Unclaimed property staff augmentation
Project overview and objectives
When a $1B healthcare and medical testing company came to us, they were engaged for a state unclaimed property audit. After some self-analysis, their finance team identified over $9M in dormant property on their balance sheet—which was eligible for escheatment across all states. Realizing their internal team didn’t have the subject matter expertise or capacity to address the situation directly, they partnered with Clearsulting.
What we did
We started with research—documenting state-by-state regulations for unclaimed property, property types, dormancy periods, property codes, due diligence notification requirements, and reporting deadlines. Then, we:
- Consolidated all applicable property types into a master database
- Analyzed all transactions and property owners to determine next steps based on their state of physical residence
- Developed a roadmap for compliance, including all required steps and timing for each customer and transaction
- Drafted due diligence notifications and planned the required steps to return unclaimed funds, and engage or report appropriate balances to the states
Impact
After years of potential risk, the organization now had the playbook to achieve compliance with all property owners and individual states. They also:
- Will avoid potential penalties and interest (estimated up to 30%!) through negotiation into Voluntary Compliance Programs
- Documented procedures for ongoing compliance
- Renewed their commitment to timely reporting
Need supplemental support for your financial operations? See how our staff augmentation services are helping companies like yours, or take a deeper dive into our escheatment package.