affecting Audit Selection Legislation Holder requested audit Reporting history Inadequate due diligence Industry-wide noncompliance Corporate changes Other State regulatory agencies Request by management Random selection
25 Audit Process Opening conference Exit conference Letter of intent Audit conclusion Field work Audit report
26 Audit Process: Opening Conference Overview of Unclaimed Property Cursory review of business entity Explanation of audit scope Mutually agreed start date Answer questions
27 Audit Process: Letter of Intent Written notification to audit books and records Confirmation of date/time Listing of requested records
28 Records Generally Requested General Ledger Chart of Accounts Prior unclaimed property reports and supporting documentation Detailed general ledgers Bank reconciliations and outstanding check listings Voided checks Stock split/stock dividend records
29 Records Generally Requested Unclaimed Property written procedures Descriptions of all computer conversions Corporate merger or acquisition information Aged accounts receivables Identification of Third Party Administrators
30 Audit Process: Field Work Assign audit coordinator Identify and interview key personnel Review documentation Request additional documentation
31 Audit Process: Exit Conference Discuss preliminary findings Request additional research and perform due diligence Recommendations Discuss Audit Fees Review additional documentation provided
32 Audit Process: Audit Report Holder receives and reviews audit findings Designated period of time to review and respond Holder remits UP reports, property and fees
33 Factors Affecting Duration of Audit Complexity of audit Record availability Cooperation
34 Your Rights to Challenge the Audit Informal Process (varies among states) Formal Process (varies among states)
35 Audit Proof Your Business Do not wait for an Audit Notification Treat the Annual Filing as an Internal Audit Process Develop an Unclaimed Property Program Prepare an Unclaimed Property Manual/Procedures Designate an Unclaimed Property Coordinator Create an Unclaimed Property Team Assess all Areas within the company that may have unclaimed property Identify potential Unclaimed Property Control the identified Unclaimed Property
36 Audit Proof Your Business Identify all Third Party Administrators Perform Due Diligence Be familiar with the Unclaimed Property Statutes and Administrative Rules Monitor any changes in the Unclaimed Property Statutes and Administrative Rules Properly file your Unclaimed Property Report
37 Unclaimed Property Voluntary Compliance Programs Voluntary Compliance Self-Audit Program (varies among states) Voluntary Disclosure Program (varies among states)
38 Policies and Procedures Best Practices Develop an unclaimed property program. Prepare an unclaimed property manual. Establish written procedures. Conduct internal training. Identify personnel responsible for preparation of reports. Develop strong internal control.
39 Policies and Procedures Best Practices Utilize internal audit function. Monitor stale dated checks. Balance general ledger liability to unclaimed property database. Procure technical assistance. Monitor changes in unclaimed property laws. Identify unclaimed company assets held by third parties.
40 Policies and Procedures Best Practices Utilize computer systems that track the date of last contact with account owner. Include escheatment information in company newsletters. Make address change forms available be prompt updating your systems. Perform due diligence. Communicate with owners.
41 Contacts Visit NAUPA s Website for States Contact Information
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