On this page, you will find resources that will help you learn about escheatment at your own pace and hopefully ease the burden of the annual reporting process.
On the path to unclaimed property compliance, the first and most important step is to ensure that your company is filing annual escheat reports – and filing them correctly. Each state has specific laws and regulations that all companies must follow, and reporting unclaimed property is a mandatory process. If not done correctly, it can land your company in hot water in the form of fines, penalties, and audits.
Frequently Asked Questions About Escheatment
To get started, we’ve provided answers to some of the most commonly asked questions regarding escheatment and its surrounding tasks.
A Beginner’s Guide to Escheatment
Our free 20-minute presentation outlines the basics of unclaimed property reporting and is an insightful tool to get up to speed on the annual escheat reporting process. If you need to familiarize yourself with unclaimed property quickly, this webinar is for you.
Escheat Reporting Best Practices
Ensure that your company is taking the correct steps to stay ahead of the annual escheat reporting process. Our overview of best practices will help guide you in the right direction for this reporting cycle and beyond.
Holder Options Before and During an Escheat Audit
Escheat audits are a tough pill to swallow. The average state or third-party audit lasts between three to five years; quickly accumulating costs, consuming valuable time, and taking away internal resources from your company’s core business functions.
However, there are various ways your company can reduce its risk of an unclaimed property audit, or reduce its overall exposure in the event it has already received an examination notice.
The options below are intended to provide high-level guidance on possible courses of action organizations may take before or during an escheat audit. Be sure to consult with your company’s internal or external counsel immediately if you receive an unclaimed property audit notice.
Self Audit or Risk and Liability Assessment
If your company is in possession of past-due property because of a lack of filings or other reasons, a self-audit or liability assessment is a great first step to identify and quantify your organization’s potential audit exposure. A thorough assessment should encompass all divisions and lines of business to ensure that any hidden risks and liabilities are uncovered and addressed.
Explore State Voluntary Disclosure Programs
Voluntary disclosure programs are offered in many states as an opportunity for companies to come forward and report past-due and escheatable property usually in exchange for the waiver of fines and penalties for said past-due items.
Holders that complete the Delaware Voluntary Disclosure Agreement program operated by the Secretary of State’s office actually receive a waiver of audit for all properties included within the scope of the VDA.
What to do if Served with a State Escheat Audit Notice
If your organization has received an audit notice, it is important to act fast.
Do not ignore the audit notice and be sure to inform all of the key stakeholders (such as internal and external legal counsel and your CEO, CFO, etc.) in your company that an unclaimed property audit is on the way. From there, seek to engage your counsel and possibly the specialized services of a holder advocate.
Facing an Audit Alone? We Can Help.
Unclaimed property audits are expensive and burdensome if not managed properly. The entire process can easily become overwhelming for any company – regardless of their history of compliance.
Keane helps companies ensure the integrity and accuracy of the audit activities, increasing efficiency and achieving more favorable settlements than when facing the audit on their own. Contact us for additional information on how Keane can help.
State Specific Escheat Laws
Each of the 55 reporting jurisdictions has its own unique set of escheat laws and reporting requirements. As keeping up to date with rapidly changing laws and regulations in each state can be an arduous task, our state-specific escheat guides capture the critical information you need to know in each jurisdiction.
These profiles are routinely updated and also provide answers to additional frequently asked questions regarding unclaimed property reporting and compliance in each jurisdiction.
You can also find state-specific information, such as unclaimed property reporting due dates, unclaimed property dormancy periods, and state reporting contact information.
Keane’s Escheat Reporting and Compliance Services
The unclaimed property and escheat reporting process is complex to say the least. With Keane, it doesn’t have to be.
For over 65 years, we’ve helped organizations from every industry with outsourced solutions to their unclaimed property reporting and compliance needs.
By partnering with Keane and utilizing our escheat reporting services, your organization will be able to ensure compliance with state laws and regulations, knowing that you’re backed by the undisputed leaders in the unclaimed property industry.
Learn more about Keane’s Escheat Reporting & Compliance Services:
- Unclaimed Property Reporting & Escheatment
- State Mandated Due Diligence
- SEC Rule 17AD-17 Compliance
- Unclaimed Property Legislation & Compliance Updates
- Escheatment Education & Training
Do you Need Assistance With the Escheat Reporting Process?
We’re here to help. If you still have questions or are interested in partnering with Keane for your compliance needs, please contact us for additional information.