To most, unclaimed property is a mystery. To others, it is an administrative headache and financial burden that is far less understood than taxes. Abandoned Property Services can clarify the uncertainties surrounding unclaimed property and assist your organization in attaining compliance as well as reducing or eliminating future exposure.
Unclaimed property (also referred to as abandoned property) is tangible or intangible property that has gone unclaimed by its rightful owner. Common forms of unclaimed property include, but are not limited to: uncashed checks (e.g., accounts payable, commission, dividend, payroll, rebate, refund, traveler’s, etc.); checking/savings accounts; unredeemed gift cards/gift certificates/merchandise credits/store credits/money orders; customer overpayments, insurance payments/refunds; deposits; participation/royalty payments; and contents in safe deposit boxes.
• To protect the interests and property rights of the lost owner
• To relieve the holders (i.e. companies) from the expense and liability associated with the property
• To ensure that any economic windfall benefits the public; not an individual holder
• To release and indemnify the holder from liability
• To secure the funds in a custodial role
• To make an effort to locate the rightful owners
• To pay claims to the rightful owners
• To perform due diligence
• To file a report
• To remit the property
• It’s the law!
• Risk of audit, penalties and interest
• Sarbanes-Oxley 404
• To avoid a public relations nightmare