The development of an unclaimed property policies and procedures manual is vital to all levels of an organization. From those who are responsible for day-to-day unclaimed property work to senior-level executives, this document plays a critical role in helping ensure compliance and a level of control.
Unclaimed property touches many different facets of a company such as uncashed payroll and accounts payable checks as well as accounts receivable credits. Consequently, all groups responsible for these functions need to contribute to the creation of this manual, as well as accept responsibilities to make certain that policies are properly being followed.
An unclaimed property policies and procedures manual serves multiple purposes. It establishes individual responsibilities and covers many different aspects of compliance from reporting to record retention. It is one of the first documents an auditor requests when a company is the target of an examination and is also one of Delaware’s initial requests as part of the state’s new VDA program.
These are some insights from a recent podcast with Eric Mauldin, a Senior Manager at SC&H Group, who spoke at the 2014 UPPO Holders Seminar in Atlanta last month on this topic.
Be sure to listen to the full podcast below.