The Essentials of Reporting & Compliance Part 2

Size: px
Start display at page:

Download "The Essentials of Reporting & Compliance Part 2"

Transcription

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

Unclaimed Property Program Holder Reporting Overview

Unclaimed Property Program Holder Reporting Overview Unclaimed Property Program Holder Reporting Overview Overview Introduction What is Unclaimed Property? Common Definitions History of Unclaimed Property Law Results of the Program Holder Obligations Reporting

More information

The Essentials of Reporting & Compliance Part 1

The Essentials of Reporting & Compliance Part 1 The Essentials of Reporting & Compliance Part 1 Phillip Carlton, Assistant Chief of Unclaimed Property, Florida Department of Financial Services Jennifer Brown, Manager, Holder Education and Research Unit,

More information

R E P O R T A N D R E M I T T A N C E D U E N O V E M B E R 1

R E P O R T A N D R E M I T T A N C E D U E N O V E M B E R 1 INSTRUCTIONS FOR BUSINESS REPORTING AND REMITTING OF UNCLAIMED PROPERTY R E P O R T A N D R E M I T T A N C E D U E N O V E M B E R 1 Y O U N G B O O Z E R, T R E A S U R E R A L A B A M A U N C L A I

More information

Achieving Unclaimed Property Compliance

Achieving Unclaimed Property Compliance Your State Association Presents Achieving Unclaimed Property Compliance Program Materials Use this document to follow along with the webinar presentation. Please test your system before the broadcast.

More information

General Information This brief provides general information on unclaimed property and defines some commonly used terms.

General Information This brief provides general information on unclaimed property and defines some commonly used terms. Unclaimed Property Briefs General Information This brief provides general information on unclaimed property and defines some commonly used terms. What is Unclaimed Property? Unclaimed Property is money

More information

State of Florida Division of Unclaimed Property Self-Audit Manual

State of Florida Division of Unclaimed Property Self-Audit Manual State of Florida Division of Unclaimed Property Self-Audit Manual DFS-UP-230 Effective date 04-27-09 Incorporated into Rule 69I-20.050, F.A.C. PROCEDURES FOR MASS MAILING OF COMPLIANCE LETTERS 1) Financial

More information

Unclaimed Property 101 The Basics. What is Unclaimed Property. Common Terms 2011 UPPO ANNUAL CONFERENCE MARCH 6-9, 2011

Unclaimed Property 101 The Basics. What is Unclaimed Property. Common Terms 2011 UPPO ANNUAL CONFERENCE MARCH 6-9, 2011 Unclaimed Property 101 The Basics Valerie Jundt UPPO Past President 2010-2011 1 What is Unclaimed Property Definition: Intangible Personal Property that has gone unclaimed by the rightful owner (i.e. remained

More information

Where s the money? John Gabriel, Director State of Tennessee Unclaimed Property Division. National Association of Unclaimed Property Administrators

Where s the money? John Gabriel, Director State of Tennessee Unclaimed Property Division. National Association of Unclaimed Property Administrators Where s the money? John Gabriel, Director State of Tennessee Unclaimed Property Division What we are going to cover What do the states do with the money after we get it? What methods do we use to locate

More information

North Carolina Association of CPAs State and Local Tax Conference Escheats Overview. December 10, 2014

North Carolina Association of CPAs State and Local Tax Conference Escheats Overview. December 10, 2014 North Carolina Association of CPAs State and Local Tax Conference Escheats Overview December 10, 2014 Notice The following information is not intended to be written advice concerning one or more Federal

More information

An Executive Guide to Unclaimed Property

An Executive Guide to Unclaimed Property An Executive Guide to Unclaimed Property What is Unclaimed Property? Unclaimed property is any form of intangible personal property that has gone unclaimed by the rightful owner after a specified period

More information

New (but not necessarily good) Innovations and Best Practices. Fast Facts & Basic Background

New (but not necessarily good) Innovations and Best Practices. Fast Facts & Basic Background New (but not necessarily good) Innovations and Best Practices Changes in Unclaimed Property requirements Fast Facts & Basic Background Origins in British Common Law Escheat Traditional Custodial *Definition:

More information

Creating an Effective Unclaimed Property Program

Creating an Effective Unclaimed Property Program Creating an Effective Unclaimed Property Program Presented by: Ann (Moore) Fulmer, Keane Jeff Henshall, Ryan UPPO Presentation Disclaimer Use of the Unclaimed Property Professionals Organization, Inc.,

More information

Handling Unclaimed or 1. Abandoned Wages: What Payroll Needs to Know

Handling Unclaimed or 1. Abandoned Wages: What Payroll Needs to Know Handling Unclaimed or 1 Abandoned Wages: What Payroll Needs to Know Presented Wednesday, February 25, 2015 2 RCH Credit 3 To earn RCH, you must Stay on the webinar for the full 60 minutes Be watching the

More information

UNCLAIMED FINANCIAL ASSETS Presentation by: CPA, Gideon Nzioki Senior Auditor, Holders, Thursday, 21 st June Uphold public interest

UNCLAIMED FINANCIAL ASSETS Presentation by: CPA, Gideon Nzioki Senior Auditor, Holders, Thursday, 21 st June Uphold public interest UNCLAIMED FINANCIAL ASSETS Presentation by: CPA, Gideon Nzioki Senior Auditor, Holders, Thursday, 21 st June 2018 Uphold public interest Presentation Agenda Overview of Unclaimed Financial Assets (UFA)

