Voluntary Disclosure Agreement Delaware

Holders who respond within 60 days of sending the letter can complete the Delaware Voluntary Disclosure Agreement (VDA) program. Under this program, a holder would self-check his books and records in exchange for waiving the state`s interest and penalties for unclaimed property filed late. As noted in the letter, licensees who do not enroll in the VDA program on time are referred to Delaware State Escheator and the Department of Finance for an audit by an external auditor. After the exam, licensees can no longer participate in the VDA program. Because third-party auditors enter into contracts with several states, Delaware`s financial statements could also result in multi-state control of the unclaimed ownership of the licensees. Delaware`s unclaimed real estate program has undergone significant changes in recent years, and many companies are now receiving letters inviting them into Delaware`s Voluntary Unclaimed Disclosure Agreement (VDA). If your company has received a letter, you should know some things: Note: A new website of the Department of the State Disclosure Agreement has been launched: recommended emergency measure for companies that receive letters from Delaware regarding voluntary disclosure agreements for unclaimed real estate, Ms. Mayrack also described in detail a new annual compliance audit process and changes to the unsolicited real estate review in Delaware and Delaware voluntary compliance initiatives. These changes include a significant change in position for licensees who have received an invitation to enroll in the voluntary disclosure program managed by the Delaware Secretary of State. One last thing to note is that many other countries also offer VDA programs that can be used in conjunction with a Delaware VDA or as a fully autonomous process. The comprehensive approach to unclaimed property compliance allows a company to save time and resources and reconcile them in the most effective and effective way possible with voluntary disclosure programs. Following an invitation from the Delaware Secretary of State (DE SOS) to register with Delaware`s Voluntary Disclosure Program (VDA), companies have 60 days to decide whether or not to register.

If a company is unable to register, it is immediately referred to the Delaware Secretary of Finance (DE SOF) for forcible integration into the state`s unsolicited real estate audit program. For more information on the program, see The Deputy Secretary General of the State of Delaware this week by email to interested parties who have announced that a new series of invitation letters will be sent to invite to participate in the state`s unsolicited Voluntary Disclosure Program (VDA). If you opt for the voluntary disclosure program and need help to meet the various services and requirements, the Keane team, the National Consulting - Advisory Services Team, is at your disposal. Keane`s experts have helped countless organizations complete the Delaware Voluntary Disclosure Agreement process effectively and lightly, protect them from scrutiny, and not impose fines and penalties.

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