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UPCS System Supports New Unclaimed Property Compliance Service

    Online News published in DMReview.com
December 28, 2005

Stout Causey Consulting has chosen Chesapeake's UPCS solution to manage the unclaimed property function for its clients.

As an international CPA and management consulting firm, Stout Causey was seeking a solution that would allow them to offer their clients one-stop outsourcing of the tracking, documentation and especially the regulatory compliance aspects of a wide range of unclaimed property. "We've been consulting in this area for some time, but our clients have increasingly requested that we not only make recommendations, but also assume responsibility for carrying them out," said D. Patrick Healy, senior manager for the National Unclaimed Property Compliance Division of Stout Causey Consulting. Implementing the Chesapeake solution will enable Stout Causey to perform state-mandated unclaimed property due diligence and regulatory reporting on behalf of its clients.

The biggest challenge in managing unclaimed property is ensuring that a company is in compliance with the complicated, disparate and ever-changing nature of the unclaimed property laws in the 54 reporting jurisdictions. Chesapeake's solution includes the latest reporting requirements for all states and also automates the required but time-consuming process of property owner searching, letter generation and follow-up.

Healy pointed out that companies are increasingly concerned about compliance because states are stepping up the targeting of unclaimed property - there are more than 100 types, including uncashed checks to employees, vendors, and stockholders, and unclaimed life insurance - in order to generate revenue. A survey by the National Association of Unclaimed Property Administrators showed a 44 percent increase in state collections between 2000 and 2003. At the same time, companies are understandably anxious to ensure that payments represent only actual unclaimed property and do not include amounts attributable to bookkeeping errors.

Stout Causey selected Chesapeake to provide the tool for their practice expansion because of Chesapeake's excellent reputation in the marketplace. "The system's ease of use and Chesapeake's top notch customer support were very important, since we're performing this work on behalf of clients, but the real deciding factor was the glowing reports we got from their references," said Healy.

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