How Can RUPS Help  Your Company With Unclaimed Property Issues?

1.  Minimize Your Company's Unclaimed Property Exposure Under Audit:  RUPS will work with your staff to ensure a cost effective and accurate determination of your liability.  We will negotiate with the auditors to establish procedures for document and information requests and assessment methodology.  If you have limited or incomplete records, we will use tested and accepted statistical sampling and extrapolation techniques to identify and calculate the correct unclaimed property liability. 

RUPS will prepare all necessary audit schedules and substantiation, which may include sample error rates, researching necessary records to eliminate certain property from the assessment or using legitimate confirmation and other techniques to minimize your company's liability.

RUPS will control the auditors' access to confidential documents and records that are unnecessary to the auditors' determination.  Our services will also include a review of all information prior to submission to the state and negotiations on your behalf to resolve any open issues regarding the liability calculation.  We will also negotiate with the state regarding a closing agreement for the years under audit.

2.  Initiate Negotiations and Voluntary Disclosure Procedures with States:  With the increased aggressiveness of state and third-party auditors, your company will likely be contacted for audit in the near future.  In the interim, your company should make an effort to calculate and manage your potential exposure, as well as segregate documents and records necessary to support legitimate exclusions from liability.  RUPS has substantial experience in managing and assisting in this process.  Several alternative methodologies may also exist to eliminate past and minimize future exposure.

Several states will allow representatives of unclaimed property holders to submit information and reports anonymously through voluntary disclosure programs.  RUPS can help you determine if your company's participation in one of these programs would help to minimize your unclaimed property exposure.  We can also prepare returns for prior periods and negotiate compliance agreements with the various states, often resulting in the elimination of interest and penalties.

3.  Reduce Future Unclaimed Property Exposure By Developing Customized Policies and Procedures to fit your company's specific industry and business operating structure: RUPS will evaluate your accounting records and suggest appropriate modifications to ensure the proper classification of unclaimed property and the implementation of adequate record retention and substantiation policies.  We will also suggest procedures to coordinate internal audit requirements with the filing of multistate unclaimed property reports to ensure an accurate, efficient and comprehensive unclaimed property reporting and fund transfer plan tailored to your business. RUPS will help your company develop a long-term strategy to minimize your future unclaimed property exposure. 

4.  Manage Your Company's Unclaimed Property Compliance Process:  RUPS can relieve the burden of Unclaimed Property Compliance for your company in a cost-effective manner.  Our experienced professionals will create a year-round compliance schedule for your company's unclaimed property, create and mail due diligence letters, track due diligence responses, handle inquiries from potential owners, create replacement payment lists and compile your annual reports to be signed and filed in a timely manner each year.  We will handle all questions from states and potential true owners so that your company can invest its time and human resources elsewhere.