Shareholder Services Association Webinar: Back to the Basics: Introduction to Unclaimed Property
|
|
- Linda Henderson
- 5 years ago
- Views:
Transcription
1 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 Dana Terry Brian McCarthy Laurel Hill Advisory Georgeson LLC. Keane
2 DISCLAIMER The information provided in this webinar represents the current understanding of the presenters and the Shareholder Services Association. It is subject to change. In no way should this information be construed or relied upon as legal or operational advice. You should consult with your own legal counsel, compliance officer and/or other subject matter experts. This course is meant to be an introduction to the topic of shareholder services. The SSA and the contributors to the webinar have provided the information for educational purposes only and any reliance on it is at the participant's own risk. The participant agrees that he or she will hold SSA and the contributors harmless from any loss he or she, or his or her organization, may suffer by relying on the module contents. 2
3 Shareholder Services Certification Program This webinar satisfies a required pre-requisite for completing the Introduction to Unclaimed Property course available on the SSA website. At the conclusion of this webinar, a review and exam will be ed to each participant for completion. Once you have completed the exam, please return to Abby Cowart for recording.
4 Agenda Common Unclaimed Property Terms Introduction to UP Where Does it Come From, Where Does it Go? Uniform Laws Purpose of Unclaimed Property Rules of Jurisdiction Holder Obligations Due Diligence & Reporting State Obligations Q&A
5 COMMON UNCLAIMED PROPERTY TERMS Abandoned or Unclaimed Property: Intangible and certain tangible personal property that has gone unclaimed by its rightful owner for a specified period of time. Such items include uncashed payroll checks, uncashed accounts payable checks, uncashed servicing/escrow checks and unapplied/outstanding credit balances (as further defined under Intangible Property in this section). Activity: Action taken by the owner of the property that may include making a deposit, a withdrawal, providing a written memorandum to the holder, or any action that the state s statute deems adequate. Activity has the effect of interrupting the running of the dormancy or abandonment period. Aggregate: The dollar threshold of an individual owner s account, above which the states require due diligence efforts to be performed. For example, if the aggregate amount is $25, due diligence procedures must be performed on all individual accounts equal to or greater than $25. All accounts under $25 will be reported as an aggregate amount and no property detail is required. (Note: the property detail may be reported if available.) Apparent Owner: A person whose name appears on the records of a holder as the person entitled to unclaimed property held, issued, or owing by the holder. Backup Documentation: Any documentation that can be used to substantiate the position being taken by the Company. For example, if it is determined that an accounts payable check is not unclaimed because it was properly voided and a replacement check issued, the appropriate supporting documentation could include a copy of the original voided check, the replacement check, and the bank statement confirming the replacement check cleared the bank.
6 COMMON UNCLAIMED PROPERTY TERMS Business to Business Exemption B2B: Business to business exemptions generally state that property due to a business association from another business association is exempt from unclaimed property reporting. The exemptions may be provided for in state statute or as administrative policy. Custodian: An individual or entity that holds unclaimed property until it is delivered to the rightful owner. In terms of unclaimed property, the state is considered the custodian of unclaimed property remitted to the state. Domicile: The state of incorporation or organization of a holder. Unclaimed property for which no owner address is available must be reported to the holder s state of incorporation. Dormancy or Abandonment Period: The period of time, as prescribed by state law, from when the funds were originally due to the rightful owner until the date they are due for reporting to the state as unclaimed property. The length of time varies by state and by property type. Dormancy Date or Date of Last Activity: The date of last contact by the owner as evidenced on the records of the holder. The dormancy date for an accounts payable or servicing check would be the date the check was issued. The dormancy date for an AR credit balance could be the last date of customer activity as evidenced on an aging report.