More information

Take Comfort in Compliance. Crowe Unclaimed Property Services

Take Comfort in Compliance. Crowe Unclaimed Property Services Take Comfort in Compliance Crowe Unclaimed Property Services Audit / Tax / Advisory / Risk / Performance Smart decisions. Lasting value. States are increasingly assertive about their rights to unclaimed

More information

DOWNLOAD OR READ : UNCLAIMED PROPERTY A REPORTING PROCESS AND AUDIT SURVIVAL GUIDE PDF EBOOK EPUB MOBI

DOWNLOAD OR READ : UNCLAIMED PROPERTY A REPORTING PROCESS AND AUDIT SURVIVAL GUIDE PDF EBOOK EPUB MOBI DOWNLOAD OR READ : UNCLAIMED PROPERTY A REPORTING PROCESS AND AUDIT SURVIVAL GUIDE PDF EBOOK EPUB MOBI Page 1 Page 2 unclaimed property a reporting process and audit survival guide unclaimed property a

More information

What the Escheat? All You Need to Know About Unclaimed Property! October 5, 2017

What the Escheat? All You Need to Know About Unclaimed Property! October 5, 2017 What the Escheat? All You Need to Know About Unclaimed Property! October 5, 2017 Welcome! Disclaimer: This presentation and applicable material are intended for general education purposes and nothing in

More information

STATE OF FLORIDA DEPARTMENT OF FINANCIAL SERVICES DIVISION OF UNCLAIMED PROPERTY

STATE OF FLORIDA DEPARTMENT OF FINANCIAL SERVICES DIVISION OF UNCLAIMED PROPERTY STATE OF FLORIDA DEPARTMENT OF FINANCIAL SERVICES DIVISION OF UNCLAIMED PROPERTY GENERAL AUDIT PROCESS FOR THE IDENTIFICATION, AUTHORIZATION, GENERAL LEDGER AND/OR SECURITIES AUDITS, CONTRACTOR-ASSISTED

More information

Unclaimed Property Essentials

Unclaimed Property Essentials Unclaimed Property Essentials Presented by: Heela Popal, PricewaterhouseCoopers LLP Robert Joseph, True Partners Consulting LLC UPPO Presentation Disclaimer Use of the Unclaimed Property Professionals

More information

Agenda. Department of Revenue 1/22/2016. DOR & Revenue Overview. Ron Johnson Division Director Taxpayer Services & Processing

Agenda. Department of Revenue 1/22/2016. DOR & Revenue Overview. Ron Johnson Division Director Taxpayer Services & Processing DOR & Revenue Overview Ron Johnson Division Director Taxpayer Services & Processing Steve Harbin Manager Unclaimed Property Section of Local Government Services Division Questions Agenda Department of

More information

How the Revised Uniform Unclaimed Property Act is Impacting A/P

How the Revised Uniform Unclaimed Property Act is Impacting A/P May 7-9, 2017 How the Revised Uniform Unclaimed Property Act is Impacting A/P by Karen Anderson Senior Manager, KPMG LLP May 9, 2017 11:15 AM 12:15 PM Disclaimers The following information is not intended

More information

Shareholder Services Association Webinar: Back to the Basics: Introduction to Unclaimed Property

Shareholder Services Association Webinar: Back to the Basics: Introduction to Unclaimed Property Shareholder Services Association Webinar: Back to the Basics: Introduction to Unclaimed Property Welcome: Abby Cowart, Executive Director, SSA Moderator: Mark Gereb Verizon Presenters: Anthony Vitellozzi

More information

The Unclaimed Financial Assets: Progress, Challenges and the role of Accounting professionals

The Unclaimed Financial Assets: Progress, Challenges and the role of Accounting professionals The Unclaimed Financial Assets: Progress, Challenges and the role of Accounting professionals By: FCPA Kellen E. Kariuki, MBS Chief Executive Officer June 14, 2017 UFAA mandate & role The Unclaimed Financial

More information

Unclaimed Property Audit or VDA Program: The Delaware Dilemma

Unclaimed Property Audit or VDA Program: The Delaware Dilemma Unclaimed Property Audit or VDA Program: The Delaware Dilemma November 28, 2017 Presented by: Mary Jane Wilson-Bilik Phillip Stano Wilson Barmeyer Liz Cha and State of Delaware, SOS VDA Administrator Alison

More information

Unclaimed Property. What Is It & What To Do With It. Susan Vance Compliance Officer, FSITrack

Unclaimed Property. What Is It & What To Do With It. Susan Vance Compliance Officer, FSITrack Unclaimed Property What Is It & What To Do With It Susan Vance Compliance Officer, FSITrack What is Unclaimed Property? Intangible property needing to be reunited with its owner U/P Filing Applies To..

