With states increasing unclaimed property audits, a robust unclaimed property software with unparalleled support can make all the difference.
AND FSITRACK HAS YOU COVERED!
FSITrack is a complete unclaimed property reporting software package that enables you to manage and escheat your unclaimed property with ease. FSITrack is updated regularly to maintain compliance with the ever-changing state reporting requirements, ensuring that unclaimed property escheatment is done as the law prescribes.
Industry experts estimate that Americans abandon about $5 billion worth of unclaimed property each year. Governments require you to report most unclaimed property, including accounts payable checks, vendor checks, payroll and commission checks, along with abandoned checking and savings accounts, utility deposits and stock certificates. However, only a small percentage of organizations actually escheat their unclaimed property each year.
As states increase the frequency of unclaimed property audits, organizations need to examine their escheatment policies and procedures, and address any current or potential challenges getting in the way of compliance. FSITrack, our unclaimed property reporting software, along with our commitment to customer support, makes unclaimed property compliance easy. Challenges with maintaining abandoned property can range from state-specific due diligence requirements, changing dormancy periods, tracking down lost property owners, and knowing filing dates, just to name a few. Since holders are required to file with the state of the owner's last known address, a manual filing process can be exhausting for those with hundreds, if not thousands, of unclaimed property records.
If you are currently filing with a manual system or if you are dissatisfied with your current unclaimed property software, we recommend obtaining an all-in-one system to ensure time efficiency, simple due diligence, and state regulated functionality. FSITrack is an easy to use escheatment software that allows entities of all sizes to comprehensively track, manage, and report unclaimed property as mandated by the states.
At FSI, Inc., we continue to evolve and improve our products to align with our clients' needs and the ever-changing state escheat laws and accounting practices. FSITrack will benefit your business by providing a centralized console to view filing and reporting statuses, generate due diligence letters, customized reports, filing alerts, B2B exemptions, audit trails, task scheduler, email notification, and much more. Using FSITrack will translate to a significant savings in time and money and provide you with the peace of mind of knowing that your company is in compliance with unclaimed property regulations.
INCLUDED WITH PURCHASE
- Unlimited toll free technical support
- Installation and implementation
- Initial customized training and ongoing training as needed.
- FSITrack will allow the user to import records that have missing or partial data, such as a gift card with no owner, as long as the state required fields are there.
- With the click of a button you can search across multiple companies, holders, unique identifiers or any other search criteria you would like to specify.
- With FSITrack, every action or change to a property is logged (history item) and identified by the user who made the change.
- The user has the ability to add their own history items and all history items are searchable.
- FSITrack offers an unlimited amount of user defined fields.
- FSITrack offers an unlimited amount of user custom letters.
- FSITrack produces an electronic as well as a hard copy of all reports to be sent to the state and keeps an archived copy of these for later use.
- FSITrack keeps a copy of all system generated letters.
- FSITrack allows you to "undo" state property filings at any given time, so reports can be fixed in case of an error and regenerated.
- FSITrack has a calendar view that will forecast any given amount of time that the user specifies into the future.
- FSITrack allows for multi-level security for users. Any aspect of the system can be controlled by the administrator, who can allow or disallow all functions such as view, edit, and different company view and menu item access.
- All data is stored in house by client, and can be manipulated however the client would like, depending on their needs for network security.
- Calculates Colorado deductions.
- Calculates state payroll deductions.
- Gives the user the ability to add an unlimited amount of property statuses to better track their property as it goes through the escheatment process.
- Has a bar code feature which will place a bar code on a letter sent to an owner, and as letters come back, these letters can then be scanned and their statuses updated.
- Can print multiple pieces of property per owner on a single due diligence letter.
- Will do the state required encryption for NAUPA reports.
Client Machine Requirements—Each user accessing the FSITrack unclaimed property software will need the client installed on their workstation. Any Microsoft-supported operating system is supported with 1GB RAM and 100MB free disk space.
Application Server Requirements—An application server is recommended for five or more concurrent users. Use any Microsoft-supported Windows Server version with 2GB RAM and 100MB free disk space.
Database—System uses a database back end to store client data. This back end database can be attached to any Microsoft-supported SQL Server version. If you do not have access to a SQL server, the free SQL express engine can downloaded and installed from the FSI website. Approximately 1GB of storage is required for every 15,000 records.
Other—FSITrack is compatible with Citrix, Virtual Server and VMware.
As you embark on creating an unclaimed property program, one of the most important elements is simply knowing when to file. It would be so convenient if all states and territories required the same deadline (say, April 15th), but that is not the case. Further complicating matters is the fact that some jurisdictions require different filing dates for different property types. To top it off, states are free to change their policies at any time, as Tennessee just did, switching from a May to November filing date. Keeping all of this straight can be a headache, and filing at the wrong time gives governments the opportunity to assess penalties and interest.
The deadlines do follow some general patterns. A majority of states have filing dates at the end of October or the beginning of November. The states that require life insurance property to be filed separately generally set the deadline at the end of April or the first of May. Here are some notable exceptions:
- New York has nine separate deadlines depending on the business or property type.
- In California a business organization’s end of year may vary, but the report due date will always be June 15th, except for life insurance property, which is due December 15th.
Being familiar with the applicable dormancy periods is crucial for a successful unclaimed property program. A dormancy period is the length of time that you must hold a property before escheating it to the state, and it typically begins on the date that the funds were first payable. Of course every state has a different set of dormancy periods, and of course they are all subject to change.
The standard dormancy period is three years for most states, but over a third use a five-year standard. Certain property types often have longer or shorter dormancy periods. For example, government-related funds and utility deposits often have shorter periods, typically a year. The majority of states also use a one-year dormancy for payroll and commissions. Money orders and travelers checks almost always have longer dormancy periods.Continue Reading…
Credit Unions in Illinois may deduct dormancy charges and escheat fees under the new law effective August 23, 2019. Here’s the relevant section:
Unclaimed property; dormancy or escheat fee.
A credit union may deduct a dormancy charge or an escheat fee from property required to be paid or delivered to the administrator under the Revised Uniform Unclaimed Property Act, provided the amount of the deduction is consistent with the standards set forth in subsection (b) of Section 15-602 of that Act. In making the deduction, a credit union may allocate, classify, and record all or a portion of the deduction, as applicable, as the minimum share amount required to preserve the member’s status as a member of the credit union.
Go to the Illinois General Assembly site for the full text.