The Delaware Secretary of State’s Office recently sent out a new batch of “invitation letters” to companies inviting them to participate in the State’s unclaimed property Voluntary Disclosure Agreement (VDA) program. The letters are typically addressed to the company’s CFO. The state allows only 60 days for companies to respond to the invitation by requesting participation in the state’s VDA program. If no response is received, the companies may be subject to audit by the state. Typically, the state assigns all audits to third party audit firms. Often, these firms encourage their other client states to join the audit, resulting in a multi-state audit examination.
The New York Office of Unclaimed Funds has likewise been sending out letters to companies headquartered, incorporated, or doing business in New York. These letters generally ask questions about a company’s historical unclaimed property compliance and invite the company to participate in New York’s Unclaimed Property Voluntary Compliance Agreement program. Companies that do not respond to the letter may be identified for audit. Please contact Nina Renda at 973-912-6528 or Samantha Petersen at 303-382-7220 with unclaimed property questions.