Unclaimed Property Blog-Survey Exposes False Sense of Confidence About Unclaimed Property Compliance

Duff & Phelps and the Financial Executives Research Foundation, the non-profit research affiliate of Financial Executives International, recently conducted a survey of senior executives on the issues of unclaimed property audits and voluntary disclosure programs (VDAs), including the State of Delaware’s new VDA program.

Based on the survey responses, Duff & Phelps hosted a webcast which analyzed and quantified the results, including what companies have experienced through past audits and VDAs, as well as the pros and cons of participating in programs such as Delaware’s new initiative. Some of the key findings in the survey were: 83.5% of the respondents indicated that they never participated in a voluntary disclosure program in any state; 68% of the respondents were not familiar with Delaware’s new VDA program; and finally, a significant number of the respondents believed that they were in compliance with the unclaimed property reporting rules, which contradicts state reported evidence that less than 5% of companies are in fact in compliance with the unclaimed property laws.

Click here to view the webcast replay.

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