Summer is flying by and some children are returning to school already. Tis the season for due diligence letters! Most fall reporting states require you to send your letters out no later than September 2nd.
If you have not done so already, you’ll want to review your records and send out the required letters. Most states require a letter to be sent for any owner to whom you owe $50 or more. All states have their due diligence requirements available on their web sites. Check the individual state requirements to be sure you are in compliance.
States are stepping up their efforts to enforce due diligence. Many states now require an officer of your company to sign a section of the cover sheet that states you have done due diligence.
The good news is that many states allow you to apply deductions for mailing costs. Again, check each state’s requirements.
Author: Danielle Herring
Product Manager, UPExchange
Labels: Unclaimed Property
