Unclaimed Property Audit Services

The Vendor is required to provide to enter into pay-for-performance contracts with qualified, independent unclaimed property audit firms to perform audits and examinations of firms doing business in the State.
- These audits are expected to include examining, identifying, recovering, and reporting past-due unclaimed property to the state.
- Assuming state elects to participate in the exam, audit the holder’s records.
- Following remediation and due diligence, prepare reports of reportable unclaimed property.
- Identify holders of unclaimed property that are subject to the state unclaimed property law and provide an analysis of the holder and potential escheatment issue.
- Collect and remit reportable unclaimed property to the department.
- The procedures manual shall include the specific procedures and methodology the contractor will employ to identify a holder’s unclaimed property liability.
- The audit procedures manual shall also specifically address how the contractor will manage the nonexistence of the owner’s addresses, out-of-proof records, and insufficient or unavailable records.
- Provide general information and assistance regarding the administration of unclaimed property programs.
- Identify holders or potential holders of property that is reportable to state.
- Audit the records of holders or potential holders to identify with specificity the unclaimed property that should be reported and delivered to the state.
- Advice holders that all property reported and remitted must conform to state reporting requirements.
- Prepare and submit to the state unclaimed property program reports of property in accordance with the requirements of the statute.
- Request holders and their agents to deliver to the contractor, or the contractor's custodian, property deemed owing; and
- Forward the property to state unclaimed property program or its designee