Unclaimed Property Risk Management – Potential Relief in California & Beyond

When it comes to unclaimed property compliance and enforcement risk, few states present issues that are as worrisome to companies as those related to the State of California.  Longstanding policies that virtually guarantee the assessment of interest on property that is reported late, coupled with intra-agency cooperation that further exposes non-filing holders to potential enforcement actions, expose holders to real and immediate problems should they be in possession of property that should have been remitted to California in prior years.

Recently, the State introduced legislation that brings forward the possibility of relief in the form of a proposed voluntary compliance program.  The program would offer holders a potential opportunity to avoid late reporting interest, representing the first organized initiative to do so since the early 2000s.

This presentation will highlight California’s historical enforcement practices, how its deviation from more friendly practices generally employed by most states has discouraged compliance efforts, and how a formal “amnesty” opportunity may change the attitude toward reporting and remitting property to this very important jurisdiction.

The presenters will further highlight the benefits and risks offered by other similar voluntary reporting programs that are been available in other states for years.

Jim Sadik
Managing Director, Unclaimed Property Management Solutions Team, True Partners Consulting

James A. Sadik is a Managing Director for the Unclaimed Property Management Solutions Team of True Partners Consulting. Jim has extensive experience in all aspects of unclaimed property including the conducting of large scale general ledger multi-state audits, voluntary unclaimed securities compliance and reporting, and audit defense. Jim currently specializes in the defense of publicly traded companies who are subject to multistate unclaimed securities audits, audit defense of registered broker/dealers and banks, along with representing holders in a variety of industries including life and property/casualty insurance, retail, manufacturing, and energy exploration.

Steven Swaigenbaum
Managing Director, Unclaimed Property, True Partners Consulting

Steven Swaigenbaum is a Managing Director in the Unclaimed Property Practice of True Partners Consulting LLC. Steven has extensive experience in unclaimed property consulting, with expertise in managing and defending audits conducted by both third-party contract firms and states directly. Moreover, Steven has developed proficiencies in the performance of comprehensive diagnostic reviews, quantification analysis including the use of statistical sampling, exposure remediation and annual compliance reporting.

Becca Carifio
Membership & Certification Manager, IOFM

Becca Carifio joined the Institute of Finance and Management (IOFM) in 2015 and has been in her current role as the Membership & Certification Manager since 2018. She oversees IOFM’s digital product portfolio, which encompasses three tiers of SaaS Membership and a catalog of 20+ Certification programs and e-learning courses. She handles all aspects of the digital product lifecycle, from onboarding to renewal. In this role, she works closely with the IOFM community as well as IOFM’s internal partners to deliver an exceptional user experience. She is committed to connecting financial operations professionals with the resources they need to work with greater confidence and increased efficiency. Prior to her role with IOFM, Becca worked in editorial for both print and digital media. She graduated from Bates College with a B.A. in History.