In this current challenging economy it’s no wonder that state treasury agents are showing up at hospital finance departments to audit your organization’s records and compliance for reporting of unclaimed property. Enforcement has ramped up.
Uncashed payroll checks, AP checks to vendors, employee expense checks, outstanding credit balances, health insurance payments or refunds due patients, and patient overpayments are examples of unclaimed property.
“We’ve never filed an unclaimed property report,” a hospital controller. The liability to your organization can be significant. States around the country, struggling with major budget problems, have stepped up their efforts to identify and recover unclaimed property. What’s in it for the state? The state’s incentive is the interest and penalties generated from reportable unclaimed property to benefit the state’s general treasury.
Some states have even engaged third-party agents to conduct unclaimed property audits on a contingent fee basis.
Every state in the U.S., the District of Columbia, Puerto Rico, and the U.S. Virgin Islands have unclaimed property laws on the books and programs that actively find owners of lost and forgotten assets. Close to two billion dollars annually is returned to the rightful owners of the property, according to the National Association of Unclaimed Property Administrators.
If your organization has not been reporting and remitting all unclaimed property to your state, you may have a substantial liability.
Discover the current unclaimed property compliance landscape for hospitals and other healthcare organizations by listening to “State Audits For Unclaimed Property Law Compliance: Knowing and Managing the Risk Factors.” This webcast was originally held on September 23, 2010.
What You Will Learn
- An overview of the current unclaimed property compliance landscape; including reviewing sample redacted audit notices being sent to hospitals around the country
- An overview of the unclaimed property compliance function
- The rationale for unclaimed property from the perspective of the state, business/taxpayer, and potential owners
- The potential benefits of being compliant with your unclaimed property function
- An Analysis of the numerous risk factors which have changed the unclaimed property landscape (i.e. Why current enforcement efforts reflect unclaimed property is now a hot topic)
- How to Implement Best Practices for Compliance
- Question and
answer session
Listen in to this program with your key finance managers and team members for this comprehensive management briefing on the issues and how to avoid the risk factors associated with unclaimed property compliance.
Who Will Benefit?
CFOs, vice president of finance, controller, director finance, accounting manager, director of compliance, compliance auditor, financial operations manager, administrators and consultants.
Program Materials:
Your CD-Rom includes an audio recording, all ‘handout’ program materials including agenda, informational program slides, speakers’ biographies and contact information and any other program materials.
"Attend" this program right in your office or conference room and enjoy significant savings -- no travel time, hassle or hotel expenses. It's so convenient!
©2010
Health Resources Publishing