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Press Kit Send interview requests to: Emily Lee P: 763-253-4345E: emily@ Table of contentsI. About the Unclaimed Property Professionals Organization (UPPO) II. Unclaimed Property Backgrounder III. Unclaimed Property at a Glance [info graphic]IV. Unclaimed Property Terms V. Subject-matter expert’s biographyi. Dana Terry, president, UPPO VI. UPPO Lunch ‘n Learn program description Images found on presskit i. Headshots of subject-matter expertii. UPPO logo iii. UPPO Lunch ‘n Learn logo iv. Unclaimed Property at a Glance [info graphic] Unclaimed Property Professionals Organization Fact SheetMissionThe Unclaimed Property Professionals Organization (UPPO) is the only nonprofit membership group dedicated to holders of unclaimed property and the service providers who help make holders’ jobs easier. History A group of unclaimed property holders saw the need for an organization that in its primary mission would articulate holders’ needs. In 1992, the Unclaimed Property Holders Liaison Council (UPHLC) was formed.The UPHLC changed its name to the Unclaimed Property Professionals Organization and is commonly referred to as UPPO. MembershipMembership is available to legal entities that are holders of unclaimed property and the service providers that serve the unclaimed property industry within Canada and the U.S. Currently the organization represents over 350 organizations and approximately 1,000 individuals. Members are offered: a voice in unclaimed property reform, regulatory and legislative briefing emails, private online forums, free quarterly webinars, compliance tools, and discounts to networking and educational events. LeadershipUPPO is led by an elected board of directors, comprised of 10 UPPO members. Individuals elected to the board of directors are respected among the profession as leaders and seasoned professionals. Dana Terry, senior regulatory compliance analyst, currently holds the position of UPPO president. The vision, mission and objectives of the organization set by the board of directors are carried out by the volunteer committees and staff people. Toni Nuernberg is the executive director of UPPO. More InformationFor more information about unclaimed property compliance visit or follow UPPO on Twitter at @UPPOFocus. Unclaimed property backgrounderWhat is unclaimed property? Unclaimed property is defined as tangible and intangible property that has been unclaimed for a statutorily defined amount of time. It can take many forms, like uncashed payroll checks, life insurance policies, mineral royalties, securities, safe deposit box contents, etc.To make unclaimed property more relatable, let’s imagine the following scenario: Your grandfather enrolled in a life insurance plan during his working years, and neglected to inform family members about it. It has been 10 years since he passed away and no one has claimed the policy. The life insurance company that is the issuer of the policy is considered the holder and your grandfather is the owner. According to state laws the holder of the policy is required to conduct due diligence to reach out to the policy owner and named beneficiaries. If the rightful owner, in this case it would be the named beneficiary, does not claim your grandfather’s life insurance policy, the holder reports and remits the funds to the jurisdiction of the last known address of your grandfather. After property lands in the state coffers, the responsibility to reunite the lost property with its rightful owner transitions to the state governments. Currently states possess more than $41.7 billion of unclaimed property that has accumulated over the years. History The concept behind unclaimed property dates back to feudal England. English common law ruled that property occupied by someone other than the owner was returned to the feudal lord upon death of an heirless tenant. In 1954, U.S. unclaimed property laws debuted. The Uniform Law Commission (ULC) drafted the 1954 version of the Uniform Disposition of Unclaimed Property Act, with the intent to create standardized regulations and rules that all states can adopt and implement. Since the 1954 version, the Uniform Unclaimed Property Act (UUPA) has undergone revision twice more, in 1981 and 1996, and is currently being revised by the Uniform Law Commission. Each revision promises to clear ambiguities, while modernizing terms and reporting regulations. Parties responsible for reportingAll companies should be reporting unclaimed property to the appropriate jurisdictions. Unclaimed property impacts companies of all sizes and industries. Industries that are especially burdened with compliance requirements are: banking, financial services, insurance, and, securities. Regulating bodiesEach U.S. state has authority to craft unclaimed property legislation, regulations, and its own administrative program. Complexities of unclaimed propertyThe complexities of unclaimed property compliance stems in large part from the fact that all jurisdictions have different requirements holders are responsible for following. Each entity/jurisdiction has the authority to dictate which property types holders are required to report, how long property can stay dormant until it is considered unclaimed, and have differing due diligence requirements, reporting requirements and enforcement. What steps can consumers take to become reunited with lost property? If an individual believes they have lost property they can search on or on the unclaimed property databases hosted on each of the jurisdiction’s websites for their money. After they have found which jurisdiction is holding their property, the individuals will need to follow the jurisdiction-specific instructions to claim the property as their own. Unclaimed property termsAbandoned or unclaimed property: Intangible (i.e. life insurance policy) or tangible property (i.e. safe deposit box contents) that has been left dormant for a statutorily defined amount of time. Activity: An action by the property owner that "restarts" the applicable state dormancy period, under the laws of the relevant jurisdiction. For example, if the owner makes a deposit to his bank account this is considered "owner generated activity” and is sufficient to "restart" the dormancy period.Asset recovery: