Method, apparatus and computer program product for monitoring compliance in reporting unclaimed property

A method of monitoring compliance in reporting unclaimed property comprising:

• identifying a plurality of candidate entities that are considered to have a reporting obligation based upon a predefined criteria;
• and
• reviewing the candidate entities to determine if any candidate entity is a potential under-reporter based on a multilevel review comprising tests selected from the group consisting of:
• (i) a review to determine if a respective candidate entity has recently reported unclaimed property, (ii) a review to identify any gaps in the recent reporting of unclaimed property by the respective candidate entity, (iii) if the respective candidate entity is a publicly traded entity, a review to determine if unclaimed securities-related properties have been reported, (iv) a comparison of the unclaimed property of at least one predetermined general ledger account that has been reported by the respective candidate entity to a predefined threshold, (v) a review of the types of unclaimed property expected to be reported by the respective candidate entity, and (vi) a comparison of the reporting history of the respective candidate entity to one of the reporting history of another entity or an anticipated reporting of a model entity within the same industry as the respective candidate entity.

A computer program product for monitoring compliance in reporting unclaimed property, the computer program product comprising at least one computer-readable storage medium having computer-readable program code portions stored therein, the computer-readable program code portions comprising:

• a first executable portion capable of receiving information regarding entities that have reported unclaimed property during at least one prior reporting period;
• a second executable portion capable of identifying a plurality of candidate entities that are considered to have a reporting obligation based upon a predefined criteria;
• a third executable portion capable of comparing the candidate entities with those entities that have previously reported unclaimed property to identify any candidate entity that has not previously reported unclaimed property as a potential non-reporter;
• and
• a fourth executable portion capable of evaluating the candidate entities that previously reported unclaimed property to determine if the previous reports of unclaimed property satisfy predetermined conditions and, if not, to identify any such candidate entities as a potential under-reporter.

A computer program product for monitoring compliance in reporting unclaimed property, the computer program product comprising at least one computer-readable storage medium having computer-readable program code portions stored therein, the computer-readable program code portions comprising:

• a first executable portion capable of identifying a plurality of candidate entities that are considered to have a reporting obligation based upon a predefined criteria;
• and
• a second executable portion capable of reviewing the candidate entities to determine if any candidate entity is a potential under-reporter based on a multilevel review comprising tests selected from the group consisting of:
• (i) a review to determine if a respective candidate entity has recently reported unclaimed property, (ii) a review to identify any gaps in the recent reporting of unclaimed property by the respective candidate entity, (iii) if the respective candidate entity is a publicly traded entity, a review to determine if unclaimed securities-related properties have been reported, (iv) a comparison of the unclaimed property of at least one predetermined general ledger account that has been reported by the respective candidate entity to a predefined threshold, (v) a review of the types of unclaimed property expected to be reported by the respective candidate entity, and (vi) a comparison of the reporting history of the respective candidate entity to one of the reporting history of another entity or an anticipated reporting of a model entity within the same industry as the respective candidate entity.