Delaware is currently offering an unclaimed property voluntary
disclosure program (VDA) through September 30, 2014. The
program is especially suited for companies that are incorporated or
organized in the state and have not filed unclaimed property
reports in the past. Companies that enter into the VDA can avoid
not only penalties and interest, but also the notoriously difficult
audits that are anticipated to increase dramatically starting
October 1.
Importance of Unclaimed Property
Unclaimed property is tangible or intangible personal property
in the possession, custody or control of any person
("holder") that is due and owing to another
("owner").1 After a period of inactivity
during which the holder has no contact with an owner (the
"dormancy period"), the holder must either (i) reunite
the property to the owner or (ii) report and remit the unclaimed
property to the applicable state. The property must either be
reported to the state of last known address of the
