The vendor is required to provide to multiple qualified, independent, unclaimed property audit firms for the provision of examining, identifying, recovering and otherwise reporting past due unclaimed property to the state.
- An audit may be proposed by either party to the other party.
- Identify past due unclaimed property by performing an audit of the financial records of the holder for unclaimed property.
- “Audit” means the examination of the financial records of a holder, wherein the contractor takes custody of the holder’s records, either on-site or off-site, and performs a physical examination, either electronically or by hard copy, of such records to determine whether the holder is in compliance with reporting and remitting of all unclaimed property to the state.
- After the audit is completed, the contractor shall provide to the state the unclaimed property report in proper format and shall direct the holder or its transfer agent to promptly transfer or otherwise deliver the unclaimed property to the state.
- Provide an audit procedures manual to be used for all audits performed on behalf of the state.
- 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 owners' addresses, out-of-proof records, and insufficient or unavailable records.
- Contract Period/Term: 5 years
- Questions/Inquires Deadline: June 20, 2025