Nice job on getting your spring filing done! You deserve a
reward! Take the rest of the day off and make yourself a drink I like to call ‘Good
Escheat.’ 1-part orange pop, 1-part lemonade, 1-part rainbow sherbet. Mix it
together and enjoy! And remember, just as it takes multiple different items
that alone might be good to make one great drink, it takes multiple steps
throughout the year to result in a consistently successful filing process. It’s
not enough to think you have until fall to do this again.
Remaining compliant means looking at your current process to
make sure you are hitting all the compliance deadlines. This includes entering
records in a timely manner so that you are ready for due diligence letters,
getting them out in the appropriate timeframe for a given state, and then
filing enough in advance that you have time to get your payment in by the
deadline, and are therefore on time for each reporting period.
Also keep in mind that if you file reciprocally, the state
you file to will take time to process records and then send your records to the
property owner’s state. This may result in your report and payment being late
to that state, so filing directly to the state of the property owner’s last
known address is a best practice. Celebrate being done with your most recent
filing, but don’t wait too long to set yourself up for a great process year-round!
Author: Jennie Henderson
Account Manager
Labels: UP Compliance
