A specialized and often overlooked aspect of hospital accounting, unclaimed property can lead to significant financial exposure that may compound over many years. When was your last unclaimed property checkup?
In 2015, states collected more than $7.7 billion in unclaimed property, and while not a “traditional” form of revenue in their budgets, the flexibility to use some of these funds for public works has increased states’ appetite for unclaimed property. Couple that revenue desire with third-party audit contractors who are often paid a percentage of the property collected, and you can quickly see why it is so important to get this right. With compliance required on a state-by-state basis and record retentions periods of 15 years or more, are you certain that your organizational risk in this area is being effectively managed?
This discussion will promote a deeper understanding of these requirements by examining effective unclaimed property management techniques and how leading organizations are not only complying, but benefiting.
As a result of viewing this on-demand webinar, you should be able to:
- Compare your organization's practices to industry best practices to determine risk associated with unclaimed property
- Recognize and effectively manage the challenges associated with compliance on a state-by-state basis
- Manage gaps in your team’s skills by identifying available resources to bridge the knowledge gap
Don’t ignore the warning signs as states get more aggressive in pursuing unclaimed property. When unclaimed property auditors come knocking, the demand for your staff’s time and the risks of penalties and interest are real.