UNCLAIMED PROPERTY
RISK ASSESSMENT
FOR FINANCIAL SERVICES ORGANIZATIONS
Complete this short unclaimed property risk questionnaire to help evaluate the escheatment posture of your financial services organization.
Completed forms can be submitted to Unclaimed Property Managing Director Danielle Spadavecchia at dspadav[email protected].
Name:
Company:
Job Title:
Phone:
Email:
1. Do you and your subsidiaries currently file or have filed
in the past unclaimed property (escheat) reports with any
state jurisdictions?
2. If your organization files unclaimed property reports, does the
company file consolidated?
3. Do you and your subsidiaries currently file or have filed in
the past unclaimed property (escheat) reports with any state
jurisdictions for $0 amounts (negative returns)?
4. Have any states sent you unclaimed property notices, or
informational letters (e.g., FL, IL, MI, NY, DE)?
5. Have you and your subsidiaries ever been contacted by any
state for an unclaimed property audit?
6. Are any of your legal entities formed or incorporated in DE
or FL?
7. Is your corporate record retention policy for banking records,
A/R records and general ledger records seven years or less?
8. Have you and your subsidiaries had a system conversion in
the past 10 years (e.g., Oracle to SAP)?
9. Do you and your subsidiaries reclass de minimis A/R credit
and debit amounts if under a certain dollar threshold (e.g.,
<$100)?
10. Has your organization acquired any legal entities or assets in
the last 10 years?
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11. Have you and your subsidiaries developed unclaimed property
policies and procedures?
12. Does your organization issue gift cards or gift certificates?
13. Have you and your subsidiaries ever participated in an
unclaimed property voluntary disclosure agreement
(VDA) program?
14. Does your organization track undeliverable mail?
15. Does your organization track client contact within
your system(s)?
16. Does your organization have customers that reside outside
the U.S.?
17. Does your organization currently link accounts for the
same owner?
18. Does your organization perform due diligence efforts to
attempt to establish contact with ‘lost’ owners?
19. Do you have any of the following property types?
Savings Accounts
Checking Accounts
Brokerage Accounts
Coverdell Education Accounts
Retirement Accounts
Gift Cards
CDs
Safe Deposit Boxes
YES NO
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At BDO, our purpose is helping people thrive, every day. Together, we are focused on delivering exceptional and sustainable outcomes — for our people, our clients and our communities. Across the
U.S., and in over 160 countries through our global organization, BDO professionals provide assurance, tax and advisory services for a diverse range of clients.
BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of
independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms. For more information please visit: www.bdo.com.
Material discussed is meant to provide general information and should not be acted on without professional advice tailored to your needs.
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SUBMIT FORM