The process by which an owner of unclaimed property can recover the property. This term is sometimes used to mean the retrieval of property by businesses of property belonging to them.Dormancy period: A dormancy period is a specified period of time in which the property owner does not take action on his or her property. The dormancy period, also known as the abandonment period or escheat period, begins on the date of last activity by the owner. The duration of dormancy periods varies depending upon the property type.Due diligence: The state mandate on holders to conduct outreach to reunite owners with property. Unclaimed property laws or administrative rules typically specify the timing for and type of the notification. Some states require specific language; information and font requirements related to mandated correspondence and may have additional requirements such as certified mailing.Escheat: The transferring or remitting of abandoned or unclaimed property to the appropriate jurisdiction in accordance with its unclaimed property laws. Holder: The business or other entity, which holds inactive property, that is payable or distributable to another.Intangible personal property: Property, such as stock, that is not in physical form. Stock certificates, for example, represent ownership interest in a company.Last activity date: The date of last owner-generated activity; for example, the last activity date can be date of check issuance or the date of last documented contact with an account owner, such as a customer making a deposit to a bank account. This date is used to determine the when the dormancy period begins to run.Last known address: The address of record for an owner of unclaimed property, as identified on the holder's books and records.NAUPA: National Association of Unclaimed Property Administrators is the trade association comprised of state unclaimed property officials.Owner: The person or entity to which property belongs or is payable.Priority rules: Also, sometimes referred to as the "jurisdictional rules”. The priority rules have been established by a series of U.S. Supreme Court cases that determine the order in which states/jurisdictions are entitled to receive unclaimed property. The first priority is given to the state of the last known address of the apparent owner, as shown on the holder's books and records. Where there is no such address sufficient for the delivery of mail, the second priority is given to holder's state of domicile incorporation.Record retention: The maintenance of records for a period of time in accordance with jurisdictional law and regulations. Record review: The operational internal review of a holder's books and records to identify unclaimed property and/or to resolve items that may appear to be unclaimed property but are the result of accounting errors or subject to exemption or preemption.Report and remit: The simultaneous single filing of the final report containing owner and property detail and the associated remittance. While in the 1980s many state were "dual reporting” most states are now "report and remit "states.Reporting process: The process prescribed by a jurisdiction’s unclaimed property laws for the reporting and remittance of unclaimed property. Tangible personal property: Property that is physical in nature, such as a watch in a safe deposit box.Third party audit: Audit performed by a state-contracted audit firm generally for a contingent fee and sometimes for hourly fees.Unclaimed property laws: Laws that govern the handling and processing of unclaimed or abandoned property. These laws typically include criteria for identifying, reporting and remitting unclaimed property. Commonly, these laws are custodial in nature and jurisdictions act as custodians of escheated property until the rightful owner comes forward to claim the property.Voluntary Disclosure Agreement (VDA): VDAs are offered by states to encourage holders to come into compliance prior to receiving an audit notice. Typically, a VDA would involve conducting a self-audit and sending the results to the state as part of the VDA. VDAs can be useful in limiting liability for holders starting unclaimed property programs for the first time or expanding existing programs to include previously unreported property types. Some states have very formal VDA processes, while others are more informal.Ms. Dana Terry righttopPresident, Unclaimed Property Professionals Organization Ms. Terry has been in the transfer agent industry for 25 years. She has spent several years working with various mutual fund clients and then joined the regulatory compliance department in 2001.Unclaimed property compliance for the transfer agency is one of her primary responsibilities. She also heads up client focus groups on the subject matter. Ms. Terry currently serves as the president of the Unclaimed Property Professionals Organization (UPPO). She has assumed a variety of leadership roles within UPPO, and has served as the midwestern vice president, second vice president, and first vice president. In addition, she sits on several unclaimed property industry committees for other organizations. In addition to escheatment, she is also the subject matter expert for lost shareholder, tax form compliance and electronic tax form reporting. She graduated cum laude from Park University, where she earned a bachelor’s and studied human resources and finance. The Unclaimed Property Professionals Organization (UPPO) is hosting its first two local lunch ‘n learns in Minneapolis-Saint Paul, Minn. (Sept. 15) and Denver, Colo. (Sept. 17). The UPPO lunch ‘n learn program will bring introductory, unclaimed property compliance education and networking to local communities around the U.S. Seasoned professionals will deliver the basics of U.S. unclaimed property compliance requirements to professionals who either need to build and/or maintain their company’s unclaimed property compliance program. The event is open to all holders, service providers, and government entities interested in learning more about unclaimed property compliance requirements. The cost of the event is $59 – lunch and one CPE credit is included in the price. Interested persons can register at UPPOlunchnlearns. ................
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