Unclaimed Property laws are established by each state and have varying degrees of due diligence requirements. Establishing processes to manage suspended funds can help avoid unanticipated audits, and potentially, steep penalties. Whether funds are lying dormant because an owner is unlocatable, deceased, or simply has failed to cash a check, the money must be turned over to the state, or escheated, after a specific period of time.
One of the most common challenges that arise from recently acquired assets are legacy suspended funds that do not have a tie to current ownership. The process of meeting multiple statutory due diligence efforts results in additional time consuming administrative burdens.
Together, we can leverage technology and our experience to ensure a successful escheat program that minimizes risk and optimizes the deployment of internal team’s time and effort.
Just another way your local EPC consultants are here to help! Please feel free to reach out to JR Everett or Donna King for any unclaimed property questions. Energy Point Consulting, LLC
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