More information

Texas Unclaimed Property

Texas Unclaimed Property Texas Unclaimed Property Bryant Clayton -Holder Reporting Texas Comptroller of Public Accounts (CPA) Agenda General overview of Unclaimed Property (UP) Texas UP Statistics and Goals Overview of Texas UP

More information

FINANCIAL REPORTING. How to comply with the undisclosed liability and reporting requirements. Unclaimed Property

FINANCIAL REPORTING. How to comply with the undisclosed liability and reporting requirements. Unclaimed Property Home Online Publications Journal of Accountancy Online Issues February 2004 Unclaimed Property FINANCIAL REPORTING How to comply with the undisclosed liability and reporting requirements. Unclaimed Property

More information

Audit. 6 Most Important Ways to Avoid an Unclaimed Property Audit

Audit. 6 Most Important Ways to Avoid an Unclaimed Property Audit 6 Most Important Ways to Avoid an Unclaimed Property Audit The processing of unclaimed property seems like a behind-the-scenes function that should be managed quietly by finance directors and accounting

More information

UNCLAIMED PROPERTY Reporting & Updates

UNCLAIMED PROPERTY Reporting & Updates UNCLAIMED PROPERTY Reporting & Updates ILLINOIS STATE TREASURER S OFFICE WWW.ILLINOISTREASURER.GOV/ICASH Welcome! IL County Treasurer s Association Spring Conference April 10, 2018 Springfield, IL Contact

More information

Unclaimed Property: What You Need to Know ~ Part 1 ~ Heela Popal & Troy Wangen June 15, :00p 3:00p 25084

Unclaimed Property: What You Need to Know ~ Part 1 ~ Heela Popal & Troy Wangen June 15, :00p 3:00p 25084 Unclaimed Property: What You Need to Know ~ Part 1 ~ Heela Popal & Troy Wangen June 15, 2016 2:00p 3:00p 25084 Legal Disclaimer This presentation does not constitute legal, financial, accounting or any

More information

UNCLAIMED FINANCIAL ASSETS Presentation by: Unclaimed Financial Assets Authority Monday, 27 th November Uphold public interest

UNCLAIMED FINANCIAL ASSETS Presentation by: Unclaimed Financial Assets Authority Monday, 27 th November Uphold public interest UNCLAIMED FINANCIAL ASSETS Presentation by: Unclaimed Financial Assets Authority Monday, 27 th November 2017 Uphold public interest Presentation Agenda Overview of Unclaimed Financial Assets (UFA) Act

More information

XYZ COMPANY UNCLAIMED PROPERTY POLICIES AND PROCEDURES MANUAL

XYZ COMPANY UNCLAIMED PROPERTY POLICIES AND PROCEDURES MANUAL APPENDIX C SAMPLE POLICY AND PROCEDURE MANUAL XYZ COMPANY UNCLAIMED PROPERTY POLICIES AND PROCEDURES MANUAL LAST UPDATED JULY 20XX UNCLAIMED PROPERTY POLICIES & PROCEDURES I. A PURPOSE: Entity is dedicated

More information

Unclaimed Property Reporting 101: The Principles of Escheatment & Guide to Compliance

Unclaimed Property Reporting 101: The Principles of Escheatment & Guide to Compliance Unclaimed Property Reporting 101: The Principles of Escheatment & Guide to Compliance Introduction When you were tasked with managing your organizations unclaimed property program, how many of you asked

More information

2nd Asset Management Seminar - Kisumu, Kenya; 28th 30th September, 2016

2nd Asset Management Seminar - Kisumu, Kenya; 28th 30th September, 2016 2nd Asset Management Seminar - Kisumu, Kenya; 28th 30th September, 2016. Jacob O. Owade Lead Unclaimed Financial Assets Practice Experienced Unclaimed Financial Assets Specialist Honours Graduate - City

More information

Presented by: Heela Popal PricewaterhouseCoopers LLP Carla McGlynn Unclaimed Property Consulting & Reporting LLC All Rights Reserved

Presented by: Heela Popal PricewaterhouseCoopers LLP Carla McGlynn Unclaimed Property Consulting & Reporting LLC All Rights Reserved Presented by: Heela Popal PricewaterhouseCoopers LLP Carla McGlynn Unclaimed Property Consulting & Reporting LLC Use of the Unclaimed Property Professionals Organization, Inc., (UPPO) name or copyrighted

More information

Florida Unclaimed Property Reporting Instructions Manual

Florida Unclaimed Property Reporting Instructions Manual DEPARTMENT OF FINANCIAL SERVICES Division of Accounting and Auditing Bureau of Unclaimed Property Florida Unclaimed Property Reporting Instructions Manual DFS-A4-1992 Effective Date 5-3-10 Rule 69I-20.041,

More information

State Unclaimed Property Administrators Survey September 2018

State Unclaimed Property Administrators Survey September 2018 State Unclaimed Property Administrators Survey September 2018 Has there been a change in the website URL where the due diligence and reporting information is provided? If yes, please Montana: https://mtrevenue.gov/property/unclaimed-property-holders/

More information

NOTICE OF PROPOSED RULE. Proof of Ownership and Entitlement to Unclaimed Property

NOTICE OF PROPOSED RULE. Proof of Ownership and Entitlement to Unclaimed Property DEPARTMENT OF FINANCIAL SERVICES Division of Accounting and Auditing NOTICE OF PROPOSED RULE RULE NO.: 69I-20.0021 69I-20.0022 69I-20.030 69I-20.034 69I-20.038 69I-20.040 69I-20.041 RULE TITLE: Procedures

