Sovos ETM: How to Handle Follow-up and Corrections for State Reports

It's late November. Your unclaimed property filings are complete. You're working on your ‘normal' duties, maybe daydreaming a little about the time you'll have off for Thanksgiving, when someone drops off a letter with a state seal on the envelope. You can feel your blood pressure rise. Why is the state contacting you now? What should you do?

First, take a deep breath. Do not panic. It may not be as bad as you think. It could be a very benign piece of correspondence. Many states, such as Indiana, send out receipts when they've received your payment. This is just a courtesy to provide you with the receipt for your records. That envelope you're staring at could contain something simple and informative. Do not be afraid to open it and face what is inside.

Open that envelope as if you are pulling off a stubborn Band-Aid. It's best to do it quickly without thinking about it too much. The worst thing you can do is let it sit there and ignore it. If there is an issue with your report, many states set a time limit for you to respond.

If you open the envelope and find that the state does indeed have an issue with your report, it is still important not to panic. Read through the letter very carefully to be sure you understand what is being asked of you. Did you use the wrong property code? Did you forget to provide dates on your records? Did you send the state records for owners who don't live in that state? Did you send a check with the CA Holder Notice report without realizing that payment should be held until June 2014?

If you do not fully understand what is being asked of you, pick up the phone and call the contact number given. You can't provide a corrected report and put this all behind you until you fully understand which corrections need to be made.

Once you understand what is wrong with the report you submitted, it is time to take immediate action. If it is something completely in your control to fix, make the necessary corrections. If you think the problem might have been caused by a defect in your unclaimed property reporting system, contact their support staff so you can work together toward a resolution. If you have delays in getting the corrected report out, stay in contact with the state to let them know you are working on it.

If you take immediate action and use your available resources, it will be no time at all until you're back to daydreaming about that time off, uh, I mean taking care of other business.