December 2012
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In this issue

Achieving Success

A client engaged Moyer & Osibodu to perform an unclaimed property risk assessment prior to receiving an audit notice from the States. Read More


Season's Greetings

As we conclude 2012, we reflect on all that we have to appreciate. During this Holiday Season more than ever, our thoughts turn gratefully to all the readers of our monthly newsletter who have made our progress possible. In the spirit of the Holidays, we sincerely say Thank You and Best Wishes for the Holiday Season and a Happy New Year!!

During the year, Moyer & Osibodu created the Official E-Book on Unclaimed Property that defines what unclaimed property is and many more topics. The E-Book also includes several checklists to aid companies with their compliance. Download your FREE eBook at ...

Wrapping Up Your Unclaimed Property Compliance for 2012?

You made it through the November filings - Good for you!! However, the work’s not yet over. Below are 5 things that you should do to wrap up your 2012 compliance:

1. Document retention - “How long should you retain copies of your unclaimed property reports?” This is a question that comes up frequently, and at a minimum, reports should be retained for 10 years. We always recommend that reports should be part of your permanent records. Best to convert the reports to PDF and burn to a CD, to insure that you have copies of the reports should the states select your company for an audit.

2. Pay the pending claims - Remember all those responses to the due diligence letters? Now is the time to make the payment and send out checks to those owners that indicated their rights to the unclaimed property. Also, remember to retain the signed and returned letters, in addition to the proof of payment. The items are no longer unclaimed property once you’ve paid the rightful owners.

3. Update your unclaimed property database to indicate removals - Nothing is worse than paying out money twice (i.e. to the rightful owner and the state)! Updating your list or database to indicate that the funds were reported or returned to the rightful owners should minimize the risk of over reporting to the states.

4. Identify items due for reporting in 2013 - The cut-off date for items due in Spring 2013 is December 31, 2012, while the cut-off date for items due in Fall 2013 is June 30, 2013. The due dates will be here before you know it! We recommend getting a head start on your research and due diligence process so that you could reduce the unclaimed property due for reporting to the states.

5. Consider enhancements to your current compliance process - Preparing state unclaimed property reports could be burdensome depending on the volume of your data, number of reports and how many states you’re reporting to. This is a perfect time to assess the efficiency and cost of your current compliance process. A cost-benefit analysis should be performed to assist with your consideration of potential enhancements, which could range from maintaining the status quo to embarking on a major overhaul, which may include implementing technology solutions. For your technology solution, visit ...

Are State Unclaimed Property Enforcement Activities Dominated by Contract Auditors?

Nobody likes to be audited, and unclaimed property audits are no exception (because an average audit routinely generates multi-million dollars in assessment). Enforcement activities are ways that states ensure compliance with their laws and these activities can also generate (significant) revenue for the states. Many of the states unclaimed property agencies are understaffed to keep up with all the entities that don’t file or comply with their laws as required. So in many instances, the states hire contract auditors to handle their out of state audits, as well as, to help supplement their regular audit staff. While it sounds good for the state, many businesses will disagree. Read more

An Overview of Florida’s Unclaimed Property Voluntary Disclosure Program

Like most states, Florida has a Voluntary Disclosure Program for entities wishing to participate and report their past due unclaimed property to the state. This program, which is offered by the state, gives both in-state and out-of-state businesses a window of opportunity to come into compliance with the state’s unclaimed property laws. In other words this program gives you the opportunity to comply without the fear of being penalized. Read more

Josiah S. Osibodu, CPA
Managing Partner - Consulting Services
Kathleen H. Moyer
Managing Partner - Compliance Services
Cell: 609.412.0866