7 COMMON UNCLAIMED PROPERTY TERMS Due Diligence: An effort by the holder to locate the rightful owner of the unclaimed property before it is reported to the state. Most states have specific due diligence provisions (e.g., varying level of effort, timing of the notice, manner of mailing the notice). Escheat: A transfer of property that makes the state the legal owner of the transferred property. Few states operate under an escheat law as it relates to unclaimed property. Holder: The entity that is in possession of controls the unclaimed property until it is transferred to the state on behalf of the lost owner or paid to the rightful owner. Indemnification: The clause in state unclaimed property laws that protects the holder from loss by transferring the liability to the state. Initial-Final: Some states have an Initial/Final reporting requirement. A preliminary report is filed and several months later a final report is submitted. Usually no funds are remitted with the preliminary report. All the states have switched from this format to a Report-Remit format (with the exception of California), which is explained below.
8 COMMON UNCLAIMED PROPERTY TERMS Intangible Property: Intangible property includes but is not limited to checks, drafts, deposits, credit balances, customer overpayments, gift certificates, security deposits, unpaid wages, insurance claims, stock certificates, and bonds. Intangible property consists of items that represent value but which are not tangible (e.g., land, buildings, vehicles). Last Known Address: The last known address of the apparent owner of unclaimed funds, sufficient for the purposes of the delivery of mail as noted on the holder s books or records. Negative Report: An unclaimed property report in which the holder states that it has no funds or property presumed abandoned under a particular jurisdiction s law. Some jurisdictions require companies to file a negative report if they have no unclaimed property to report. Report-Remit: In Report-Remit states, the payment of the liability accompanies the unclaimed property report and there is no need for a subsequent remittance report. All states, except California are now Report-Remit states. Reporting Jurisdiction: The state to which the unclaimed funds are required to be reported/remitted based on the last known address of the owner of the unclaimed property or, when there is no last known address, the state of incorporation of the holder.
9 Intro to UP- Where Does It Come From Unclaimed Property Triggers M&A Activity is usually a big cause of UP concerns. If the acquired issuer s shareholders don t respond to the surviving company s outreach to exchange their old shares for cash or shares of the new company, then the cash/stock must be reported as unclaimed property. Insurance Company Demutualization- Policy holders must claim shares of stock and/or cash for the first time and any unclaimed shares or cash must be reported. Bank Conversions- for the same reasons as Insurance Demutualization Returned mail from Post Office (RPO)- this event should trigger an account to be flagged as Lost, in which case an attempt should be made to find the owner or their heir. Inactivity in a bank or brokerage account, a safe deposit box, etc- the window is usually 3-5 years, depending on the state. Unused gift cards or secured credit cards- again, usually 3 years
10 Intro to UP-Where Does it Go? Unclaimed property laws have been enacted in 56 jurisdictions (All 50 states, District of Columbia, U.S Virgin Islands, Guam, Puerto Rico, Northern Mariana Islands, and American Samoa) Each jurisdiction has its own law Each jurisdiction s law has unique requirements More on this later
11 Uniform laws National Conference of Commissioners on Uniform State Laws 1954 promulgated the first Uniform Disposition of Unclaimed Property Act, ("1954 Act") 1966 the Act was revised ( 1966 Act ) 1981 the Commissioners promulgated the Uniform Unclaimed Property Act ("1981 Act") 1995 modified ("1995 Act"). Most states' unclaimed property laws are modeled after one of these Acts. However, it is important to note that state statutes can vary significantly from the model legislation.
12 Uniform laws 2016 ULC re-drafted the 1995 Act and passed RUUPA ABA is also developing another version of a model Act States to pass RUUPA bills to date: Utah Tennessee Illinois Washington and District of Columbia are propsed
13 Purpose Holders are responsible for safeguarding client assets and attempting to reunite assets with their rightful owner. If an asset goes unclaimed or is inactive for a period of time, the holder must remit the asset to the state (escheatment). Each state has unique escheatment requirements, and like most compliance processes, it is complex, time-consuming, costly, and if done incorrectly: a liability. Unclaimed property is not a tax so nexus does not apply.
