Those unused prepaid gift cards and uncashed dividend and payroll checks can be liabilities to companies as revenue-hungry states look to cash in on the unclaimed property sitting on the books of companies
By Robert Rosenberg|April 01, 2007 at 08:00 PM
Thank you for sharing!
Your article was successfully shared with the contacts you provided.
Of all the potential reasons to be forced into a restatement of your financials or into a time-consuming audit, the innocuous liability of unclaimed property seems among the more lame. Yet, there it sits on the books of U.S. companies–$50 billion in such items as unreconciled customer credits, unclaimed accounts receivables, uncashed dividends or payroll checks and unused prepaid gift cards–essentially a ticking time bomb that revenue-hungry states on the prowl for new ways to balance their budgets without increasing taxes would love to detonate.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing. Once you are an ALM digital member, you’ll receive:
Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices,
case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
Exclusive discounts on ALM and Treasury & Risk events.
Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.