Over the last two decades there has been an ongoing expansion of UP activity among various jurisdictions. Some changes benefit the holder, like expanded VDA programs, but most changes can cost the holder significant time, effort, and resources. Examples include the growing number of states initiating audits, increased focus on “new” areas of property (e.g., insurance and securities), decreasing dormancy periods, and the growing the number of “third-party” audit firms being awarded contracts to conduct involuntary UP examinations that could span a period reaching back 25 years or more.
More than ever, holders must ensure that they are adequately addressing their statutory UP reporting requirements. UP exposure must be recognized under GAAP and SEC reporting requirements and ignoring it can result in materially misstated financial statements.
Our Unclaimed Property Advisory Services Team can act as your true advocate. Our team is comprised of a national group of professionals with diverse backgrounds, including industry and government, and many are nationally recognized in the area of UP advocacy. We have worked with Fortune 500 and Fortune 1000 companies offering assistance in reducing UP exposure. In addition, we are a member and proud supporter of the largest holder advocacy organization, the Unclaimed Property Professionals Organization (UPPO).
We believe we possess the best combination of experience, expertise, and resources to address all of your UP needs and encourage you to contact one of our professionals.
Unclaimed Property Professionals
The best combination of experience, expertise, and resources to address all of your UP needs.
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This article was originally published in Bloomberg Law (password required) Authors: Donna Culver, Morris, Nichols, Arsht & Tunnell, […]
Download the slides from our recent compliance-themed webinar. Occurred: December 10, 2020 10:30am – 12:30pm CST TPC’s federal […]