What are Unclaimed Property Services?
Some organizations choose to delegate part or all of the compliance process to the unclaimed property experts at StoneRiver. Outsourcing allows you to predict and control costs, while providing convenient compliance.
What Services are Available?
You can license TRACKER software from StoneRiver to manage and report unclaimed property within your office. But if your staff is running lean, consider these attractive compliance services:
Business Process Outsourcing (BPO)
One option is to outsource the entire compliance process. This arrangement allows you to send your unclaimed property records directly to StoneRiver for professional management and reporting. StoneRiver will detect and eliminate duplicates records, validate your data, create the due diligence letters, preliminary reports, and final reports required for total compliance.
Application Outsourcing (AO)
Another alternative is to let StoneRiver host your TRACKER software at our data center. With this option, you will use TRACKER over the Internet, and eliminate the need to install and update it on your network. You’ll simply upload your unclaimed property records and perform TRACKER functions the same as you would locally. StoneRiver takes care of applying system enhancements, and makes sure that the state filing requirements are always current.
Even if you haven’t received an audit or examination notice, our unclaimed property (UP) advocacy services make good sense if your company has recently merged with or acquired another. We can assist with establishing new policies and procedures for unclaimed property or fine-tuning what you have to include best practices.
- Compliance reporting services
- Review of current or development / implementation of new internal UP programs, policies and procedures, controls and best practices
- Exposure quantification to assess current UP liability and perform exemption analysis and liability reduction
- Strategy development to approach U.S. jurisdictions for reporting including Voluntary Remittance Letter (VRL) and Voluntary Disclosure Agreement (VDA)
- Audit defense
- Project management
Unclaimed Property Consulting
The unclaimed property professionals at StoneRiver provide both technical and procedural guidance in streamlining your overall compliance process. Unclaimed property is typically scattered across the enterprise, and our team is highly skilled in helping you locate, extract, and consolidate it into one efficient database where it can be mastered and managed. We’ll also help you develop a straightforward set of procedures to achieve compliance through TRACKER software, or through StoneRiver Unclaimed Property Services (outsourcing).
What benefit will StoneRiver unclaimed property services provide?
Let StoneRiver help you avoid the costly pitfalls of non-compliance. As audit activity and enforcement for unclaimed property compliance continue to escalate, companies across the US are being assessed hefty fines. If you choose not to report, auditors can assess penalties up to $25,000 plus 25% of the value of the property and12% interest. See how simple compliance can be with StoneRiver services. Contact us for more information.