Class Details Legal Aspects of Credit: Oregon’s Escheatment Program (Unclaimed Property) 11/12/2019 8:30 AM PT - 10:00:00 AM PT A credit professional often manages a portfolio of hundreds of open accounts, with credit extensions in the millions of dollars. On occasion, with an active trade relationship, the customer may overpay. Does this overpayment belong to your company if the debtor ceases business? The state? The federal government? What is the credit professional’s responsibility with the credit balance? We will discuss escheatment, or commonly referred to as abandoned or unclaimed property, and the interplay with state and local taxing agencies. We’ll also discuss the consequences that a vendor may face if unclaimed property is not accounted and turned over. A little known law, the Uniform Disposition of Unclaimed Property Act may impact your business. This presentation explains the duties under the Act and provides some resources for the daunting task of getting started if you need to comply. This presentation will provide an overview of the law and Oregon’s program. We will also discuss reporting to other states and how to start compliance without fear of late reporting interest or penalties that might otherwise apply. Finally, we will go over the resources to get specific reporting help and information, and some of the potential pitfalls for procrastinating on getting started. Topic highlights include: 1. What is Unclaimed Property and how does impact my business? 2. Is anything involved besides money?3. How does property become unclaimed?4. How do I determine if I need to comply? 5. What might happen if I don’t comply? Instructor: Carolyn HarrisCarolyn Harris is the Reports Coordinator for the state of Oregon's Unclaimed Property program. She has been working in this position since 2011. Her prior work experience is in the information technology field and she has played a key role in moving to electronic reporting for all reporters. Event Sponsor: NACM Commercial Services Course Level: I - Intermediate Credits: CEU: 0.150 CCE: 0.150 Location: NACM Commercial Services Portland Classroom Map 7931 NE Halsey St, Ste 102 Portland OR 97213 Class available via Skype in our outlying areas Price: Members: $49.00 Non-Members: $79.00 *Price is for admission only. Some events, especially college credit classes, have additional costs associated with materials, such as text books. See the event comments above for more details. Membership discount eligibility is at the discretion of the event sponsor. Cancellations will be accepted for full refund no later than five working days prior to event — substitute attendees accepted up to day of event.