Responsibility for unclaimed property

March 28, 2022


Q.  I am wondering what is common best practice out there when it comes to which group owns the unclaimed property escheatment process. Currently, this responsibility lies within our General Ledger/Accounting department. This department owns the account reconciliation of the liability, so it also sends due diligence letters and escheats to the various states when needed. We are curious if escheatment should truly lie with this group, since the only link is the account reconciliation. All other…

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