More information

EAST 34 th STREET HELIPORT. Report 2007-N-7

EAST 34 th STREET HELIPORT. Report 2007-N-7 Thomas P. DiNapoli COMPTROLLER OFFICE OF THE NEW YORK STATE COMPTROLLER DIVISION OF STATE GOVERNMENT ACCOUNTABILITY Audit Objectives... 2 Audit Results - Summary... 2 Background... 3 Audit Findings and

More information

Managing Unclaimed Property Risks in the Music Industry

Managing Unclaimed Property Risks in the Music Industry Managing Unclaimed Property Risks in the Music Industry Crowe TM Unclaimed Property Solution Audit Tax Advisory Risk Performance The complex economics of the music industry are undergoing considerable

More information

Sample Policy and Procedure Manual

Sample Policy and Procedure Manual Unclaimed Property: A Reporting Process and Audit Survival Guide By Tracey L. Reid Copyright 2008 by John Wiley & Sons, Inc. appendix Sample Policy and Procedure Manual XYZ COMPANY Unclaimed Property Policies

More information

You Have Been Assigned Responsibility for Unclaimed Property Compliance Now What?

You Have Been Assigned Responsibility for Unclaimed Property Compliance Now What? You Have Been Assigned Responsibility for Unclaimed Property Compliance Now What? With more and more states focused on unclaimed property compliance, knowledgeable businesses have taken steps to assign

More information

As a partner in unclaimed property resources, Kelmar is fully equipped to provide support for unclaimed property programs in all operational areas.

As a partner in unclaimed property resources, Kelmar is fully equipped to provide support for unclaimed property programs in all operational areas. Process Management As a partner in unclaimed property resources, Kelmar is fully equipped to provide support for unclaimed property programs in all operational areas. We offer a wide range of scalable

More information

Comprehensive Unclaimed Property Compliance

Comprehensive Unclaimed Property Compliance Comprehensive Unclaimed Property Compliance Compliance Challenges Abandoned Property Alert Is your organization complying with state regulations on unclaimed property reporting? When you hold items such

More information

Town of Canandaigua 5440 Routes 5 & 20 West Canandaigua, NY (585) Established 1789

Town of Canandaigua 5440 Routes 5 & 20 West Canandaigua, NY (585) Established 1789 Town of Canandaigua 5440 Routes 5 & 20 West Canandaigua, NY 14424 (585) 394-1120 www.townofcanandaigua.org Established 1789 In an effort to ensure the most efficient use of taxpayer resources, the Town

More information

An Unclaimed Intangible Property Program for Ontario

An Unclaimed Intangible Property Program for Ontario for Ontario Introduction A wide variety of intangible property currently lies unclaimed in various institutions in Ontario. The 2012 Ontario Budget announced the government s intention to establish a program

More information

Summit County Fiscal Office Auditor Division; Accounting Department Preliminary Audit Report. PREPARED FOR: John A. Donofrio Audit Committee

Summit County Fiscal Office Auditor Division; Accounting Department Preliminary Audit Report. PREPARED FOR: John A. Donofrio Audit Committee 09-Accounting.Fiscal-64 PREPARED FOR: John A. Donofrio Audit Committee Approved by Audit Committee December 11, 2009 Summit County Internal Audit Department 175 South Main Street Akron, Ohio 44308 Bernard

More information

Property And Money. Property And Money

Property And Money. Property And Money We have made it easy for you to find a PDF Ebooks without any digging. And by having access to our ebooks online or by storing it on your computer, you have convenient answers with property and money.

More information

Florida House of Representatives HB 107 By Representative Prieguez

Florida House of Representatives HB 107 By Representative Prieguez By Representative Prieguez 1 A bill to be entitled 2 An act relating to unclaimed property; revising 3 provisions of ch. 717, F.S., to refer to 4 property considered abandoned as unclaimed 5 property;

More information

Michigan IV-D Child Support Manual Michigan Department of Health and Human Services

Michigan IV-D Child Support Manual Michigan Department of Health and Human Services Publication/ Revision Date: vember 21, 2016 Chapter Number: 5.0 Section Number: 5.65 Chapter Title: Financial Section Title: Escheatment Table of Contents 1. Escheatment Overview... 1 2. Identifying Items

More information

OHIO DIVISION OF UNCLAIMED FUNDS

OHIO DIVISION OF UNCLAIMED FUNDS WEBSITE ADDRESS: WWW.COM.STATE.OH.US/UNFD OHIO DIVISION OF UNCLAIMED FUNDS 2005 Annual Report of Unclaimed Funds Forms, Instructions & Information Table of Contents Electronic Reporting Options... 1 News

More information

State Tax Return. Ohio Supreme Court Breaks from the Pack and Finds that Ohio Must Pay Claimants Interest on Unclaimed Funds

State Tax Return. Ohio Supreme Court Breaks from the Pack and Finds that Ohio Must Pay Claimants Interest on Unclaimed Funds September 2009 State Tax Return Volume 16 Number 3 Ohio Supreme Court Breaks from the Pack and Finds that Ohio Must Pay Claimants Interest on Unclaimed Funds Phyllis J. Shambaugh Columbus 614.281.3824

