Due Diligence, Annual Reporting and Remittance

States often require government agencies and businesses that hold abandoned and unclaimed property to perform a certain level of due diligence in an attempt to locate an owner before the funds are remitted to the state. As a result of McCulloh & Townsend’s contacts with G20 foreign government agencies, several multi conglomerate marketing firms on a global scale and its sophisticated system of proprietary search algorithms and data linking technology databases McCulloh & Townsend has been contracted by several U.S. government agencies and a broad range of corporations to locate owners of property within the United States and internationally.

McCulloh & Townsend can also handle annual reporting responsibilities by analyzing records and identifying items slated for escheatment and utilizing our proprietary software to complete the required reports in all states or territories where remittance is due. For states that require “negative” reporting (a statement by the holder verifying that no money is escheatable to that state), McCulloh & Townsend can complete and file those reports as well. Also, McCulloh & Townsend provides its clients the option of having McCulloh & Townsend create and sign state report cover sheets and remittances along with the filling of the cover sheets, remittances, and reporting directly with pertinent states. Obviously, these services expand to lower level government agencies, subsidiaries or affiliated organizations of a parent company that may also need to report.

Each year, McCulloh & Townsend arranges for the return of millions of dollars to its corporate clients. McCulloh & Townsend also routinely assists corporations in securing refunds of amounts that have been escheated to the states in error. Finally, working with strategic partners that have access to unpublished accounts, McCulloh & Townsend is able to deliver one-stop shopping for corporations seeking to obtain all funds due to them from public and non-public sources. These recoveries, which are obtained from hundreds of sources in addition to unclaimed property funds, can contribute to the corporation's bottom line. For companies interested in process improvement, they also assist in identifying opportunities to strengthen the accounts receivable and case management processes.

An additional benefit to working with McCulloh & Townsend is its ability to review the items your company has identified for escheatment in order to determine if there are any opportunities to correct reporting errors. In the past, McCulloh & Townsend has identified amounts in the millions of dollars for companies. While these results are not typical, the process provides tremendous benefits for all recoveries, regardless of the amount.

Recovery

Each year, McCulloh & Townsend arranges for the return of millions of dollars to its corporate clients. McCulloh & Townsend also routinely assists corporations in securing refunds of amounts that have been escheated to the states in error. Finally, working with strategic partners that have access to unpublished accounts, McCulloh & Townsend is able to deliver one-stop shopping for corporations seeking to obtain all funds due to them from public and non-public sources. These recoveries, which are obtained from hundreds of sources in addition to unclaimed property funds, can contribute to the corporation's bottom line. For companies interested in process improvement, they also assist in identifying opportunities to strengthen the accounts receivable and case management processes.

An additional benefit to working with McCulloh & Townsend is its ability to review the items your company has identified for escheatment in order to determine if there are any opportunities to correct reporting errors. In the past, McCulloh & Townsend has identified amounts in the millions of dollars for companies. While these results are not typical, the process provides tremendous benefits for all recoveries, regardless of the amount.

Government Agencies

At McCulloh & Townsend, we never lose sight of the principle supporting unclaimed or abandoned property efforts, and with our proprietary databases and services, we reunite more people with their property than any other firm in the nation. In fact we work hand in hand with the following government agencies in repatriating abandoned property to their rightful owners:

• Federal Deposit Insurance Corporation
• Department of Treasury
• IRS
• Securities and Exchange Commission
• Office of the State Comptroller (all states)
• All levels of Law Enforcement
• Executors

In addition we operate globally in delivering property in accordance with international law.

McCulloh & Townsend works to reunite owners with assets they have forgotten about or never knew they had, including:

• Stocks
• Mutual Funds
• Cash
• Insurance Proceeds
• Royalties

The nation's most comprehensive unclaimed property firm, McCulloh & Townsend provides expert compliance and consulting services, risk mitigation, and sophisticated owner location tools and outreach programs that always disclose the owner's assets.

Now more than ever companies must be vigilant when considering the course of action to take regarding lost, dormant or decedent accounts. McCulloh & Townsend provides your company with a proactive approach to maximize the results of your shareholder location efforts.

The Pre-Escheat Location Program, or PEL, has been designed to exceed SEC-mandated location searches and employs state-of-the-art search processes to identify and locate both decedent accounts and next of kin. Whether the account is large or small, dormant or lost, PEL will search, locate and activate the account while always providing full property disclosure.

State Relationships/Interest Abatement

Abandoned and unclaimed property is a small world, and McCulloh & Townsend has fostered a working relationship with many state unclaimed property administrators. This permits McCulloh & Townsend to negotiate with the appropriate personnel at each state for various reasons, including the filing of VDA's and seeking abatement of any interest or penalties that may be assessed for property not reported in previous years.

Audit Defense

States have increased their audit efforts to ensure compliance with unclaimed property laws and have become more aggressive in using tactics to challenge the accuracy of state reports. McCulloh & Townsend's clients can rest assured, however, that in the unfortunate event that they receive an audit notice from a state or third-party auditor, McCulloh & Townsend can provide support. Finally, in addition to answering questions or providing guidance, McCulloh & Townsend can also assess potential audit liability and can develop strategies to minimize exposure.