UPCR offers both compliance outsourcing and a Hosted Software Solution, UPNavigator, to assist clients with navigating each state’s reporting requirements. UPCR’s compliance outsourcing provides a dedicated team of experts that manage the compliance reporting process including:
- In order to prepare the data for upload, we perform some analytics.
- Issue Date, Dollar Amount, State and Property Type fields must be determined in order for the software to calculate reporting time frames for each item.
- If we process subsequent data sets, duplicate items will be identified in the file which have been uploaded previously.
- If warranted, we can assist in determining if certain types of property should not be within the data set, and need further researched prior to going forward.
- Once uploaded into our software, your data will be matched against the dormancy tables which are continuously updated to match the state statutes to determine when each item is due to be reported.
- Even if not due this filing season, many find this helpful for accounting purposes to see when items are due in the future and to book potential reserves if necessary.
Due Diligence Mailings
- Per state statutes, due diligence mailings must be made 60 – 120 days prior to reporting unclaimed property to the state.
- Based on the escheatment eligibility results, letters are sent out to those payees that have the potential to be escheated in the next filing season.
- We provide you with the mailing service, a complete record of the results of the due diligence process, and .pdf scans of each response.
- Based upon the responses in the returned letters and those which have returned via the post office as “not deliverable,” we provide you with the documentation necessary to reissue checks or void transactions.
- At the very least, even if more information is needed, responses constitute contact, therefore, resetting the dormancy clock.
- Once approvals have been made on the remaining data set that is to be escheated, state reports can be run.
- Many states require on-line reporting as of late, and that process will be completed for you followed by electronic confirmation emailed to you.
- Any paper filing will be accompanied by a CD with the encrypted data and sent to you via express mail.
- Once received, follow our printed instructions to provide a signature and enclose a check to the state and mail it by the appropriate date.
Evaluation of your Current Compliance Management
- Review and evaluate your unclaimed property management processes.
- Does your company have a procedure on the research and handling of stale-dated checks?
- What happens to outstanding credit balances/money due to your customer?
- Are manual payroll checks included with your review?
- What corporate intricacies mandate specific attention?
- With our many years’ experience in all business fields, we will be able to help you establish a simple and effective process to manage your potential escheat items.
Tracking State Compliance Legislation
- With each state having unique forms, different reporting periods, property type codes and idiosyncrasies, it is important to remain informed in order to apply any changes to your annual reporting processes.
- If your report is not in compliance with the state’s requirements, you may be at risk of state imposed penalties and interest.
- Our staff continually reviews each state’s statutes and reporting requirements to ensure we have the most current and accurate information.
Reporting Exemptions Evaluation
Some states provide exemptions for reporting including Business-to-Business and other reporting exemptions. Do you know which states have exemptions and for which type of property, or reporting minimums? UPCR will review your company’s applicable transactions to assist you in determining which exemptions can be applied.