Per the AP&P2P Network Newsletter; August 2016; Issue 06; Page 3: “Unclaimed property (UP) laws require due diligence to contact the owner before escheating the property to the state”...


Q. (cont.) We do this; however, do we need to keep copies of the letter we send?  We keep a spreadsheet which we will update with a note: “Sent UP letter 8-4-16.” Is the note in the spreadsheet good enough for an audit, to prove we are trying to contact the vendor/individual? 

A. As you probably know, unclaimed property law and requirements vary from state to state. Some states like Ohio and Oregon have specific due diligence record retention requirements, though others are not as specific. Unless you know the specifics of the states with which you are dealing, it is best to retain copies of the letters. A good way to do this is electronically through scanning.

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