More information

Financial Policies Unclaimed Check

Financial Policies Unclaimed Check Financial Policies Unclaimed Check The purpose of the unclaimed check policy is to provide the proper mechanism to take possession of long standing unclaimed checks in accordance with government statutes

More information

Unclaimed Property Basics Understanding & Addressing Your Obligations While Avoiding Expensive Errors

Unclaimed Property Basics Understanding & Addressing Your Obligations While Avoiding Expensive Errors Unclaimed Property Basics Understanding & Addressing Your Obligations While Avoiding Expensive Errors By Debbie L. Zumoff, Chief Compliance Officer, Keane U n c l a i m e d P r o p e r t y S e r v i c

More information

Financial Policies Unclaimed Check

Financial Policies Unclaimed Check Financial Policies Unclaimed Check The purpose of the unclaimed check policy is to provide the proper mechanism to take possession of long standing unclaimed checks in accordance with government statutes

More information

INSURANCE INDUSTRY DEVELOPMENTS

INSURANCE INDUSTRY DEVELOPMENTS Summer 2011: Volume 9, Issue 3 The first unclaimed property compliance quarterly newsletter, published exclusively by Keane since 2003. Keane is the country s leading provider of unclaimed property communication,

More information

(U/ ! II l I AD-A D'TI0. i} 8 f,!" 4 0, ' g llll Ul U11111 I S ,,...,','; : I.* 0

(U/ ! II l I AD-A D'TI0. i} 8 f,! 4 0, ' g llll Ul U11111 I S ,,...,','; : I.* 0 (U/ AD-A263 342! II 11 11111l I D'TI,, '..,,...,','; : I.*...93-99 i} 8 f,!" 4, ' g llll Ul U11111 I United tates General Accounting Office Washington, D.C. 2548 1 Accounting and Financial Management Division

More information

Introduction to Unclaimed Property

Introduction to Unclaimed Property Introduction to Unclaimed Property Sonia Walwyn Duff & Phelps Hermanna Daniels Rexel Holdings Deborah Beauchamp StoneRiver 1 UPPO Presentation Disclaimer Use of the Unclaimed Property Professionals Organization,

More information

Unclaimed property: Considerations for corporate treasury and finance personnel Received (in revised form): 30 March, 2009

Unclaimed property: Considerations for corporate treasury and finance personnel Received (in revised form): 30 March, 2009 Unclaimed property: Considerations for corporate treasury and finance personnel Received (in revised form): 30 March, 2009 Josiah S. Osibodu is a director in the National Unclaimed Property Group, based

More information

2013 (Rev ) State of Michigan Department of Treasury Unclaimed Property Division. Manual for. Reporting Unclaimed Property

2013 (Rev ) State of Michigan Department of Treasury Unclaimed Property Division. Manual for. Reporting Unclaimed Property 2013 (Rev. 10-14) State of Michigan Department of Treasury Unclaimed Property Division Manual for Reporting Unclaimed Property Revised October 2014 Glossary of Terms Notice to Holders Important Information

More information

INTERNATIONAL INSTITUTE FOR DEMOCRACY AND ELECTORAL ASSISTANCE

INTERNATIONAL INSTITUTE FOR DEMOCRACY AND ELECTORAL ASSISTANCE INTERNATIONAL INSTITUTE FOR DEMOCRACY AND ELECTORAL ASSISTANCE TERMS OF REFERENCE 1. Background The International Institute of Democracy IDEA seeks proposals from qualified firms to provide consolidated

More information

AUDITING UNCLAIMED FINANCIAL ASSETS 1. BANKING SECTOR Presentation by: CPA John Mwangi November Uphold public interest

AUDITING UNCLAIMED FINANCIAL ASSETS 1. BANKING SECTOR Presentation by: CPA John Mwangi November Uphold public interest AUDITING UNCLAIMED FINANCIAL ASSETS 1. BANKING SECTOR Presentation by: CPA John Mwangi November 2017 Uphold public interest FRAMEWORKS Legal Reporting Auditing Unclaimed Assets Companies Act 2015- Incorporation

More information

Unclaimed Property Compliance General Overview and Industry Update. The Unique Alternative to the Big Four

Unclaimed Property Compliance General Overview and Industry Update. The Unique Alternative to the Big Four Unclaimed Property Compliance General Overview and Industry Update The Unique Alternative to the Big Four Agenda Unclaimed Property Overview Unclaimed Property Compliance Unclaimed Property Exemptions

More information

Unclaimed Financial Assets

Unclaimed Financial Assets Revenu Québec www.revenu.gouv.qc.ca Unclaimed Financial Assets A single agency for the settlement of unclaimed property Each year, thousands of people in Québec either forget about their property or fail

More information

Coastside County Water District Board of Directors. Mary Rogren, Assistant General Manager

Coastside County Water District Board of Directors. Mary Rogren, Assistant General Manager STAFF REPORT To: From: Coastside County Water District Board of Directors Mary Rogren, Assistant General Manager Agenda: August 14, 2018 Report Date: August 10, 2018 Subject: Resolution Adopting an Escheatment

More information

Overview of Unclaimed Property

Overview of Unclaimed Property Overview of Unclaimed Property Tax Section of the Texas State Bar Legal Overview Session Texas Comptroller s Office Austin, Texas October 5, 2015 William S. King Associate General Counsel Keane Charolette

More information

Florida Unclaimed Property Reporting

Florida Unclaimed Property Reporting Florida Unclaimed Property Reporting Instructions Manual 2013 Reporting Manual. Report & Instructions time to file your Unclaimed Property Report with the Arizona Department. Revenue. We have one of the

More information

TANZANIA CIVIL AVIATION AUTHORITY SAFETY REGULATION. Title: Certification of Air Navigation Services Providers

TANZANIA CIVIL AVIATION AUTHORITY SAFETY REGULATION. Title: Certification of Air Navigation Services Providers Page 1 of 6 1.0 PURPOSE 1.1. This order provides direction and guidance to the Inspectors in the process of certification of ANSPs as required by the Civil Aviation (Air Navigation Services) Regulations.

