Unclaimed Property – Do the States Owe Your Company Money?
Given recent global events, many organizations are experiencing financial hardships. Why not use this time as an opportunity to see if the states are holding unclaimed property owed to your company, or work with someone who specializes in doing so? Companies in compliance are typically on the paying end of the unclaimed property process, turning over abandoned property it holds to the appropriate jurisdiction annually. However, remember that that is literally only half of the story. Owner-known property reported to a state actually belongs to someone, and that could be your company.
A large number of jurisdictions can hold unclaimed property, including states, municipalities and other governmental agencies, making the process of searching websites a burdensome and time-consuming task. As a result, most companies feel that it is just not worth the effort.
Fortunately, we work with experts who have built the largest unclaimed property database in the industry. Using a proprietary search engine technology to overcome data anomalies that typically make it difficult to match a property to its rightful owner, unclaimed property associated with your organization’s legal entities can be identified, located, and recovered with minimal effort or resources by your company. Best of all, there is no out-of-pocket expense as all charges are contingent on the value of property successfully recovered and returned to your company. This allows for a process that minimizes the need for company involvement, while maximizing recovery and ROI.
If you would like to know more, please reach out to any member of the True Partners Unclaimed Property Management Team to set up a call to answer any questions about Asset Recovery, or any other developments likely to impact your company.
True Partners will continue to monitor jurisdictional updates and intends to release further True Alerts as additional information becomes available. True Partners Consulting LLC assumes no responsibility for updating this summary with any future changes made by any jurisdiction(s). As information may change rapidly in the current environment, relevant jurisdictional statutes and websites should be reviewed at the time of reporting to determine the current and relevant application of information and requirements to your company’s specific facts.