Accounts Payable Conferences & Seminars: Unclaimed Property Seminars
Fall 2008 Unclaimed Property Intensive Best Practice Seminars
When & Where: September 26, Los Angeles
Residence Inn by Marriott Beverly Hills
1177 South Beverly Drive, Los Angeles, CA 90035
310-228-4100 Room rate $229
October 3, Cincinnati
Cincinnati Marriott at RiverCenter
10 West RiverCenter Boulevard
1-800-266-6605 Room rate: $199
Cost: $495
To register click here.
It’s a little known fact: many states use funds remitted to them as unclaimed property to balance their budgets. Although required by law to remit unclaimed property—which can include uncashed checks, uncashed payroll checks, credit balances, excess inventory, inactive bank accounts and more—not everyone does. In fact, most experts estimate that only a third of those supposed to report and remit actually do so.
It should come as no surprise that states are having difficulty balancing their budgets and are becoming more aggressive in trying to track down every last cent. But what may shock some is that many states hire third-party auditors on a contingency basis to do the auditing for them. And these auditors don’t always get their leads from the states; some actually go digging on their own.
The fines can be stiff and the states can go back twenty years if they wish and assess your organization for the funds believed owed. Not to mention the Sarbanes-Oxley implications for public companies! This clearly is an issue that can no longer be ignored.
This one-day intensive seminar is designed to provide you with the information you need to protect your organization and:
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Ensure you remit only what you are absolutely obligated to remit;
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Minimize the amount you are obligated to remit;
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Employ best practices in your unclaimed property (also referred to as escheat) operations;
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Become compliant with current regulations in all states if you are not currently reporting and remitting;
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Implement the most recent rulings related to unclaimed property;
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Understand exactly what your obligations are under the unclaimed property statutes; and
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Help you get through an audit.
Who Should Attend
Controllers & CFOs
Unclaimed property compliance professionals
Accounting professionals
Accounts payable directors, managers, supervisors and professionals
Accountants
Anyone else with unclaimed property responsibilities
About our Distinguished Faculty
Tracey Reid, Esq. is the President of Reid Unclaimed Property Services (RUPS). Prior to this role, Ms. Reid served clients as a manager in the Big Four public accounting arena for several years concentrating on unclaimed property. Ms. Reid worked with a wide range of clients, from Fortune 100 corporations to sole proprietors, in the areas of federal, state and local taxation, as well as unclaimed property, assisting with business and individual tax planning, unclaimed property compliance, voluntary disclosures, and audit defense. Ms. Reid is a frequent and popular speaker across the country in the area of unclaimed property and is a member of both the Ohio Bar Association and the Florida Bar Association. Reid Unclaimed Property Services has been helping businesses of all sizes become compliant with state unclaimed property laws since 2002. Ms. Reid conducts unclaimed property compliance reviews designed to assess exposure, potential savings opportunities and compliance process improvements.
An Important Word about our Faculty
These are professionals whose mission is to help organizations just like yours with their unclaimed property issues. While they may have gained special insights based on past employment by one or more of the states, none currently do any work for any states; a critical requirement for participation in this event.
Agenda
8:00 Registration opens; Continental Breakfast with the Speakers
9:00 – 10:15 UP Basics: Best Practice Review/Refresher
This fast-paced session will provide the basics every organization needs to understand in order to report and remit correctly. Some of the issues to be addressed include:
* Why you need to pay attention to this issue;
* Your responsibilities under the unclaimed property statutes;
* The states’ rights to your unclaimed property; and
* The Texas v. New Jersey Decision and how it affects you.
10:15 – 10:30: Coffee break
10:30 – 11:30: The Gotcha Issues
Taking the prior session one step further, the speakers will investigate those issues that can trip organizations up. Some of these issues include:
- Mergers & acquisitions
- What to do when your industry is targeted by certain states
- SNAP audits
- Why you should say NO when an auditor offers to get you in compliance for FREE!
- Gift Cards
- Pros & cons of Sampling
11:30 – 12:30: Surviving an Unclaimed Property Audit
- Is the audit legitimate?
- Managing the flow of communication, “Loose lips sink ships”
- Estimating for periods with unavailable records
12:30 – 1:30: Lunch (included)
1:30 – 2:30: Getting in Compliance if You Are Not Currently Reporting
The speakers will walk you through the process of getting in compliance, if you are not already doing what you should be. It is not a matter of simply starting to report.
Audit yourself first—why self-audits are important
* Attorney-client privilege & work-product doctrine
* Amnesty/voluntary Disclosure programs
* Negotiation strategy for those currently not reporting
2:30 – 3: 30: Putting Together A Policy and Procedures Manual
The speaker will provide detailed instructions for you to use on your Sample Policy manual which you will receive as part of your admission. This will be e-mailed to you as a Word document after the event so you can customize it for your own operations.
3:30 — 4:00: Specific State Requirements
Since most mid-size and large organizations end up reporting to the state of Delaware, the speaker will address those specific requirements. In the Cincinnati session, she will also address Ohio requirements and in the California session she will take up that state's requirements.
4:00 – 4:15: Closing Round
The speaker will make some closing remarks and answer any remaining questions.
Added Bonus Material
In addition to the course material, which you will receive in a bound format, you will also receive:
To register click here.
 This program is eligible for six (6) CPE credits. Crystallus Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site: www.nasba.org
Work experience in accounts payable, accounting or related field, or an introductory course in accounting is a prerequisite for this intermediate level program. No advance preparation is needed. For more information regarding administrative policies such as refund, complaint and/or cancellation, please contact us at 302.836-0540.
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