Unclaimed Property
Unclaimed Property Compliance: Safeguarding Our Business
The Unclaimed Property standard provides a framework for consistent and compliant handling of abandoned assets across our portfolio companies. By implementing robust policies and procedures, we safeguard against potential liabilities, ensure regulatory compliance, and protect our financial interests.
Who: President, Finance Leader
Frequency: Annually
The Unclaimed Property standard is essential for managing abandoned assets and maintaining compliance across our diverse portfolio of companies. Key components include:
1. Identification Procedures: Guidelines for recognizing and classifying unclaimed property.
2. Due Diligence Processes: Steps for attempting to locate and notify rightful owners of unclaimed assets.
3. Reporting Requirements: Procedures for accurate and timely reporting of unclaimed property to appropriate authorities.
4. Record Keeping: Standards for maintaining comprehensive records of unclaimed property and related actions.
5. Escheatment Processes: Guidelines for transferring unclaimed property to state authorities when required.
6. Training Programs: Regular education for relevant staff on unclaimed property laws and procedures.
7. Audit Preparedness: Measures to ensure readiness for potential unclaimed property audits.
This standard helps prevent the accumulation of material liabilities, ensures compliance with varying state regulations, and protects our organization’s financial interests. It promotes consistent practices across all business units, reducing the risk of penalties and reputational damage associated with improper handling of unclaimed property.
