Delaware Verified Report (VR) Process | Product Documentation Documentation

What is a Delaware's Verified Report Process?

Companies selected for this process receive a notice, called the DE VR Notice, from the Delaware's Department of Finance or a third-party auditing firm to complete a comprehensive questionnaire and self-assessment of their unclaimed property compliance status. The resulting verified report confirms the accuracy of the company's previous filing or states that the company has additional unclaimed property to report. This process is distinct from both the Delaware VDA program and a formal audit.

Key components of a DE VR Notice

Self-assessment for identifying and quantifying potential unclaimed property liabilities
Certification requirements attesting to the accuracy and completeness of your responses
List of entities included in the report submitted to Delaware for the report year in question
Copy of Policies and Procedures governing unclaimed property compliance

Implications and risks

Providing false information can result in penalties or other enforcement actions
Information provided may inform future audit selection or enforcement decisions
Your response approach may impact future interactions with Delaware authorities

Strategic response considerations

Response timing: Balancing prompt acknowledgment with allowing sufficient time for thorough review
Documentation organization: Developing systems to efficiently gather and review required records
Response consistency: Ensuring alignment with past unclaimed property filings and positions
Privilege protection: Considering attorney-client privilege implications for client-related data
Remediation options: Evaluating whether identified issues might be better addressed through a VDA

How Sovos can help

Sovos Unclaimed Property Consulting provides comprehensive support for organizations responding to Delaware Verified Report requests. Our team leverages industry-specific expertise earned through 200+ hours of unclaimed property experience to help organizations navigate this complex process efficiently and effectively.

Our approach includes:

Assessment of notice requirements and development of strategic response plans
Guidance on documentation gathering to ensure completeness while preventing unnecessary exposure
Review of historical compliance to identify potential issues and remediation opportunities
Development of response documentation that addresses requirements while protecting organizational interests
Implementation of policies and procedures to strengthen ongoing compliance processes
Documentation and process management to submit a successful response to a Verified Report request
- Centralized document gathering from multiple departments and systems
- Standardized review protocols to ensure consistent evaluation of potential property
- Clear communication channels with Delaware authorities
- Comprehensive documentation of analysis and decision-making processes
- Strategic planning for potential follow-up requests or enforcement actions

Interested in Sovos Unclaimed Property Consulting services?

Contact us to discuss your organization's unclaimed property needs.