Notice: The North Carolina Department of State Treasurer is sending letters to companies (“holders”) to determine compliance with their Unclaimed Property statutory reporting requirements. It is important to note that response to these letters is required within 30 days. The form attached to these letters request company, unclaimed property reporting, accounting, payroll, outstanding checks, vendor and stock information. The completed North Carolina forms must be uploaded online or returned via mail within 30 days.
The recent North Carolina letter does not specify repercussions for not responding within the 30 day period. However, based on other states with similar communications we assume that a non-response will potentially initiate an audit or other more serious action from the state. Make sure that your company controllers, CFO’s and other financial associates check their mail for letters such as this.
If you receive this letter or one similar don’t panic, Keane can help! Complying with letters like the North Carolina Department of State Treasurers through Keane are lower-cost than you might think because of our consulting department’s expertise. Our consulting team has the experience, knowledge, resources and relationships to tackle any challenge. The team consists of former state unclaimed property personnel, certified public accountants, certified fraud examiners and former state auditors.
View the full page sample letter here.