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Unclaimed Property & Escheatment Resources
A solid Unclaimed Property (Escheatment) Policy is essential for credit execs today, as states are increasingly seeking alternative methods to bridge their revenue gaps. We've compiled a series of articles, resources, and templates to help you put together an Unclaimed Property Policy customized for your company. To find specific templates to help you create an Unclaimed Property Policy, please click here to go to our Download area.
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When the Escheatment Hits the Fan
By Gary Van Domelen and John David Schrager
It is more important than ever to understand and comply with state escheatment laws. Beyond significant state penalties and the possibility of criminal enforcement of state laws and hefty external legal fees to comply with an unplanned audit, the arrival of the Sarbanes-Oxley Act has added federal ramifications. At its most basic level, escheatment is the legal term for the transfer of abandoned property to the state. Back in 14th century England, the crown would take over ownership and possession of property if there were no rightful heirs to recover it. In the United States, the purposes of escheatment laws are to create a process where property can be reunited with its rightful owner while at the same time . . .
keep reading
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Forum Question: We are writing credit balances off without notifying the customer. Is that a problem?
July 10, 2009
This question might have been asked some time ago, but I am a credit manager in the NY, NJ area and want to know if it is a crime to take credit balances from customer's accounts. Obviously these customer's are not aware of them or they would use them or ask for refunds. Some of these are substantial and are in the thousands, yeah believe it or not some customer's are clueless and their book keeping is terrible. The company I work for has a practice of writing these credit balances off without notifying the customer. What do you think? . . .
keep reading
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Forum Q: What Are Your Processes for Carrying Credit Memos on Terms (open) Which Are Aging Out 90+ Days?
April 3, 2009
Maybe we've visited this before, but here is my question: What are your processes for carrying credit memos on terms (open) which are aging out 90+ days? Do you have a 'write off' policy in place for credit memo's, 'use it or lose it' timeframe, or do you wait for the customer to dictate how to apply? How long do you wait? Do you age the cm's out along with your regular invoices, or are credit memos kept in a separate category on your aging? On COD accounts, what is your policy about credits that have not been used for 90+ days? If anyone knows the legalities surrounding adjusting off credits due to non use, I would appreciate input. . . .
keep reading
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Forum: Consultant for Unclaimed Property / Escheatment?
August 15, 2008
Can anyone recommend a consultant who specializes in unclaimed property (escheatment) compliance issues? We are particularly interested in locating someone with experience in Delaware and Virginia. Any recommendations will be greatly appreciated. . . .
keep reading
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Forum: Unclaimed Property (Escheatment) - Liability With Active or Dormant Customers?
July 16, 2008
I am looking for some clarification as to whether unclaimed property (escheatment) applies only to "inactive" or "dormant" customers who may happen to have a credit balance. We consider "inactive" as accounts with no activity during a period of 12 months or more. We obviously have hundreds of accounts that remain active that have open credits that exceed 1 year old. My question is, can open credits that have not yet been accounted for by "active" customers be considered as unclaimed property by the state? I have read some articles that have mentioned "dormant" as being a condition for exposure to escheatment. I imagine it is not that simple, but worth a try. . . .
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Forum Q: Escheatment Statutes
July 3, 2008
Looking for a list by state of the statute of limitations for when states can perform escheatment audits. In other words, how far back can they go? Also, if you file a protective report, does su . . .
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Forum: Offsetting Aged Credits with Aged Debits?
January 28, 2008
Would anyone care to share their policy for offsetting aged credits with aged debits for items on the same customer account? I have always invoked the "Right of Offset" privilege, even when the credit and debit are not associated, as long as both items were on the same account; but this practice has recently been challenged by an outside auditor. When pressed I was not able to find anything that actually outlined the right of offset. . . .
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Forum: Unclaimed Property / Escheat Audits
August 27, 2007
Has anyone ever been through an unclaimed property (aka escheat) audit? We have recently been contacted by a company called Kelmar that represents Delaware, Tennessee and Michigan in this regard. From what I can gather this is a very time consuming and exhaustive process. Kelmar has said a typical audit can last up to 2 years as apparently they go back as far as 1981! I'd appreciate very much discussing this with anyone who is currently or has in the past been the subject of this type of action. . . .
keep reading
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Forum: Unclaimed Property Audit
June 21, 2007
Has anyone ever been through an Unclaimed Property (formerly known as Escheat) audit? A number of states have advised us to begin preparing for one. From the research I've done it looks like it could be very labor intensive. . . .
keep reading
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Minimizing Your Company's Escheatment Exposure: Three Questions to Ask When Developing Procedures to Minimize Your Unclaimed Property Liabilities
By Karen Anderson
Is your credit department next? You may not realize it, but increasingly, A/R portfolios are the targets of "unclaimed property" audits by states seeking to find out if you have old, unused credit memos on the books. Recent news reports have detailed astonishing liabilities owed as a result of these audits. These increasingly likely audits should serve as a wake-up call for corporate credit professionals. While state unclaimed property officials and their third-party audit agents may have overlooked accounts receivable in the past, the money they can find in A/R portfolios has gotten their attention, and they are now actively pursuing customer credits as reportable unclaimed property. In addition, since customer credits have been a neglected item in the past, the liability for penalties and interest for failure to timely report and remit this property may be significant, as penalties and interest are most often calculated based on the time between when the funds should have been reported and when they are actually reported. . . .
keep reading
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This month's topic: Processing of Credit Applications
Click here to participate!
We're examining:
- What information is being captured on credit applications
- What additional information is being requested during the credit app process (such as personal guarantees, financial statements, resale certificates, etc.)
- What the primary challenges are relative to the processing of credit apps
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