The Voluntary Compliance Program: "Complimentary" Initial Compliance

The Voluntary Compliance Program, which we administer, represents an initiative by 44 states and the District of Columbia to greatly simplify the reporting process, encouraging companies that have not previously reported (or reported comprehensively) to achieve compliance.  The Clearinghouse takes in all types of records and prepares unclaimed property reports conforming to the respective requirements of each state.  Following review by the company, the Clearinghouse collects and reconciles the unclaimed property.  Property is then disbursed, along with the state specified reports (which can be electronic or hard copy, depending upon the state).

In order to promote voluntary compliance, the states with which we contract pay all of our costs in preparing a company’s initial reports of abandoned property, so there would be no charge to the company.  In addition, we can also produce no-cost supplemental reports where a company previously failed to report all past-due property types, or report property to all states.

The states additionally promote voluntary compliance through granting relief from interest and penalties for late reporting.  Virtually all of the states contracting with the Clearinghouse will waive interest and penalties that might otherwise be due from companies that are late in filing, but agree to voluntarily come into compliance.

There are many benefits to voluntary compliance.  More than 12,000 corporate entities have worked with us to achieve compliance since our establishment in 1984.

Copyright 2006 ACS Unclaimed Property Clearinghouse, Inc. All rights reserved.