14 Rules of jurisdiction State of owner s last known address State of holder s incorporation, charter or domicile if address of owner is unknown State of holder s incorporation for foreign address property (1981 Act & RUUPA) State where transaction occurred for money orders and travelers checks State where safe deposit box is located
15 Supreme Court weighs in Texas vs. New Jersey (1965) Pennsylvania vs. New York (1972) Delaware vs. New York (1993) Pennsylvania, Wisconsin and 21 other states vs. Delaware - the Supreme Court agreed to weigh in on $150 million in uncashed MoneyGram checks from (2016)
16 Common types of unclaimed property Shareholders Accounts Bonds and Debentures Dividends and Interest Payments Payroll and Commissions Accounts Payable, Vendor, Expense Checks Accounts Receivable Credit Balances Refunds and Rebates Gift Cards Suspended Royalties Checking, savings, CDs, IRAs Cashiers Checks, Travelers Checks and Money Orders Life Insurance Proceeds Annuities and other investments Employee Benefit Plans
17 Holder obligations Perform industry requirements SEC 17Ad-17 Analyze accounts/checks for eligibility Perform due diligence File a report Remit property Maintain copies of reports Maintain records that identify unclaimed property and owner contact Most states go back 10 years + dormancy in audits Most also have the right to go back additional years Failure to keep records could allow state to estimate liability Protect and safeguard funds until reported to the states Cannot apply excessive service charges Cannot take property into income Protect from fraudulent activity
18 Due Diligence Statutory mailing to make a last effort to locate owners Generally Sent first-class mail but some states have certified mail requirements Generally sent days prior to the report due date Generally sent for property values of $50 or greater Most states have an exemption for owners with a known bad address Some states are starting to require electronic due diligence
19 Reporting Spring States Report at various times in the spring Period covered is generally Jan. 1 Dec. 31 Summer States (TX and MI) Report July 1 Period covered is April 1 March 31 Fall States Report Oct. 31 or Nov. 1 Period covered is July 1 through June 30
20 Common errors and omissions Tracking activity incorrectly Not filing an unclaimed property report or filing out of cycle Filing negative reports without confirming you have no liability due Not filing negative reports where required by law Not including all property types or using wrong property type codes Using incorrect or no relationship codes Only filing to states where the company has nexus Reporting property to the state of location vs. to the state of the last known address Not identifying and properly filing property from mergers and acquisitions Not performing state required due diligence Not aging property correctly Reporting property early or late Lack of direction and infrequent testing of procedures
21 Sample Timeline
22 Public outreach Safeguard assets State obligations Holder education Provide instruction and guidance May not be at 100% Many liquidate non-cash properties Securities Safe deposit box contents Facilitate the reporting process Filing options electronic reporting, standardization Could cause tax issues (i.e. IRA accounts) Reunite owners with assets Raise awareness 22 Enforcement efforts Monitor state laws and consider changes Review reports filed Identify non-reporters or under reporters Conduct audits
23 Contact Information Anthony Vitellozzi Dana Terry Brian McCarthy Laurel Hill Georgeson Keane
24 Questions?
25 Save The Dates March 15 2:00 pm. Webinar: Best Practices for Unclaimed Property Audits April 5 2:00 pm. Webinar: Introduction to Annual Meetings April 12 2:00 pm. Webinar: Overview of Section 16 Reporting
26 2018 Annual Conference July 17-19, 2018 Newport Beach, California
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 informationWhat 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 informationUnclaimed 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 informationNew (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 informationUnclaimed 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 informationGeneral 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 informationAchieving 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 informationUnclaimed 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 informationIntroduction 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 informationHow 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 informationUnclaimed 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 informationNorth 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 information2nd 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 informationNEW 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 informationR 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 informationOverview 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 informationAgenda. 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 informationUnclaimed 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 informationIntroduction to Unclaimed Property. UPPO Presentation Disclaimer. UPPO Antitrust UPPO has a policy of strict compliance with federal antitrust laws.
