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UNCLAIMED PROPERTY FOCUS is a blog written by and for UPPO members, featuring diverse perspectives and insights from unclaimed property practitioners across the U.S. and Canada. We welcome your submissions to Unclaimed Property Focus. Please contact Tim Dressen via tim@uppo.org with any questions about submitting a blog post for consideration and refer to our editorial guidelines when writing your blog post. Disclaimer: Information and/or comments to this blog is not intended as a substitute for legal advice on compliance or reporting requirements.

 

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Meet UPPO’s 2017/2018 President

Posted By Administration, Sunday, April 9, 2017
Updated: Sunday, April 9, 2017

Carla McGlynn has a habit of saying “yes” a lot. That tendency has propelled her career, kept her involved in numerous community organizations and led to her recent induction as UPPO’s 2017/2018 president.

 

“I can’t say no,” she says. “When it comes to something I really enjoy or feel passionate about, I just don’t say no.”

 

That philosophy has proven beneficial. Following college, McGlynn began her career with Tiffany & Co., working in the Internal Audit Group. In order to create an internal audit manual, her job rotated through the company’s various financial departments—accounts receivable, cost accounting, payroll and tax. She developed an interest in tax and the company saw her potential in that area, so that’s where she stayed. When the company suggested she pursue a master’s degree in tax, she said yes.

 

During her post-graduate studies, McGlynn was offered a job by her state & local tax professor who worked for Deloitte. Again, she said yes. While at Deloitte, none at the firm handled unclaimed property consulting for clients yet, but the need was becoming apparent. When members of the tax team were asked if anyone had any unclaimed property experience, McGlynn raised her hand, as she had gained some knowledge of it during her work at Tiffany & Co. One of Deloitte’s partners asked her to develop and lead  the firm’s unclaimed property practice in the New York tri-state area.

 

“They had a vision, saw an opportunity and felt I could handle it, so I did,” she says. “It came at a time early in my career. Normally you’re not given that opportunity as a senior staff in a major firm. I am so grateful they gave me the opportunity.”

 

In 2001, McGlynn moved to Ernst & Young, where she worked until they disbanded  the unclaimed property practice in 2004. After working at a specialty consulting firm, Abandoned Property Services LLC (APS), for six years, she formed Unclaimed Property Consulting & Reporting LLC, and joined by other talented unclaimed property professionals, they have been helping the holder community since 2010.

 

“I love working with companies that don’t have an unclaimed property process, helping them establish one and then seeing management recognize the need to hire a person or two to focus on unclaimed property compliance going forward,” she says. “Being involved in a company adding positions to focus on compliance and maintain compliance is very rewarding.”

 

Shortly after moving to APS, McGlynn began her involvement with UPPO. At the 2006 annual conference, recognizing how important the event’s education was to unclaimed property professionals, she volunteered to become a member of the Professional Development Committee. She eventually chaired the committee and oversaw the organization’s annual conference and holder seminars for three years, developing the agenda and content, finding speakers and organizing the events.

 

It didn’t take long for fellow UPPO members to encourage her to run for the UPPO Board of Directors. It’s no surprise that she again said yes. She campaigned for and became secretary for two terms and then repeated the process to become second vice president, progressing through the officer chairs of first vice president in 2016 and president this year.

 

McGlynn’s presidency comes during an exciting time for the unclaimed property community and UPPO. She is excited to continue growing the association’s education and professional development program, working toward an expansion of the certification program. Membership growth is another major initiative. Bringing more people into UPPO gives the organization a greater ability to develop more educational programs and gives our advocacy efforts a louder voice. In fact, McGlynn sees advocacy as UPPO’s most exciting initiative during her term.  

 

“Many states are making changes to their unclaimed property laws to make them more relevant to the current times and today’s technology,” she says. “Having a really big voice on behalf of our holder community as the states make those changes is so beneficial. As soon as states begin talking about enacting something affecting holders, the Government Relations and Advocacy Committee is immediately involved to give the holder community a voice. That makes a huge impact.”

 

With UPPO playing such an important role in the professional lives of members, McGlynn is honored to serve as its president this year.

