“Unclaimed Property”

During this luncheon you will learn about Hawaii’s Unclaimed Property Program and how Internal Audit can help ensure compliance.  You will also learn tips and techniques for recovering unclaimed property including links to online state property recovery resources.

• Reporting unclaimed property is the law. Noncompliance can be costly.
• All states are obligated by law to return abandoned or escheated property to the rightful owners.
• Unclaimed property is high risk for fraud. Internal controls can minimize the risk.

In 2005, the Unclaimed Property Outreach Project was initiated.  Colleen Ajifu and Carrie Sekiguchi-Shingaki are two of the five persons hired to staff the project which involves both the owner and holder outreach programs.  The owner outreach program has participated in various community events in the islands.  Our presence in the community has increased public awareness of the unclaimed property program.  The holder outreach program conducted its second major seminar last month.  The staff has also done smaller workshops tailored to specific business groups.  This free public service provides direct assistance to all business entities on issues relating to unclaimed property