Welcome to the HRP Press Room
Date: September 16, 2010
Contact: Robert Jenkins
State Audits for Unclaimed Property Law Compliance: Knowing and Managing the Risk Factors
60-Minute Audio Program Scheduled for Thursday,
September 23, 2010
from 1:30-2:30 pm EDT
-- September 16,
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.
Presenters:Join Marc Grossman, Jack Small, and Melanie McMaster of Dixon Hughes PLLC for an information-packed management-level audio-webcast on the issues that are taking some healthcare organizations by surprise. Discover how you can protect your organization against future non-compliance.
Discover the current unclaimed property compliance landscape for hospitals and other healthcare organizations during “State Audits For Unclaimed Property Law Compliance: Knowing and Managing the Risk Factors”, Thursday, September 23, 2010, 1:30-2:30 PM EDT.
Address: Health Resources Publishing, 1913 Atlantic Ave., Suite 200, Manasquan, NJ 08736; (732) 292-1100, www.healthresourcesonline.com