Third-Party Management of Unclaimed or Abandoned Property and Checks Services

The Vendor is required to provide end-to-end management of the process of unclaimed or abandoned property and checks at each of its campuses comprised of university.
- Unclaimed Property Identification and Reporting:
•    Identification: Scanning and identifying potential unclaimed property items such as uncashed checks.
•    Reporting: Preparing and filing reports with state escheatment agencies according to each state’s specific requirements and deadlines.
- Data Management and Storage:
•    Maintaining a secure database to store information about unclaimed property, including owner details, asset descriptions, and reporting history.
•    Ensuring data integrity and confidentiality to comply with legal and regulatory standards.
- Compliance:
•    Ensure university is compliant on state-specific unclaimed property laws and regulations.
•    Assisting with audits and examinations by state escheatment agencies.
- Notification Services:
•    Sending notifications to potential claimants through various channels such as mail or email.
•    Managing responses and inquiries from claimants.
- Process Automation:
•    Implementing software solutions to automate the identification, reporting, and notification processes.
•    Reducing manual errors and improving efficiency.
- Training and Support:
•    Offering training sessions for internal staff on unclaimed property compliance best practices.
•    Providing ongoing support and resources to ensure continuous compliance.
- Audit and Examination Assistance:
•    Assisting with internal audits to identify and rectify compliance issues.
•    Representing the company during audits and examinations by state escheatment agencies.
- Workday Experience
•    university utilizes Workday as its ERP system and the Firm must have previous experience working with clients that utilize Workday to be able to efficiently manage university information and data