Even some of the best-managed companies can find themselves liable
to the states for millions of dollars in abandoned property.

Does your company...

• Write off a substantial number of aged accounts receivable credit balances or operating checks or have a policy of writing off miscellaneous income?
• Employ a transient workforce
• Offer gift certificates or rebates
• Issue a large number of checks
• Exclude reportable property from its reports?

If you answered yes to any of these questions, you may have significant abandoned property exposure. If your company is holding abandoned property, it needs to be reported.

Has your company ever filed an abandoned property report? If not, why not?

Why is abandoned property a problem?
As they search for new revenue sources, states are enforcing laws requiring companies to turn over unclaimed assets more rigorously. Since the responsibility to report abandoned property rests on the holder, your company may be at risk for an audit. You may be contacted for an audit by a state, or by an outside contract auditor hired by the states.

A state audit could entail a review of the last twenty years of your company’s financial records, or the state could project the liability where records no longer exist. State audits often result in findings of millions of dollars in unclaimed assets, interest and penalties, which could profoundly affect your company’s bottom line.

Why would a state choose my company to be audited?

States routinely check for non-compliance with their abandoned property laws. It is projected that a majority of companies in the United States are not in full compliance with the various state laws.

Aged Credit Balances
Bond Redemptions
Cash or Stock Dividends
Certified Checks
Gift Certificates
Health or Accident Payments
Insurance Premiums and Claims Interest
Money Orders
Payroll Checks
Pension and Profit Sharing Plans
Royalties
Rebates
Refunds
Traveler’s Checks
Unexchanged Shares
Vendor Checks

Finance and Securities
    Banks
    Broker Dealer
    Credit Unions
    Mortgage
    Mutual Fund Companies
    Transfer Agents
Healthcare
Insurance
Manufacturing
Retail
Telecommunications

Abandoned Property Services is your resource for
unclaimed property compliance

How do I protect my company?
You can protect your company by being proactive. Although a state audit will examine the last twenty years of your financial records, if your company performs a voluntary disclosure, some states will only examine the last five years. So ignoring the problem and waiting for a state to raise the issue could be extremely expensive.

Can I solve my abandoned property problem in-house?

The laws are enormously complex

• Over 100 types of abandoned property
• Each state has its own set of schedules and filing requirements
• The process of accounting for endless years of abandoned property requires complex extraction methodologies
• Negotiating with state abandoned property departments requires knowledge and expertise.

An at-risk company needs a firm that specializes
in abandoned property audits:

• Understands compliance reporting requirements and voluntary disclosure negotiations
• Has a reputation for expertise and integrity
• Has longstanding business relationships with state administrators around the country

Review of Company Operations
– Determine types of abandoned property your company may be holding
–Understand the state laws that apply to your abandoned property issues
– Calculate your liability
Voluntary disclosure
Policy and procedures
Audit defense and management
– Negotiate with states to resolve audits or past due liabilities Report processing
– Perform due diligence
– Prepare and submit abandoned property reports to states accurately and timely

APS staff are recognized
leaders in the abandoned
property field

Experience
We have over 75 years of combined experience in the field.

• Most of our staff members have had experience at a Big 4 accounting firm.
• Our staff has managed abandoned property issues in a wide range of industries, including banking, insurance, manufacturing, retail and health care.
•Two of our professionals have served as officers and committee chairman of the National Association of Unclaimed Property Administrators (NAUPA), and have designed reporting systems for state abandoned property departments.

APS offers “Big 4” experience at boutique prices

Expertise
More than experience, APS offers wisdom

• We are experts in the intricacies of over 100 property types that are subject to reporting requirements, and know how to help you maneuver through these very complex issues.
• We also are very concerned about our clients’ exposure to public scrutiny of confidential information. That is why we strongly recommend that council for your firm be directly involved in managing and overseeing an audit or an initial reporting effort.

Efficiency
All this experience and expertise comes at a price far lower than a Big 4 firm would charge. Since we focus solely on abandoned property issues, we’re better organized and have much lower overhead than our major competitors.

Our experience, expertise and efficiency all boil down to one fact—we have 100% customer satisfaction.

To learn more about Abandoned Property Services LLC e-mail us or call: (212) 594-1034 (ext. 227)

APS staff are recognized leaders in the abandoned property field

APS staff are recognized
leaders in the abandoned
property field