In doing so, businesses, both profit and not-for-profit, are being required to file unclaimed property reports, as well as retaining records that substantiate these reports.  States are enforcing this requirement through establishing independent auditing groups, approved information sharing agreements between the states, expanded industry focus (i.e., not just focused on insurance and financial institution), as well as entering into agreement with third-party auditors to assist in enforcing unclaimed property regulations in areas outside their jurisdiction, as well as many other tools at their disposal.

Unclaimed property can be comprised of many different types of property, the most common of which are:

• Un-cashed payroll checks (including 1099's)

• Un-cashed accounts payable checks

• Patient credit balances

• Customer credit balances

• Unclaimed personal belongings

BCCG can provide the following services to your company:

• Represent and/or assist your organization in an effort to minimize any potential unclaimed property audit.

• Represent and/or assist your organization in an effort to minimize any potential unclaimed property audit liabilities.

• Assist non-filers in determining their correct unclaimed property liability and attempt to negotiate a favorable anonymous voluntary disclosure settlement.

• Assist an organization with the setup and implementation of an internal unclaimed property system (including policies and procedures).

• Implement due diligence procedures in order to quantify your organization's potential exposure when contemplating an acquisition.

• Examine your organization's existing unclaimed property compliance system, policies and procedures, as well as recommend enhancements/best practices to appropriately maintain accounting records.