Unclaimed Property Audit Services

Background
The Comptroller of Maryland is issuing this Invitation for Bids (IFB) to procure Unclaimed Property Audit Services as part of its responsibilities under the Maryland Uniform Disposition of Abandoned Property Act. The goal is to identify and conduct compliance audits of current and potential holders of unclaimed property, particularly those outside the State of Maryland. The contractor will serve as a compliance consultant for reporting and remitting unclaimed property belonging to individuals with last known addresses in Maryland.

Work Details
The contractor will conduct audits, identify unclaimed property, and serve as a compliance consultant for reporting and remitting unclaimed property. Specific tasks include:

1) Reporting and remitting all property reportable to Maryland in the required format;
2) Transferring securities through Wells Fargo Clearing House;
3) Identifying and collecting unclaimed property from holders;
4) Preparing reports in compliance with state laws;
5) Advising on penalties for non-compliance;
6) Utilizing NAUPA report format for joint reporting efforts;
7) Providing monthly Work In-Progress reports detailing audit statuses;
8) Maintaining confidentiality of information obtained during audits;
9) Conducting due diligence regarding notifying owners of their unclaimed property;
10) Custodial duties including receiving securities and determining their value.

Period of Performance
The contract will have a base period of five (5) years with no option periods.

Place of Performance
The primary place of performance is out-of-state, specifically targeting holders located outside the State of Maryland.