 

“UPPO has been a huge influence in my development as an unclaimed property professional,” she says. “I am thankful for this opportunity to give back to UPPO and you, the members of this outstanding organization.”

 

When she’s not focusing on unclaimed property, McGlynn is still driven by her habit of saying yes. She volunteers for the Berkley Heights Education Foundation, which raises funds to provide educational programs and technology to the six schools in her New Jersey community. She also currently serves as vice president of the parent-teacher organization at the high school attended by her two daughters, and is Eucharistic minister coordinator at her church.

 

So, what drives McGlynn’s heavy involvement in her profession and her community?

 

“I am a first-generation American citizen,” she says. “I came here when my parents emigrated from Portugal in the 1970s and have taken advantage of every opportunity America offers. I am the first member of my family to get a college degree and post-graduate degree. Everything I receive, I try to give back in any way I can.”

 

 

Tags:  unclaimed property 

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UPPO Asks: How Do You Train Someone New to Unclaimed Property?

Posted By Administration, Friday, March 17, 2017

Periodically, UPPO asks members to respond to a question, sharing their ideas, insights, and experience. The recurring UPPO Asks feature is a compilation of their responses.

 

We recently asked several members: How do you train someone new to unclaimed property? 

 

“We basically walk through the overall process with the employee and familiarize them with the software that we use for compliance. The first year, the process is handled with me as manager, and each time a task comes up, I will share with the employee. The next time another state becomes due, I will allow the employee to process the task on their own, but I always check the work before any mailings or filings have occurred. Once we get to the October filing states, I will relieve the employee of most of the other job duties to allow for the large volume. As states are completed, I will check the work again for accuracy and go through any corrections with the employee. Since I am the manager of the department, I will contact the CFO to sign all the required reports and obtain the notary acknowledgement, and pass back to the employee to complete the mailing.

 

“Then, we relax for a couple of months and start all over again! The second year, I place more responsibility on the employee to complete the tasks, but I always check the work before any reports are released or filed.”—Sherri Moll, unclaimed property manager, CountryMark

 

 

“Over the years, I have developed a comprehensive training guide for new staff that encompasses three areas of knowledge: background of unclaimed property laws, the services we offer clients and value added, and technical skills required of the position. Being a service provider, I believe the depth of training is much more involved, as practitioners require a greater understanding of the nuances involved across industries. I also encourage unclaimed property case studies and schedule a follow-up training shortly thereafter (two to four weeks) and recap the highlights discussed. As with anything, repetition is key.”—Christopher Jensen, director of abandoned and unclaimed property compliance, Ryan

 

 

“Our Unclaimed Property department is actually split into two: the Daily group and the Compliance group. The Daily group processes customer requested refunds and auto refunds in a proactive attempt to keep records clean and prevent unclaimed property. Our Compliance group handles state reporting. Training is slightly different for each group. 

“The Daily group is given an overview on our accounts receivable, cash applications and credit department processes. The group is trained on the transaction codes they will see in the system and how to handle a credit based on the customer's overall account. They are provided with criteria that credits need to meet for processing an auto refund and criteria that customer requested refunds also need to meet. They are given a high-level explanation of the compliance processes. 

“The compliance group is trained on the transaction codes they see in customers AR history in the system and how to handle a credit based on the customer's overall account. The group has a template that is used for all state reports to ensure the detail is consistent, researchable and accurate. The template also assists with accounting comparisons and tracking all other property types that fall into unclaimed property dormancy. The compliance analysts attend webinars to stay up to date with best practices and the ever-changing legislation. 

“Both sides of our UP department have SOPs and checklists to reference as they go through processes and procedures. These are updated regularly.”—Tiffany Kevek, unclaimed property supervisor, Uline

 

Now it’s your turn. How to you train some new to unclaimed property? Add a comment to this post to share your response.

 

Tags:  training  unclaimed property  UPPO Asks 

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2017 Spring Reporting Checklist

Posted By Administration, Tuesday, March 14, 2017

Spring reporting season is again upon us. Eleven states require holders to file reports between March 1 and July 1. Following are reporting deadlines for these states, along with helpful links. This list is not exclusive to a specific holder industry, so please check the states’ websites for information on industry-specific reporting information and deadlines. 