Introduction to Unclaimed Property Sonia Walwyn Duff & Phelps Hermanna Daniels Rexel Holdings Deborah Beauchamp StoneRiver UPPO Presentation Disclaimer Use of the Unclaimed Property Professionals Organization,
More informationSample 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 informationUNCLAIMED 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 informationXYZ 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 informationHandling 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 informationAbbreviated 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 informationTake 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 informationState 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 informationFlorida 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 informationAn 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 informationThe Essentials of Reporting & Compliance Part 2
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
More informationUnclaimed 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 informationAn 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 informationFlorida 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 informationUNCLAIMED 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 informationCreating 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 informationThe 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 informationUnclaimed Property Issues in the Insurance Industry: Be Prepared for Changes
August 2017 Unclaimed Property Issues in the Insurance Industry: Be Prepared for Changes An article by Marc T. Grossman; Christopher J. Hopkins, CPA; and Michael R. Unger Audit / Tax / Advisory / Risk
More informationNOTICE 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 informationPropagating 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 informationFINANCIAL 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 informationDelaware 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 informationState 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 informationOhio Tax. Workshop K. Tuesday, January 24, :00 p.m. to 4:00 p.m. Tuesday & Wednesday, January 24 25, 2017 Hya Regency Columbus, Columbus, Ohio
26th Annual Tuesday & Wednesday, January 24 25, 2017 Hya Regency Columbus, Columbus, Ohio Ohio Tax Workshop K Unclaimed Property Key Developments Including the Temple Island Case, Navigating through an
More informationTexas 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 informationSTATE 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 informationUNCLAIMED 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 informationMy co-presenter is Jared Gustafson. Jared, did you want to go ahead and introduce yourself and give a little background?
Thank you to everyone who's able to join us this afternoon. Our first slide here is going to be a Disclaimer. While we get that up, I just want to say, "Thank you," and we're hoping to send you all off
More informationOHIO 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 informationDOWNLOAD 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 informationProperty 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 informationPresented 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 informationState 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 informationCompany migration to and from Guernsey
JERSEY GUERNSEY LONDON BVI SINGAPORE GUERNSEY BRIEFING February 2013 Company migration to and from Guernsey Part VII of the Companies (Guernsey) Law, 2008 as amended (the "Law") allows companies to migrate
More informationThe 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 informationINSURANCE 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 informationIndustry 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 informationDOWNLOAD OR READ : UNCLAIMED GROUND PDF EBOOK EPUB MOBI
DOWNLOAD OR READ : UNCLAIMED GROUND PDF EBOOK EPUB MOBI Page 1 Page 2 unclaimed ground unclaimed ground pdf unclaimed ground (PDF) Communication Skills in Pharmacy Practice 5th Ed.pdf unclaimed ground
More informationSTARTING 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 information2013 (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 informationUnclaimed 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 informationAudit. 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 informationAUDITING 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 informationUnclaime d Property. TeleStrategies Communications Taxation 2016 Wires or Wireless, Don t Get Tangled by Unclaimed Property.
