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JMS Advisory Group, LLC

JMS Advisory Group, LLC. Escheat & Unclaimed Property Discussion. James O. Santivañez Director. Douglas M. Halka Director. www.jmsadvisors.com. Attorneys, CPAs and Former State Agency Officials Experienced in Unclaimed Property Matters

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JMS Advisory Group, LLC

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  1. JMS Advisory Group, LLC Escheat & Unclaimed Property Discussion James O. Santivañez Director Douglas M. Halka Director www.jmsadvisors.com

  2. Attorneys, CPAs and Former State Agency Officials Experienced in Unclaimed Property Matters Specialists in Complex Company Reviews & Designing Internal Compliance Systems For Clients Client Advocates/No Conflicts of Interest Serving Primarily the Fortune and S&P 500 Unclaimed Property & Escheat Consulting Is All We Do Who We Are

  3. Voluntary Disclosure Quantification & Analysis Of Exposure Negotiation on Clients’ Behalf Audit Defense Defense Strategy Documentation Preparation Negotiation Annual Reporting & Compliance Outsourcing/Co-sourcing Report Review What We Do • Asset Recovery • Asset Identification • Claims Preparation • General Consulting • Policy & Procedure Development • Litigation Support • Planning • Gift Certificates/Cards

  4. Seems like a tax, but unclaimed property that must be turned over to a state is not a tax in any sense More of an “obligation” as opposed to a tax on income, property, or transactions However, states are clearly utilizing unclaimed property laws to generate revenue Terminology: Unclaimed/Abandoned Property; Escheat What is Unclaimed Property?

  5. States Are Looking For Revenue Audit & Legislative Activity Is Picking Up States Are Using Third Party Audit Firms Administrative Burden Shifting To Holders Uniformity Doesn’t Exist Little Guidance In The Area Current Environment

  6. Industry Specific Issues • Car Dealerships • Payroll , Vendor Payments, Workers’ Comp • Customer Deposits • “We owe” obligations • Use of Agents • Insurance • P&C Insurance • Life Insurance • Workers Comp

  7. Law Firms Trust & Escrow Funds Settlement Checks Construction Payroll Bond Postings/Deposits Manufacturing Payroll, Payables, Receivables, Inventory Management Industry Specific Issues

  8. Self-review: Controlled Liability/Exposure Analysis Receive Reporting Package From State Receive Compliance Letter From State Receive Audit Notice From State Proactive vs. Reactive Approach Scenarios & What to Do Next

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