|
|
|
|
Time to Start Your Due Diligence
|
|---|
With due diligence season starting next month, is your company prepared to start sending letters to your vendors alerting them about uncashed checks?
This issue features information about your due diligence requirements and how you can avoid the hassle of turning over unclaimed property to the state.
|
| Patrick Harbin – Editor
|
|
|
|
Unclaimed Property Searches |
If you have suppliers holding onto uncashed checks, let them know that waiting to retrieve those funds after they have been reported to the state as unclaimed property could be expensive.
See Unclaimed Property: Spending Money to Claim Money on TAPC.
|
|
|
Due Diligence Letters |
The deadline to report unclaimed property in many states is Nov. 1, with many states requiring holders to perform due diligence between 120 and 60 days prior. This means due diligence letters should start going out in two weeks.*
Most states have rules about what goes in the due diligence letter. For example, California's requirements are among the toughest. Letters to California holders must include:
- The last activity date or a statement that there has been no customer activity for a prescribed period of time;
- Identifying number, etc. of the property;
- An indication that the property may escheat to the state; and
- An indication that California Law requires the holder to report and remit the property to the state.
For more, purchase The Accounts Payable Network audio conference recording, Managing Unclaimed Property Exposure, featuring Karen Anderson, former senior compliance advisor for Abandoned Property Services. Earns 2 CEUs.
Members of The Accounts Payable Network can download a free Due Diligence Letter Template.
|
|
|
Just for Fun! |
Frequent flyers know what it's like to reach for the reading light only to accidentally press the flight attendant call button. A simple innovation on new Boeing airplanes aims to make this mistake a thing of the past. See Boeing Rights a Wrong: The Flight Attendant Button.
|
|