Unclaime d Property TeleStrategies Communications Taxation 2016 Wires or Wireless, Don t Get Tangled by Unclaimed Property May 17, 2016 Disclaimer The following information is not intended to be written
More informationComprehensive 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 informationUniform Law Commission Update: Revision of the Uniform Unclaimed Property Act
Uniform Law Commission Update: Revision of the Uniform Unclaimed Property Act Hon. Don Stenberg, NAUPA President and Nebraska State Treasurer Carolyn Atkinson, Esq., Deputy Treasurer for Unclaimed Property
More informationUnclaimed 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 informationYou 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 informationWhere 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 informationIssued by the Department of Transportation on the 12 th day of February, 2016 FINAL ORDER ISSUING INTERSTATE CERTIFICATE
Order 2016-2-10 Served: February 12, 2016 DEPARTMENT UNITED OF STATES TRANSPORTATION OF AMERICA UNITED STATES OF AMERICA DEPARTMENT OF TRANSPORTATION OFFICE OF THE SECRETARY WASHINGTON, D.C. Issued by
More informationUnclaimed 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 informationNATIONAL ASSOCIATION OF UNCLAIMED PROPERTY ADMINISTRATORS (NAUPA) NETWORK STRATEGIC PLAN ( )
PURPOSE/MISSION To promote and strengthen unclaimed property administration and interstate cooperation in order to enhance States return of unclaimed property to rightful owners and provide a forum for
More informationManaging 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 informationBest 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 informationWorking Draft: Time-share Revenue Recognition Implementation Issue. Financial Reporting Center Revenue Recognition
March 1, 2017 Financial Reporting Center Revenue Recognition Working Draft: Time-share Revenue Recognition Implementation Issue Issue #16-6: Recognition of Revenue Management Fees Expected Overall Level
More informationFinancial 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 informationIssued by the Department of Transportation on the 26 th day of May, 2015
Order 2015-5-19 Served May 26, 2015 DEPARTMENT UNITED OF STATES TRANSPORTATION OF AMERICA UNITED STATES OF AMERICA DEPARTMENT OF TRANSPORTATION OFFICE OF THE SECRETARY WASHINGTON, D.C. Issued by the Department
More informationFlorida 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 informationFinancial 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 informationFlorida Bureau of Unclaimed Property Reporting Instructions Manual
DEPARTMENT OF FINANCIAL SERVICES Division of Accounting and Auditing Bureau of Unclaimed Property Florida Bureau of Unclaimed Property Reporting Instructions Manual www.fltreasurehunt.org DFS-A4-1992 Effective
More informationKate 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 informationTREASURY GENERAL. (a)
in N.J.S.A. 39:4-204 and this subchapter, when such handicapped person has submitted medical evidence, satisfactory to the Chief Administrator, as requested on the required medical evidence form provided
More information(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 informationNATIONAL ASSOCIATION OF UNCLAIMED PROPERTY ADMINISTRATORS (NAUPA) STRATEGIC PLAN
PURPOSE/MISSION NAUPA facilitates collaboration among administrators in their efforts to reunite unclaimed property with the rightful owner. VISION As the foremost authority on unclaimed property, NAUPA
More informationFlorida Division of Unclaimed Property Reporting Instructions Manual
DEPARTMENT OF FINANCIAL SERVICES Division of Unclaimed Property Florida Division of Unclaimed Property Reporting Instructions Manual www.fltreasurehunt.gov DFS-A4-1992 Revised July 2017 Rule 69G-20.041,
More informationChapter 326. Unclaimed Moneys Act Certified on: / /20.
Chapter 326. Unclaimed Moneys Act 1963. Certified on: / /20. INDEPENDENT STATE OF PAPUA NEW GUINEA. Chapter 326. Unclaimed Moneys Act 1963. ARRANGEMENT OF SECTIONS. PART I PRELIMINARY. 1. Interpretation.
More informationBritish Columbia. property society. Annual report unclaimedpropertybc.ca
British Columbia Unclaimed property society Annual report 2014 unclaimedpropertybc.ca Reuniting Forgotten Dollars with their Rightful Owners Message from the Chair and Executive Director At the BC Unclaimed
More informationInvitation to participate in the ATOL Reporting Accountants scheme CAP 1288
Invitation to participate in the ATOL Reporting Accountants scheme CAP 1288 CAP 1288 Invitation to participate in the ATOL Reporting Accountants scheme Invitation to participate in the ATOL Reporting Accountants
More informationABC 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 informationPLC. IFRS Summary Financial Statement (excluding Directors Report and Directors Remuneration Report) Year ended November 30, 2006
C A R N I V A L PLC IFRS Summary Financial Statement (excluding Directors Report and Directors Remuneration Report) Year ended November 30, 2006 Registered number: 4039524 The standalone Carnival plc consolidated
More informationIssued by the Department of Transportation on the 28 th day of January, 2016 FINAL ORDER
Order 2016-1-13 Served: January 28, 2016 DEPARTMENT UNITED OF STATES TRANSPORTATION OF AMERICA UNITED STATES OF AMERICA DEPARTMENT OF TRANSPORTATION OFFICE OF THE SECRETARY WASHINGTON, D.C. Issued by the
More informationJETSTAR MASTERCARD REWARDS PROGRAM TERMS AND CONDITIONS
JETSTAR MASTERCARD REWARDS PROGRAM TERMS AND CONDITIONS EFFECTIVE OCTOBER 2016 1. WHEN DO THESE TERMS AND CONDITIONS APPLY TO ME? You agree to be bound by these Terms and Conditions when you or an Additional
More informationUnclaimed 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 informationForm I-9 Employment Eligibility Verification.
