Have You Thought About How Unclaimed Property May Be Impacting Your Bottom Line?
When you think about unclaimed property, you typically see it from the viewpoint of your obligation to report and remit unclaimed assets. You’re not wrong to look at it this way. These unresolved items must be escheated to the jurisdiction of the rightful party.
However, despite having escheated many assets, your organization is very likely overlooking the assets that are owed back to you. These assets can result in significant dollars.
CASE STUDIES
Partnering to Improve Internal Processes
Enhancing Financial Health through an Unclaimed Property Audit
SpendMend’s Asset Recovery Review Improves Efficiency And Profitability
SpendMend works on behalf of your organization to coordinate all aspects of identifying and recovering abandoned and unclaimed property (AUP) from federal, state, local, and municipal government agencies.
ANALYSIS
SpendMend performs complex and in-depth analysis to identify and recover lost assets.
COVERAGE
SpendMend leverages name variations for your facilities, divestitures,acquisitions, etc.
DATABASE
SpendMend utilizes a proprietary database, which includes data from hundreds of sources.
PROCESS
SpendMend manages all claim forms and approval procedures across every jurisdiction.
REPORTING
SpendMend provides ongoing status and savings reports to keep everyone updated.
What Are The Benefits Of Using SpendMend For An Asset Recovery Review?
• Easy to engage – minimal client involvement
• Eliminates financial risk with a gain share business model
• Improve cash flow and profitability immediately
• Identify gaps in your financial process
• Improve communication with business partners
DATA SHEET
Asset Recovery Overview
Why You Should Not Perform An Asset Recovery Review On Your Own
Although every major jurisdiction maintains an online search portal where owners can identify and reclaim assets, we do not suggest taking on such a project:
The process is too complex to accurately manage across over 50 jurisdictions
The project is time-consuming and requires mass communications efforts
Your efforts will likely lack the appropriate databases, experts, and technology
Working on their own, companies reclaim only 10% of available assets, on average
There’s a whopping $49 billion in unclaimed funds waiting to be claimed.
WHITE PAPER
The Risks of DIY Asset Recovery and Unclaimed Property Reviews
Working With SpendMend On An Asset Recovery Review
To get started, SpendMend requires minimal information; a list of all your subsidiary names including prior divestitures, acquisitions, and name changes. SpendMend will leverage a proprietary database to augment the data to create a complete list of potential DBAs associated with your system.