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Negotiation of Voluntary Disclosure Agreements

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True Partners Consulting’s Unclaimed Property Advisory Services Team has extensive experience and expertise in all facets of the complex and evolving area known as unclaimed property (UP). While we provide many UP services to holders, one of the most multi-faceted is the assistance that we provide holders in availing themselves of the various jurisdictions’ UP voluntary disclosure agreement (VDA) programs.

A VDA involves contacting the jurisdiction(s) to forge an agreement between the holder and jurisdiction(s) to resolve the holder’s outstanding UP obligations. Our nationwide experience in this field has afforded us solid relationships with all jurisdictions. As your advocate, our team has extensive experience in representing holders during UP voluntary disclosure negotiations. Based upon each holder’s unique facts, the assistance our team can provide typically includes:

Diagnostic Analysis

The VDA process begins with a review of our client’s current processes and potential UP exposure that will become the subject of the VDAs, as well as for other relevant jurisdictions where they may be holding unreported UP. This process allows our client and our team to gain valuable insight into the root causes of our client’s UP exposure, identify all areas of potential UP liabilities, assess the resource requirements necessary to manage and finalize our client’s VDAs, as well as evaluate the need for any additional state VDAs that may be necessary.

Strategy Development & Exposure Quantification

Our team assists each client with the preparation of a precisely detailed calculation of potential UP exposure by property type and by jurisdiction. By working with our clients, we are able to develop strategies and positions to mitigate their potential reportable UP tailored to their specific facts and circumstances. Based on our many years of experience using various time proven strategies that we have developed, we are often able to significantly reduce our client’s reportable UP exposure.

Negotiation & Settlement

In collaboration with our client, our team negotiates with each jurisdiction in which their company has entered into a VDA to facilitate settlements where significant amounts of past due property have been identified. Prior to a jurisdiction’s administrator accepting and executing the VDA, the negotiation process often requires an in-person meeting with the jurisdiction to allow it to review the work papers that support the amount of the proposed remittance. We coordinate with the respective jurisdictions on behalf of our client and can assist with, and participate in, all
meetings necessary to facilitate settlements for our client’s past due UP exposure.