Delaware.gov logo

Abandoned or Unclaimed Property
VDA Program



Steps to VDA


How It Works: Newly Enrolled VDA

Please Note:

  • References to Holder includes Holder and/or Holder’s Advocate.
  • References to Administrator includes the State and/or its Representatives/Assignees.

Steps:

Holder:  Holder submits a signed Form VDA-1.  Form VDA-1 may be submitted electronically or by mail as detailed below.


Secretary of State, State of Delaware
ATTN:  SOS VDA Program
Townsend Building
401 Federal Street, Suite 3
Dover, DE 19901
 sos.vda@state.de.us
302-577-8959

Administrator:  Administrator returns Holder’s counter-signed Form VDA-1 and provides details regarding next steps including the General Company Information questionnaire (“Questionnaire”) to be completed by Holder.

Time Frame:

Day 1

Steps:

Holder:  Holder provides signed Non-Disclosure Agreement to Administrator (if required) and completed Questionnaire.

Administrator:  Administrator returns a counter-signed NDA and follows-up on the Holder’s submission of Questionnaire.  Administrator answers Holder’s questions regarding the VDA process, objectives and guidelines.  Administrator provides Holder with expectations for next phase.

Time Frame:

Within 30 Days of Enrollment

Steps:

Holder:  Holder reviews its records to determine record availability and confirms the entities, property types, and years to be included in the SOS VDA.  At the conclusion of scoping, Holder is expected to provide in a form amenable to the Department of State, a representation regarding what records are available, for which property types, entities, and years. See SOS VDA Regulations § 2.3.2.3.  This documentation may be in the form provided (as noted in the form Scoping Memorandum worksheet) or be presented in a narrative.

Administrator: Review scoping documentation provided by the Holder and may follow up with questions.

Time Frame:

Within 60 days of Enrollment

Information Required:

Scoping Memorandum

Steps:

Holder:  During this phase, a detailed transaction-level review of the available records for each in-scope entity and property type will be conducted.  For years in which the Holder does not have complete records, estimation of unclaimed liabilities may be required.  See Implementing Guidelines and SOS VDA Regulations for instructions on the methodology which should be utilized during this review.  Holder will update Administrator on the review methods used and/or all assumptions made during this process.

Time Frame:

Within 18 months from Enrollment

Information Required:

N/A

Steps:

Holder:  Following the detailed self-review, Holder will present Administrator with an SOS VDA Submission.

At the conclusion of the Holder’s analysis and with the submission of the Holder’s findings to the State, Holder shall prepare a management representation letter signed by an officer of the company and notarized. The format and contents of the letter as provided by the Secretary of State. See SOS VDA Regulations § 2.3.2.4.

Administrator:  Administrator will review the analysis and conclusions reached in the SOS VDA Submission and follow-up as necessary. Administrator will contact Holder to request certain populations of data from which a statistical sample will be chosen and tested to confirm Holder’s conclusions. Source documentation will also be requested to validate the thoroughness of Holder’s self-review. See Implementing Guidelines and SOS VDA Regulations for detail regarding the Administrator’s Validation of the Holder’s Final Report.

Time Frame:

To be completed within 30 days of receipt of draft final report

Information Required:

N/A

Steps:

Holder:  Holder will execute Form VDA-2. The following are exhibits to the Form VDA-2: Exhibit A – List of Entities included in the VDA including each entities EIN, Exhibit B – Form AP-1 and supporting schedules to the amounts being remitted, Exhibit C – Final Report which includes narrative prepared by the Holder summarizing the VDA process along with schedules which tie to the amounts determined to be reportable to Delaware.  Additional documentation may include management representation letters, legal memoranda and other documents which support the analysis and conclusions.

Upon receipt of the demand letter, as explained below, Holder is to remit payment and upload the unclaimed property NAUPA file directly to the Department of Finance’s website.  The VDA is not completed until both payment is received and the NAUPA file is accepted by the Department of Finance.  Note: Holders should not process any VDA payment or upload a NAUPA file until a demand letter is issued by the State (see below).

Administrator (State):  The Secretary of State will countersign the Form VDA-2 and issue a demand letter for the agreed upon payment and provide instructions for the uploading of the NAUPA file to the Department of Finance’s website.  Payment is expected within ten days of the issuance of the demand letter.

Time Frame:

Payment due within ten (10) days of issuance of the demand letter

Information Required:

Form VDA-2


Legal Disclaimer: The materials contained herein are intended to provide information in regard to the subject matter covered. The Delaware Department of State is not engaged in rendering legal, accounting, or other professional services. If legal advice or other professional assistance is required, the services of a qualified professional should be sought.

Related Topics:  , , , ,


+