Unclaimed property reporting and consulting
Leverage our expert knowledge, technology and software to stay compliant, reduce the risk of interest and penalties, and limit exposure to an audit.
At Altus, we are a trusted advisor helping individuals and businesses navigate the complexities of multi-state unclaimed property requirements across the United States.
Our unclaimed property reporting and consulting services removes the complexities of multi-state requirements, helping you avoid the hidden traps that can trigger material and hidden liability, along with penalties and accrued interest.
With experience in all industries and property types across the United States, we leverage our technology and expertise to provide increased compliance, reduction of audit risk and streamlined reporting to maximize recoveries.
Our unclaimed property services have reduced assessments by
$1.8M
in unclaimed property payable to the states
$1.1M
reduction in a state assessment of a past due liability
$6.5M
reduction of a past due unclaimed property liability
OUR SERVICES
Leverage our extensive market knowledge and local expertise
We are committed to giving you the knowledge you need to stay compliant with state unclaimed property requirements and provide you with peace of mind.
We will help you navigate the complexities of multi-state audits, voluntary disclosure programs and annual compliance.
Reporting services
Access our streamlined unclaimed property reporting services for efficient due diligence, state report generation, VDA preparation, comprehensive management reports, and risk reduction through our online response platform.
Consulting services
Benefit from our comprehensive audit assistance, Delaware VDA program management, multi-state compliance support, diagnostic reviews, tailored policies and procedures, and educational training seminars.
Asset recovery
Increase your recoveries with our streamlined asset recovery services, from data organization of all legal entity to claim filing, with responsive state inquiry handling and comprehensive management reporting.
Why Altus
Power your team with intuitive due diligence tools
Our Altus Response Management System and Client Liability Insight Portal provide efficient, accurate, and intuitive tools to forecast and schedule unclaimed property liabilities and manage the compliance and reporting process.
State compliance
Stay informed with changing state requirements, filings deadlines, due diligence requirements and dormancy periods.
Trusted partner
Leverage our technology and expertise to identify potential compliance exposure and manage risk every step of the way.
Record retention
Preserve historical unclaimed property filings and related records to ensure compliance with audit look-back periods.
FAQs
Frequently asked
What is unclaimed property?
All US states and territories, the district of Columbia and three Canadian Provinces have unclaimed property laws requiring companies to annually audit their books are records and report and remit to the states for safekeeping money that belongs to other companies and individuals.
While the stated purpose of these laws in to protect the owners of the money, and to prevent companies from unjust enrichment, the laws allow the states the beneficial use of these funds while they hold them, creating an incentive for states to enforce these laws vigorously.
Unclaimed property is money that has not been claimed by an "owner" for a specified time or “dormancy period”. Dormancy periods do vary by property type and state. After the dormancy period has run, the "holder" of the property must fulfill a final notification/due diligence requirement and remit the property to the appropriate state.
Where should unclaimed property be reported?
There are priority rules when it comes to reporting unclaimed property, established by the US Supreme Court.
The “first priority rule” is to report to the state of the owner’s last known address on the company’s books and records.
The “second priority rule” is to report to the holder’s state of incorporation if the owner’s address is unknown or foreign. Unknown address property is typically triggered by systems conversions, acquisitions, and record retention policies.
Nexus does not apply to unclaimed property. Holders have an obligation to report to every jurisdiction that applies based on the priority rules.
What are the types of unclaimed property?
Intangible property:
Uncashed checks: Vendor payments, Payroll, Royalties
A/R: Credit memos, Unapplied payments, Unidentified remittances
Gift certificates/Gift cards
Rebates/Refunds
Deposit/Investment Accounts
Utility deposits
Securities: Stocks & dividends
Tangible property:
Safe deposit box contents
Excess inventory (Delaware)
When should unclaimed property be reported?
One of the biggest unclaimed property compliance challenges faced by companies is lack of uniformity with the states. Dormancy periods, due diligence mailing requirements and filing formats and deadlines vary state by state.
