Unclaimed property is one of the highest sources of revenue in Delaware. The state actively enforces collection via its voluntary disclosure agreement (VDA) and audit programs.
Both programs require an intense examination following predetermined procedures and deadlines. Failure to comply precisely with the VDA or audit program may expose corporations to significant fines, interest and penalties, as well as material financial statement and reputational implications.
At Duff & Phelps, we are experts at guiding our clients though the complexity of Delaware unclaimed property compliance. Our unclaimed property professionals help companies proactively manage all of their unclaimed property activities in the most efficient and cost-effective manner.
Our clients achieve tremendous results in minimizing the impact in both time, resources and findings of the Delaware Unclaimed Property Voluntary Disclosure and Audit programs.
Key elements of our Delaware unclaimed property services include:
- Complete understanding of Delaware’s legal, regulatory and practical requirements
- Robust systems and data extraction experience
- Unclaimed property quantification, statistical estimation and remediation work plans that are accepted by Delaware
- Track record of success in negotiating on behalf our clients with the Delaware Secretary of State and Secretary of Finance to achieve highly favorable outcomes
- Proven policies and procedures to minimize future impact
- Fully outsourced prospective Delaware unclaimed property compliance services
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