More information

Best Practices to Help Banks: Retain Assets Minimize Escheat Retain Customer Relationships. Banking & Unclaimed Property

Best Practices to Help Banks: Retain Assets Minimize Escheat Retain Customer Relationships. Banking & Unclaimed Property Best Practices to Help Banks: Retain Assets Minimize Escheat Retain Customer Relationships Banking & Unclaimed Property In the banking world, unclaimed property compliance can often take a backseat to

More information

ALASKA AIRLINES AND VIRGIN AMERICA AVIATION SAFETY ACTION PROGRAM (ASAP) FOR FLIGHT ATTENDANTS MEMORANDUM OF UNDERSTANDING

ALASKA AIRLINES AND VIRGIN AMERICA AVIATION SAFETY ACTION PROGRAM (ASAP) FOR FLIGHT ATTENDANTS MEMORANDUM OF UNDERSTANDING ALASKA AIRLINES AND VIRGIN AMERICA AVIATION SAFETY ACTION PROGRAM (ASAP) FOR FLIGHT ATTENDANTS MEMORANDUM OF UNDERSTANDING 1. GENERAL. Alaska Airlines and Virgin America (AS/VX) are Title 14 of the Code

More information

CAREERSOURCE FLORIDA BUSINESS TRAVEL REIMBURSEMENT GUIDELINES FOR BOARD MEMBERS AND STAFF

CAREERSOURCE FLORIDA BUSINESS TRAVEL REIMBURSEMENT GUIDELINES FOR BOARD MEMBERS AND STAFF (Rev. 3/7/17) CAREERSOURCE FLORIDA BUSINESS TRAVEL REIMBURSEMENT GUIDELINES FOR BOARD MEMBERS AND STAFF In accordance with Section 445.004(4)(f.), Laws of Florida, members of the Board of Directors and

More information

Delaware Opens Dramatic Voluntary Disclosure Program Aimed at Businesses Holding Unclaimed Property Payable to the State of Delaware

Delaware Opens Dramatic Voluntary Disclosure Program Aimed at Businesses Holding Unclaimed Property Payable to the State of Delaware Delaware Opens Dramatic Voluntary Disclosure Program Aimed at Businesses Holding Unclaimed Property Payable to the State of Delaware FRENCH SLAUGHTER, PARTNER T: +1 202 857 1745 fslaughter@mcguirewoods.com

More information

CODE OF CONDUCT. Corporate Compliance 10.9 Effective: 12/17/13 Reviewed: 1/04/17 Revised: 1/04/17

CODE OF CONDUCT. Corporate Compliance 10.9 Effective: 12/17/13 Reviewed: 1/04/17 Revised: 1/04/17 Corporate Compliance 10.9 Effective: 12/17/13 Reviewed: 1/04/17 Revised: 1/04/17 1. POLICY This policy defines the commitment that PHI Air Medical, L.L.C has to conducting our activities in full compliance

More information

Unclaimed Property: The Changing Landscape

Unclaimed Property: The Changing Landscape Unclaimed Property: The Changing Landscape Mark. K. Webster / Treasury Alliance Group LLC Robert S. Peters / Duff & Phelps, LLC March 12th, 2010 Agenda Unclaimed Property: Overview The Perfect Storm: State

More information

Alternative Dispute Resolution

Alternative Dispute Resolution Alternative Dispute Resolution Airline workshop Civil Aviation Authority 30 September 2014 Background to the Study The European Union Directive 2013/11/EU on Alternative Dispute Resolution (ADR) for consumer

More information

To have a mechanism for periodic transfer of unclaimed deposits to DEAF, settlement of refund claims, complaint redressal etc.

To have a mechanism for periodic transfer of unclaimed deposits to DEAF, settlement of refund claims, complaint redressal etc. Policy on Dormant Accounts & Unclaimed Deposits - 2017 1. Introduction Reserve Bank of India, vide their circular DBOD No.Leg.BC.34/09.07.005/2008-09 dated August 22, 2008 had issued detailed instructions

More information

Abbreviated Unclaimed Property Dormancy Periods

Abbreviated Unclaimed Property Dormancy Periods Abbreviated Unclaimed Property Dormancy Periods Stephen G. Harris and Phyllis J. Shambaugh States are seeking ways to get more money faster. As the authors explain, one method they are using is to speed

More information

Industry Specific Breakout: Oil and Gas Audit Issues. UPPO Presentation Disclaimer

