Your Unclaimed Property is Our Priority

Unclaimed property compliance differs in every organization, depending on the industry, property types, geographic location and other factors. MarketSphere’s experts know states’ unclaimed property laws inside and out, so they can efficiently manage unclaimed property obligations and provide dependable, long-term compliance.

MarketSphere’s approach to outsourcing provides flexible service options, allowing clients to concentrate on more strategic areas of their business. These outsourcing services include:

• Managing unclaimed property data securely and effectively with unique, proprietary technology and consultative services.
• Navigating complex reporting rules for all states, applying correct statutory dormancy periods and reporting dates.
• Enhancing the customer experience with an array of easy-to-use response options for state-required due diligence campaigns.
• Analyzing records to uncover errors, duplications and exemptions.
• Reducing the administrative burden on internal staff resources with comprehensive unclaimed property reporting and filing services.
• Completing and submitting reports and payment for clients or providing prepared report packages for remittance.

Every unclaimed property holder must follow state guidelines requiring outreach to property owners aimed at reunification. The process is complex and resource-intensive for in-house staff. Keeping up with ever-changing legislation, maintaining meticulous records of last-known owner contact and managing many responses are daunting. Any deviation from state-mandated rules increases the organization’s risk of noncompliance.

MarketSphere’s proven, time-tested due diligence services fulfill state statutes and reduce the administrative burden by:

• Verifying of dormancy status of properties and owners to determine statutory due diligence.
• Preparing and sending due diligence letters in compliance with all state rules for letter format, content and timing.
• Managing owner responses and the ability to reissue checks.
• Representing clients professionally, with decades of experience managing customer interaction and, when possible, reactivation.

Understanding and correctly applying allowable reporting exemptions can be challenging. Unfortunately, companies often fail to take advantage of exemptions, resulting in higher escheatment amounts than necessary. MarketSphere’s proprietary exemption analysis tool and proven process have reduced the amount some clients escheat to the states, positively impacting their bottom line.

MarketSphere’s exemption analysis tool:

• Uncovers errors, duplications and exemptions that might be missed manually.
• Reduces the amount organizations are required to escheat.

Established businesses may raise audit red flags if they have never filed an unclaimed property report, have gaps in their reporting history, have underreported or excluded common industry property types, or have submitted incomplete or incorrect reports.

MarketSphere offers risk assessment solutions to:

• Reduce audit red flags before filing reports.
• Identify hidden pockets of liability proactively for remediation.
• Review unclaimed property types across all lines of business, including related legal entities, such as subsidiaries.
• Analyze liability, recommend strategies for becoming compliant and mitigate exposure.