We have a UP compliance program, but we may be under- or over-reporting.

Issue: Regulations regarding property types, timeframes and reporting procedures vary from state to state. Because of the complexity of UP law, many companies significantly under-report their unclaimed property. At the same time, uncertainty leads some companies to over-report unclaimed property (often remitting exempt property not subject to escheatment and amounts generated by accounting errors that falsely give the appearance of unclaimed property). Either scenario can result in a P&L hit.

The SeaChange Value Proposition: SeaChange will analyze your company’s operations to identify all potential sources of unclaimed property and develop mitigation plans. SeaChange will also identify any erroneous UP amounts, quantify overpayments and file refund claims. SeaChange will then design and implement process improvements to right-size reporting and secure substantial ongoing savings.

Case study: A company was reporting certain exempt items as unclaimed property. Beth Stein, Managing Director of SeaChange, identified the error and secured refunds from key states. Result: The company recouped more than $3 million in over-reported amounts. Beth Stein trained company staff to ensure just-right compliance on a go-forward basis.

Find out more: Contact Beth Stein to discuss your specific situation.

" Unclaimed property is tangible or intangible property that your company has in its possession because the owner of the property cannot be located. Examples of an “owner” are: employees (current or former), customers, patients, insurance companies, other companies/vendors, stockholders, and bondholders, etc." 

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