 

California 
Report due: Life insurance companies are required to file a Holder Notice Report by April 30, 2017; all other holders are required to submit a Holder Remit Report between June 1-15, 2017 
Extensions: Extensions may be
requested no later than 30 days before the due date.

Contact: updholderoutreach@sco.ca.gov or (916) 464-6284 
California holder resources.

Connecticut 
Report due: March 31, 2017
Extensions: Extensions may be 
requested.


Contact: Maria Greenslade:
maria.greenslade@ct.gov or (860) 702-3125
Connecticut holder resources


Delaware
Report due: March 1, 2017
Extensions: Extensions may be 
requested.


Contact: 
escheat.holderquestions@state.de.us or (302) 577-8220
Delaware holder resources.


Florida 
Report due: May 1, 2017
Extensions: Extensions may be 
requested by April 30


Contact: 
EReporting@MyFloridaCFO.com, (850) 413-5522
Florida holder resources.


Illinois 
Report due: May 1, 2017 
Extensions: Extensions may be 
requested and must be submitted in early April. 


Contact: 
Email form, (217) 785-6998
Illinois holder resources.

 

Michigan

Report due: July 1, 2017

Extensions: Extensions may be requested.

 

Contact: TreasUPDReporting@michigan.gov or (517) 636-6940

Michigan holder resources.

 

New York 
Report due: March 10, 2017 
Extensions: Extensions may be 
requested 30 days prior to the report deadline. 

Contact: NYSRPU@osc.state.ny.us or (800) 221-9311
New York holder resources.


Pennsylvania 
Report due: April 15, 2017
Extensions: Extensions may be
requested.  

Contact: report@patreasury.gov or (800) 379-3999
Pennsylvania holder resources

Tennessee
Report due: May 1, 2017 
Extensions: Extensions may be
requested by May 1.

Contact: ucp.holders@tn.gov or (615) 253-5362
Tennessee holder resources

Texas

Report due: July 1, 2017

Extensions: Does not accept extension requests.

 

Contact: up.holders@cpa.texas.gov or (800) 321-2274, ext. 66246

Texas holder resources.

 

Vermont 
Report due: May 1, 2017 
Extensions: Extension requests may be submitted to the Unclaimed Property Division of the State of Vermont Office of the Treasurer. Describe the circumstance(s) for the delay and indicate the anticipated report delivery date.


Contact:
tre.upcompliance@vermont.gov or (802) 828-2407
Vermont holder resources.


For detailed information about reporting deadlines, dormancy periods, due diligence requirements, exemptions and deductions, electronic filing and much more, UPPO members can refer to the
Jurisdiction Resource Guide.

 

 

Tags:  spring reporting  unclaimed property 

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Attending the UPPO Annual Conference? Explore Austin

Posted By Administration, Thursday, March 9, 2017

In addition to unmatched educational and networking opportunities, the 2017 UPPO Annual Conference presents a chance for attendees to take advantage of a great location, Austin, Texas. Best known for its diverse music scene, Austin offers visitors a multitude of sightseeing, dining, shopping and entertainment options. Following are several of Austin’s many worthwhile destinations to consider while in town.

 

Entertainment

A trip to Austin would not be complete without live music. The city boasts dozens of music venues and one of the best local scenes anywhere. A few of the most popular live music bars and clubs are:

 

Restaurants

Dining options abound in Austin, so it shouldn’t have a difficult time finding something to please even the most refined tastes. Popular choices for Mexican food include La Condesa and Torchy’s Tacos. If you’re craving great barbeque, try La Barbecue or Stubbs Bar-B-Q. You’ll find upscale Thai and Chinese cuisine at Sway Thai and Wu Chow, respectively. And if you’re seeking dining options as quirky as Austin itself, check out Hillside Farmacy, a former pharmacy, or Launderette, a former laundromat.

 

Attractions

The Texas Capitol building is one of the most iconic statehouses in the nation. Located less than a mile from the UPPO conference site, the 128-year-old capitol is open to the public and features free guided and self-guided tours.

 

Presidential history buffs can explore the Lyndon Baines Johnson Library and Museum, which features exhibits, events and information dedicated to the life and political career of the 36th U.S. president.