Industry Specific Breakout: Oil and Gas Audit Issues. UPPO Presentation Disclaimer Industry Specific Breakout: Oil and Gas Audit Issues Adrian Sadler -BP Pam Wentz -Keane UPPO Presentation Disclaimer Use of the Unclaimed Property Professionals Organization, Inc., (UPPO) name or copyrighted

More information

Catching UP with Policies & Procedures

Catching UP with Policies & Procedures Catching UP with Policies & Procedures Christa DeOliveira, CIA, CCEP StoneRiver, Inc. www.stoneriver.com Representing State Governments That Actively Find Owners While Protecting Forgotten Funds Until

More information

MEMBER REGULATION. notice

MEMBER REGULATION. notice MEMBER REGULATION INVESTMENT DEALERS ASSOCIATION OF CANADA notice ASSOCIATION CANADIENNE DES COURTIERS EN VALEURS MOBILIÈRES Contact: K. Rose: (416) 943-6907 - krose@ida.ca MR 009 February 15, 2000 ATTENTION:

More information

STARTING FROM THE GROUND UP

STARTING FROM THE GROUND UP Summer 2018: Volume 16, Issue 2 The unclaimed property industry s premier compliance journal, published exclusively by Keane since 2003. STARTING FROM THE GROUND UP Building an Unclaimed Property Compliance

More information

Request for Proposals

Request for Proposals E CONOMIC DEVELOPMENT AUTHORITY of the City of Norfolk Board of Directors Officers Robert E. Garris, Jr., Chairman Executive Director Michael W. Lee, Vice Chairman Peter Chapman Jeffrey F. Brooke Kim Brown

More information

MANASSAS REGIONAL AIRPORT

MANASSAS REGIONAL AIRPORT Appendix F MANASSAS REGIONAL AIRPORT Non-Commercial Self-Fueling Permit Applicant: Authorized Representative: Title: Aircraft Storage Location/Hangar Address: Aircraft to be Fueled (List Type & N number):

More information

Kate Marshall. State of Nevada. Unclaimed Property. Holder Reporting Booklet. State Treasurer. Office of the State Treasurer. Unclaimed Property

Kate Marshall. State of Nevada. Unclaimed Property. Holder Reporting Booklet. State Treasurer. Office of the State Treasurer. Unclaimed Property REPORTING FORMS & INSTRUCTIONS State of Nevada Unclaimed Property Holder Reporting Booklet Office of the State Treasurer Unclaimed Property Kate Marshall State Treasurer Rev. 07/2013 TABLE OF CONTENTS

More information

UNIT TITLE: CONSTRUCT AND TICKET DOMESTIC AIRFARES

UNIT TITLE: CONSTRUCT AND TICKET DOMESTIC AIRFARES UNIT TITLE: CONSTRUCT AND TICKET DOMESTIC AIRFARES NOMINAL HOURS: UNIT NUMBER: UNIT DESCRIPTOR: This unit deals with skills and knowledge required to construct itineraries, cost airfares and issue documentation

More information

ICE. Student and Exchange Visitor Program. SEVP Developments. Office of Investigations SEVP

ICE. Student and Exchange Visitor Program. SEVP Developments. Office of Investigations SEVP Student and Exchange Visitor Program Developments 1 A Recertification Primer 2 Agenda Overview Before Recertification Recertification Process Question and Answer Session 3 Overview Recertification Simple

More information

Trip Details Duration, Destination, Business Purpose, Etc. Prepay Conference Fees - Check made to Conference or P-Card

Trip Details Duration, Destination, Business Purpose, Etc. Prepay Conference Fees - Check made to Conference or P-Card Three Phases I. Get Info on the Trip and Register the Trip Trip Details Duration, Destination, Business Purpose, Etc. Traveler s Info Employee ID, Email, Etc. II. Make prepayments (optional) Prepay Airfare

More information

ORENAIR ADM policy. Agent s commission - sum to be remitted to Agent as a full payment for the services rendered to Carrier.

ORENAIR ADM policy. Agent s commission - sum to be remitted to Agent as a full payment for the services rendered to Carrier. ОТКРЫТОЕ АКЦИОНЕРНОЕ ОБЩЕСТВО "ОРЕНБУРГСКИЕ АВИАЛИНИИ" Аэропорт, Оренбургский район, Оренбургская область, 460049, Российская Федерация тел.: +7 3532 67 65 80, факс +7 3532 54 13 14 ОГРН 1115658000754,

More information

ABC Amega. Unclaimed Property Presentation. Presenters: Michael Kenehan Nick Boegel. April 21, 2016

ABC Amega. Unclaimed Property Presentation. Presenters: Michael Kenehan Nick Boegel. April 21, 2016 ABC Amega Unclaimed Property Presentation Presenters: Michael Kenehan Nick Boegel April 21, 2016 Agenda Agenda 1. Unclaimed Property Overview 2. Extrapolation 3. Audit Process Retail/Service Industry 4.