Form I-9 Employment Eligibility Verification www.uscis.gov/i-9central Agenda Background Completing Revised Form I-9 Storage and Retention Form I-9 and E-Verify Resources 2 Background In 1986, in an effort
More informationNew Amendments to Pennsylvania s Unclaimed Property Law (2016)
27 July 2016 Practice Group(s): Real Estate, Tax, Depository Institutions, Hedge Funds, Financial Institutions, Private Clients, Trusts and Estates New Amendments to Pennsylvania s Unclaimed Property Law
More informationCHAPTER 69I-20, Florida Administrative Code UNCLAIMED PROPERTY
CHAPTER 69I-20, Florida Administrative Code UNCLAIMED PROPERTY 69I-20.001 69I-20.0011 69I-20.0021 69I-20.0022 69I-20.0023 69I-20.0024 69I-20.0025 69I-20.0026 69I-20.0027 69I-20.0028 69I-20.0029 69I-20.0037
More informationOptional Practical Training (OPT) 24-Month STEM Extension MCCULLOCH CENTER FOR GLOBAL INITIATIVES MOUNT HOLYOKE COLLEGE
Optional Practical Training (OPT) 24-Month STEM Extension MCCULLOCH CENTER FOR GLOBAL INITIATIVES MOUNT HOLYOKE COLLEGE Are you eligible for the 24-month OPT STEM Extension? Requirements: You must be a
More informationOffshore Claim Services
Offshore Claim Services in partnership with ASSET MINE Global Inc. Our firm is experienced in recovering assets throughout the Caribbean, Bermuda and the Channel Islands; and we have partnered with AssetMine,
More informationDELAWARE ALL EYES ON. Senate Bill 13 Transforms Delaware Unclaimed Property Law IN THIS ISSUE: Spring 2017: Volume 15, Issue 1
Spring 2017: Volume 15, Issue 1 The first unclaimed property compliance newsletter, published exclusively by Keane since 2003. Keane is the country s leading provider of unclaimed property compliance solutions.
More informationCity of Piedmont COUNCIL AGENDA REPORT. Stacy Thorn, Administrative Services Technician II. Adoption of an Escheatment Policy for Unclaimed Money
City of Piedmont COUNCIL AGENDA REPORT DATE: March 18, 2013 FROM: SUBJECT: Stacy Thorn, Administrative Services Technician II Adoption of an Escheatment Policy for Unclaimed Money RECOMMENDATION Adopt
More informationimportant changes to your Altitude Qantas Rewards terms and conditions
important changes to your Westpac Altitude Qantas Rewards terms and conditions Effective 17 June 2013 Effective from 17 June 2013, we will be introducing some changes to Altitude Qantas Rewards Program.
More informationINDEPENDENT STATE OF PAPUA NEW GUINEA. CHAPTER No Unclaimed Moneys. GENERAL ANNOTATION.
INDEPENDENT STATE OF PAPUA NEW GUINEA. CHAPTER No. 326. Unclaimed Moneys. () ADMINISTRATION. GENERAL ANNOTATION. As at 13 February 1976 (the date of gazettal of the most comprehensive allocation of responsibilities
More information