 

Visitors who are interested in taking in some art while in Austin will love the city’s many galleries and museums, including:

  • Blanton Museum of Art, featuring nearly 18,00 works of art, including European paintings, prints and drawing, and American and Latin American contemporary art
  • Mexic-Arte Museum, dedicated to the work of Mexican and Latino artists
  • Yard Dog, a gallery showcasing eclectic pop art and folk art from around the world, including several artists who are also well-known musicians
  • HOPE Outdoor Gallery, a community art park also known as Graffiti Park, featuring the work of street artists and muralists

 

Whether you’re interested in getting some exercise or simply enjoying the outdoors, Lady Bird Lake Hike-and-Bike Trail offers a 10-mile of biking, jogging and walking trail and boardwalk. Its location in downtown Austin provides visitors with a nature getaway in the midst of a bustling city.

 

Shops

Austin is filled with unique, independent retail shops for every taste, some of them unlike anything you’ll find at home. A self-described “emporium of transcendent junk,” Uncommon Objects brings together two dozen antique sellers offering vintage books, jewelry, art, collectables and assorted oddities.

 

If you miss the days of flipping through albums rather than downloading mp3s, Austin has you covered. Waterloo Records, Breakaway Records and End of an Era are a few of the city’s most popular independent record stores.

 

Looking for designer fashions? Try Kick Pleat, Olive and By George. If vintage is more your style, Feathers Boutique, Blue Velvet or Charm School Vintage. Or, if you live by the old adage, “When in Rome, do as the Romans do,” head to Allens Boots and Callahan’s General Store will meet your western wear needs.

 

Explore

Austin has a lot to offer. If you really want to go get a feel for the city, start by exploring the shopping and entertainment districts surrounding the JW Marriott Austin, the UPPO Annual Conference location:

  • 2nd Street District, featuring shops and restaurants
  • Warehouse District, home to some of the city’s best music venues and dining options
  • Sixth Street, reflecting the eclectic vibe for which Austin is known, including entertainment venues, dining and bars to meet most tastes

 

Enjoy your time in Austin!

 

 

Tags:  UPPO annual conference 

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Japan enacts new unclaimed property program

Posted By Administration, Thursday, March 2, 2017

In December, the Japanese parliament passed unclaimed property legislation aimed at funding organizations working on the nation’s social problems. The new law, which will be implemented over the next 18 months, will channel funds from bank accounts that have been dormant for 10 years or more to a new entity, the Deposit Insurance Corp. of Japan, charged with distributing the funds to nonprofits, according to The Japan Times.

 

Under the new law, banks are required to send a notice to an account owner if the account balance is ¥10,000 or more and nine years have passed since the last withdrawal from or deposit into an account. If the account owner fails to respond, make a withdrawal or deposit additional funds within one year, the account will be considered dormant. Accounts below the ¥10,000 threshold without the same types of activity will be considered dormant after 10 years, but no due diligence procedures will be required, according to another Japan Times article.

 

Lawmakers in Japan estimate that the new law will result in ¥50 billion to ¥60 billion (approximately $440 million to $525 million) in annual funding for the nation’s nonprofit organizations, according to The Wall Street Journal (WSJ). Religious and political organizations will be prohibited from applying for the funds.

 

Property owners will retain the ability to recover their dormant funds even after they are transferred to the Deposit Insurance Corp. Previously, banks were permitted to retain unclaimed funds as profit, WSJ reports.

 

While nonprofits are understandably pleased with the new law, it is not without critics. Some opponents question the new funding organization’s transparency and ability to prevent misuse of the funds. The law calls on Japan’s Cabinet Office to oversee the Deposit Insurance Corp., which is also charged with developing policies for use of the funds. According to a South China Morning Post article written when similar legislation was consideration in 2014, concerns about the proper use of funds are fueled by previous social programs. Following 2011 natural disasters, large sums intended for earthquake and tsunami relief reportedly were channeled to unrelated projects.

 

Japan is not the first country to implement an unclaimed property program designed to fund projects benefiting the society. The United Kingdom, for example, enacted the Dormant Bank and Building Society Accounts Act of 2008 with similar goals.

 

 

Tags:  Japan  unclaimed property 

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