April 2013
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In this issue


New Product Release

The 2013 Spring compliance reporting has started and we’re very pleased to announce the release of Chesapeake System Solutions, Inc. “UPCS Gen-III.” As the name implies, Chesapeake’s UPCS Gen-III is the next generation in unclaimed property software. Not just a redesign of input screens and modifications to user reports, Gen-III provides interfaces and tools that enable Holders to more effectively manage their unclaimed property compliance process, from data collection up through to its ultimate disposition. Read more at: www.moyerosibodu.com/Chesapeake System Solutions, Inc._UPCS Gen-III Features .

Letter to the UP Adviser

In this month’s newsletter, we have one letter to share with our readers. Enjoy!

Dear UP Adviser,

We have received our 3rd notice from the Delaware Secretary of State regarding the New Delaware Unclaimed Property Voluntary Disclosure Agreement (“VDA”) Program. Our company has unintentionally ignored the first 2 notices and we want to know whether it is too late to participate in the program?

Three Strikes & Out

Dear Three Strikes & Out,

Your company can still participate in the VDA program provided that you have not received the audit letter from Delaware. The 3rd notice your company received is the final notice from the state before they start sending out audit letters to those companies that have not signed up for the VDA program. Our recommendation is for your company to contact the Delaware VDA Administrator immediately and submit your signed form VDA-1 in order to sign up for the VDA program. The alternative is to subject your company to a “painful” Delaware unclaimed property audit that will be conducted by third party contingency-fee auditors. Unlike the audit scope that could cover records back to 1981, the VDA program currently reaches back to 1996 plus a waiver of interest and penalty on those unclaimed property that should have been reported to the state.

Best of Luck,
UP Adviser


Moyer & Osibodu’s Strategic Alliance Partner – Chesapeake System Solutions, Inc. – Announces the Release of “UPCS Gen-III”

We had the opportunity this week to test “UPCS Gen-III” the new release of Chesapeake System Solutions, Inc. unclaimed property reporting software – Unclaimed Property Compliance System (UPCS®). More details about UPCS Gen-III will be available in our April newsletter, but we wanted to go ahead and share three enhancements that we found to be particularly helpful:

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Unclaimed Property: The Best Forgotten Topic during M&A Due Diligence

The M&A Outlook Survey Results conducted by one of the Global Accounting firms expect 2013 to be a strong year for M&A activity, after coming off a rocky 2012. Mergers and acquisitions (“M&A”) is an aspect of corporate strategy dealing with the buying, selling, and combining of similar or different companies that can help an enterprise grow rapidly or improve financial performance. In most M&A transactions, a due diligence review is usually performed by the buyer once the buyer and seller have an initial agreement outlining the economic and general terms of the deal. During the due diligence review, which serves to confirm all material facts with respect to the deal, the seller works exclusively with the buyer to complete an audit or review of the target company within a specified period of time – about 90 days or less.

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Josiah S. Osibodu, CPA
Managing Partner - Consulting Services
E-mail: Josiah@MoyerOsibodu.com
Kathleen H. Moyer
Managing Partner - Compliance Services
Cell: 609.412.0866
E-mail: Kathy@MoyerOsibodu.com