Escheat & Unclaimed Property Services

Managing unclaimed property and escheatment continues to challenge the energy industry. Companies often struggle with escheatment laws by state, due to the complexity of the regulations, which frequently change at the state level, making it difficult to stay compliant. The underlying records and data can also be disjointed, adding to the complexity. However, companies must meet all state escheatment rules, as the consequences of non-compliance can be significant.

Opportune offers extensive experience managing clients’ unclaimed property administration, reporting, and accounting, including analysis, due diligence, and payment across all 50 states. Our experts stay up to date on unclaimed property rules by state and maintain strong relationships with Unclaimed Property Administration departments. This expertise and our deep understanding of the energy industry allow us to provide unmatched service. Furthermore, our team has developed a proprietary application to ensure efficiency, compliance, and a clear audit trail.

Our Escheat & Unclaimed Property Services include:

• Holder Reporting Compliance: We assist clients in defining and maintaining policies and procedures for Unclaimed Property Administration, ensuring compliance with evolving state reporting standards. This includes continuously monitoring and interpreting state escheatment guidelines, providing guidance on risk mitigation, and addressing non-compliance issues on a state-by-state basis. We ensure that client processes consistently meet all regulatory requirements.
• Diligence & Analysis Support: We manage clients' escheatment compliance processes by analyzing suspense ledgers, classifying escheat property, performing owner and vendor due diligence, and processing escheated checks. This service focuses on the practical application of state regulations, including the review of penalty and interest requirements, to support the company’s internal escheat operations and prepare for reporting and remittance.
• Comprehensive Management: Clients can engage us for end-to-end escheatment and unclaimed property management on a recurring basis. Our team conducts thorough suspense analysis, completes detailed due diligence, prepares accurate unclaimed property reports, and coordinates effectively with state agencies. We provide comprehensive, end-to-end services to manage our clients' escheat processes or offer ad-hoc support at any stage of the unclaimed property reporting lifecycle, including defining and executing unclaimed property administration and escheat reporting processes.
• Innovative Solutions: Our Escheat Management application, built on the Salesforce platform, offers clients an efficient method for managing escheatment tracking and unclaimed property analysis. The application seamlessly integrates with existing client systems, ensuring comprehensive end-to-end escheatment processes and compliance with escheatment laws in Texas and all other U.S. states.

By leveraging our expertise and innovative escheatment solutions, Opportune helps energy companies navigate the complexities of state-specific escheatment laws, mitigate risks, and ensure full unclaimed property compliance.