Did you know that there’s more than $25 billion in unclaimed property being held by state property departments across the country?
In fact, collections of unclaimed payables and credit balances are at their highest levels ever and continue to grow rapidly as states ramp-up their awareness, audits and enforcement efforts. Not only because states face burdensome budget deficits, but because only 10 percent of businesses currently comply with unclaimed property laws.
So, how much is at stake?
Failing to comply with state unclaimed property laws could expose private and public companies alike to interest, penalties, and even criminal liability.
Learn how to avoid steep statutory fines, predict disbursements and stay in compliance with every state for every property type in this information-paled audio conference. Forty-two states have fall deadlines, so now’s the time to ensure you’re in compliance.Teleconference Learning Objectives
Featured Faculty:Karen Anderson, Senior Compliance Advisor, Abandoned Property Services, LLC
- Streamline your company's unclaimed property policies and procedures
- Identify hidden unclaimed property obligations in your company
- Recognize unclaimed property audit red flags on your reports
- Prevent unclaimed property fraud in your company
- Successfully manage an unclaimed property audit
- The basics of unclaimed property compliance
- Which types of property must be reported
- Where and when unclaimed property should be reported and remitted
- How to make sense of the dormancy periods and when they should be applied
- Strategies to help you meet deadlines and extensions
- What formats and methods of delivery you can use to report and remit unclaimed property
- Penalties for non-compliance and late filing
- Procedures for data review, last contact mailings and internal due diligence
- Suggested practices if you company receives a state unclaimed property audit notice
- Best practices for minimizing unclaimed property liability
Karen Anderson has been involved in the unclaimed property compliance industry for over 20 years. As a member of the policy staff of a former Illinois Governor, Karen was assigned to guide policy and programs relating to state business regulation. For five (5) years, Ms. Anderson served as Illinois' Unclaimed Property Administrator and later served as the first Director of the National Association of Unclaimed Property Administrators (NAUPA). Anderson holds a law degree from Loyola University of Chicago.
Ms. Anderson services at the Treasurer on the Board of the Unclaimed Property Professionals Organization (UPPO) and is a member of UPPO’s Finance and Bylaws Committees. Karen is a member of the Securities Transfer Association (STA) unclaimed property committee and the NAUPA Uniformity and Standardization Committee. She frequently speaks at industry association conferences and writes articles for trade publications. Anderson holds a law degree from Loyola University of Chicago.