The following terms are used throughout the website:
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
401 Federal Street, Suite 3
Dover, DE 19901
State: State returns Holder’s counter-signed Form VDA-1 and provides details regarding next steps.
The purpose of this phase is for the Holder to perform an analysis of the Holder’s organizational history (e.g., entity or corporate history), accounting functions and records to determine areas of potential exposure and underreporting which may require quantification in future phases.
At the conclusion of Phase 1, the Administrator and the Holder will confirm the scope of the Holder’s analysis and agree on due dates for deliverables in the other phases
Phase 1 – Deliverables
The following details the deliverables expected by each party at the end of Phase 1.
During Phase 2, the Holder will review its books and records to identify/quantify past-due abandoned or unclaimed property reportable to Delaware for the in-scope entities and property types.
Phase 2 – Deliverables
Holder and Administrator:
The Holder presents its SOS VDA Submission to the Administrator. The SOS VDA Submission should include the following, some of which should be included in a narrative form:
Phase 3 – Deliverables
The following details the deliverables expected by each party at the end of Phase 3.
The purpose of this section is to outline the closing process and to identify the relevant documents required as attachments to Form VDA-2 – Voluntary Self-Disclosure Agreement (“Form VDA-2”) when finalizing a Delaware VDA with the State.
Once the executed Form VDA-2 has been received along with the associated exhibits, the Secretary of State will countersign the Form VDA-2, and a Demand Letter will be issued via email to the Holder Contact identified on the Form VDA-2.
The Holder will have 10 days to make payment of the amount due. Payment can be made via check or electronic transfer (wire or ACH). Information related to specific payment methods will be provided in the Demand Letter.
Phase 4 – Deliverables
The following details the deliverables expected by each party at the end of Phase 4.
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.