Statement of Work
Gabriele-Vantage recommends a double statement of work approach to Unclaimed Property. The first to recover any and all funds due to company. The other to keep their company in complaince (escheatment) to avoid uncessary penalties and interest. Below are the statements of work for your review and submission. In many cases the recovery process can cover more than half the cost to complete the escheatment process.
Gabriele-Vantage understands unclaimed property reporting from the eyes of professional accountants and seasoned financial professionals rather than service providers that typically only understand the state reporting laws and have relationships with reporting services or looking to earn contingency revenue services only. We bring our professional ethics and complete general ledger analysis experience. Having a professional accountant involved provides a full solution.
Whether you need your internal team trained on unclaimed property compliance or seeking to outsource the unclaimed property and escheatment services, our dedicated compliance team and our Advisory Services Group are uniquely positioned to assist companies as they navigate the path to compliance with state and federal regulations.
Gabriele-Vantage Consulting acts in a partnership relationship with our clients as we go through the process of attaining unclaimed property compliance. We help to reduce compliance costs and turn compliance threats into business opportunities.
We offer a full services to our clients and help companies ensure full compliance with not only their respective state unclaimed property laws, but federal regulations.
Gabriele-Vantage Consulting never handles the clients funds. All funds are both dispersed and received by the client.
States are becoming more aggressive in their enforcement of compliance laws as it relates to unclaimed property and the escheatment process.
Unclaimed property audits conducted by states are more prevalent over the last three years as many states are trying to gain funding to assist in budgets requirements and low tax receipts.
It’s very important that companies conduct their unclaimed property reporting correctly and that they are in full compliance with all applicable regulations.
Many states have determined that only 15% to 35% of companies have fully achieved unclaimed property compliance, and even those who are in compliance technically may be under-reporting because they aren’t correctly interpreting what the state escheatment laws require.
Those found to be out of compliance are subject to significant penalties which typically is12% underreported liability, including interest.
Gabriele-Vantage understands the ramifications of an unclained property audit and the related penalties that go along with one. We leverage the expertise and experience of our staff to ensure unclaimed property compliance moving forward. By taking responsibility and establishing a sound unclaimed property reporting process, your organization will be better able to ensure it is capable of reducing liability, meeting reporting deadlines, and remaining compliant throughout the year which could save your company both resources and money in the long run.
Gabriele-Vantage is a leading unclaimed property service firm in the United States. The founders of Vantage have worked in every area of
Unclaimed Property from annual filings to providing holder advocate audit support to their clients in negotiating with the various states and jurisdictions.
Gabriele-Vantage prides itself at not only supporting their clients with state audits and filing but seeking Voluntary Disclosure Agreements (VDA) and assessing their clients ability to seek statutory exemptions for amounts that would otherwise be esheated incorrectly to the states.
Gabriele-Vantage will also provide best practices and policy and prodedure manuals to their clients in order to assure sustained compliance.
As most firm are more concerned with contngency fees on such engagements, Vantage is more concerned with educating their clients obsticles they face when seeking to become compliant with 50 states and other taxing jurisdicitons.
Gabriele-Vantage has a very simple process to determine their clients current and future exposure with the various states as follows:
1. Performed due diligence on current unclaimed property practices.
2. Obtain and analyze the unclaimed property data to determine the types of property and the related dormancy periods associated with the property types.
3. Determine which statutory exemptions the client qulaifies for according to property type.
4. Prepare preliminary filing data to confirm the total liability and escheatment savings related to identified statutory exemptions.
5. Provide client with a Best Practices Manual for future sustained compliance.
Unclaimed Property is not a insignificant matter for most companies; however, many consulting firms tend to over complicate the process in order to substantiate their fees. Due to Vantage's significant Sarbanes-Oxley experience, we view Unclaimed Property as a subset of Compliance and therefore design a sustained compliance model that not only provides our clients with the exemptions they qulaify for and provide the assurance that the recommneded compliance procedures provided will mitigate those risks associated with undisclosed liability exposure.