More information

2015 Wisconsin Rural Health Conference

2015 Wisconsin Rural Health Conference 2015 Wisconsin Rural Health Conference June 18, 2015 Why Wait for an OPA Audit? Vicki Mueller, CPA www.wipfli.com/healthcare Page 1 Outline 340B Drug Pricing Program Overview 340B Pricing 340B Eligibility

More information

Terms and Conditions of the Carrier

Terms and Conditions of the Carrier Terms and Conditions of the Carrier Article 1 - Definitions The below Conditions of Carriage has the meaning expressed respectively assigned to them where the Carrier reserves the rights to maintain and

More information

NEW JERSEY LAW REVISION COMMISSION. Final Report Relating to Unclaimed Property. December 20, 2018

NEW JERSEY LAW REVISION COMMISSION. Final Report Relating to Unclaimed Property. December 20, 2018 NEW JERSEY LAW REVISION COMMISSION Final Report Relating to Unclaimed Property December 20, 2018 The work of the New Jersey Law Revision Commission is only a recommendation until enacted. Please consult

More information

Propagating Unclaimed Property Laws North of the Border Presented by: Jacqueline D. Shinfield, Partner Blake, Cassels& Graydon LLP

Propagating Unclaimed Property Laws North of the Border Presented by: Jacqueline D. Shinfield, Partner Blake, Cassels& Graydon LLP Propagating Unclaimed Property Laws North of the Border Presented by: Jacqueline D. Shinfield, Partner Blake, Cassels& Graydon LLP Alena Levitz, Executive Director, BC Unclaimed Property Society Darren

More information

METROPOLITAN WASHINGTON AIRPORTS AUTHORITY RONALD REAGAN WASHINGTON NATIONAL AIRPORT TRANSPORTATION NETWORK COMPANY SERVICES PERMIT NO.

METROPOLITAN WASHINGTON AIRPORTS AUTHORITY RONALD REAGAN WASHINGTON NATIONAL AIRPORT TRANSPORTATION NETWORK COMPANY SERVICES PERMIT NO. METROPOLITAN WASHINGTON AIRPORTS AUTHORITY RONALD REAGAN WASHINGTON NATIONAL AIRPORT TRANSPORTATION NETWORK COMPANY SERVICES This Permit is granted to Lyft, Inc. ( Permit Holder ) pursuant to the provisions

More information

POLICY ON INOPERATIVE AND UNCLAIMED DEPOSIT ACCOUNTS INDEX. 4 Providing Information to Customers on Inoperative / Unclaimed Accounts

POLICY ON INOPERATIVE AND UNCLAIMED DEPOSIT ACCOUNTS INDEX. 4 Providing Information to Customers on Inoperative / Unclaimed Accounts POLICY ON INOPERATIVE AND UNCLAIMED DEPOSIT ACCOUNTS - 2017 INDEX 1 Introduction 2 Classification Of Accounts Inoperative / Unclaimed 3 Payment of Interest on Inoperative Accounts 4 Providing Information

More information

BLUE PANORAMA AIRLINES POLICY ON AGENT DEBIT MEMO (ADM)

BLUE PANORAMA AIRLINES POLICY ON AGENT DEBIT MEMO (ADM) BLUE PANORAMA AIRLINES POLICY ON AGENT DEBIT MEMO (ADM) ADM Policy Background Blue Panorama Airlines considers you as our key partners in business. We seek your support and cooperation to effectively implement

More information

SUMMARY REPORT ON THE SAFETY OVERSIGHT AUDIT FOLLOW-UP OF THE DIRECTORATE GENERAL OF CIVIL AVIATION OF KUWAIT

SUMMARY REPORT ON THE SAFETY OVERSIGHT AUDIT FOLLOW-UP OF THE DIRECTORATE GENERAL OF CIVIL AVIATION OF KUWAIT ICAO Universal Safety Oversight Audit Programme SUMMARY REPORT ON THE SAFETY OVERSIGHT AUDIT FOLLOW-UP OF THE DIRECTORATE GENERAL OF CIVIL AVIATION OF KUWAIT (Kuwait, 17 to 20 September 2003) International

More information

SOUTH DAKOTA STATE UNIVERSITY Policy and Procedure Manual

SOUTH DAKOTA STATE UNIVERSITY Policy and Procedure Manual Office/Contact: Division of Research and Economic Development Source: Federal Aviation Administration (FAA) UAS Regulations and Policies; SDBOR Policy 1:30; FAA Modernization and Reform Act of 2012 (P.L.

More information

REGULATIONS FOR DECLARATION AND DISPOSAL OF UNCLAIMED ITEMS OF THE PIRAEUS CONTAINER TERMINAL S.A. IN THE PIRAEUS FREE ZONE

REGULATIONS FOR DECLARATION AND DISPOSAL OF UNCLAIMED ITEMS OF THE PIRAEUS CONTAINER TERMINAL S.A. IN THE PIRAEUS FREE ZONE REGULATIONS FOR DECLARATION AND DISPOSAL OF UNCLAIMED ITEMS OF THE PIRAEUS CONTAINER TERMINAL S.A. IN THE PIRAEUS FREE ZONE Article 1 Goods declared unclaimed deadlines Goods unloaded and received by the

More information

CITY OF IRVINE FINANCIAL POLICIES & PROCEDURES

CITY OF IRVINE FINANCIAL POLICIES & PROCEDURES CITY OF IRVINE FINANCIAL POLICIES & PROCEDURES SECTION: 3.1 EFFECTIVE: 09/22/2003 REVISED: 4/01/2010 SUBJECT: UNCLAIMED FUNDS APPROVED: RP PURPOSE: To establish the proper disposition and accounting for

More information