Unclaimed Property Audit Services

The Michigan Department of Treasury is requesting proposals for unclaimed property examination (audit) services under RFP 260000001881, with proposals due August 6, 2026. This is a multi-awarded contract pool with contingency-fee pricing structure.

The scope covers examinations of entities domiciled in Michigan or with significant Michigan operations, as well as entities located anywhere in the United States holding unclaimed property subject to Michigan Public Act 29 of 1995. Contractors must conduct examinations in accordance with Generally Accepted Audit Standards, obtain State Program Manager written approval before each examination, execute Non-Disclosure Agreements with property holders within 90 days of approval, and complete examinations within three years unless extended. Deliverables include preliminary examination findings every 30 days, final reports in National Association of Unclaimed Property Administrators format with separate valuation reports for digital assets and securities, and monthly work-in-progress reports submitted by the 15th of each month. All deliverables must comply with WCAG 2.1 Level AA accessibility standards. Contractors must appoint a Contractor Representative, maintain Key Personnel assigned to Michigan accounts, provide annual SOC 2 Type 2 security audit reports at no cost to the State, and notify the State of security incidents within 24 hours.

Pricing is contingency-fee based on a percentage of amounts identified and recovered, with firm and fixed rates for the contract term under Michigan Public Act 22 of 2025, Section 919, Subsection 1. No minimum or maximum work volumes are guaranteed. Payment occurs via Electronic Funds Transfer within 45 days of invoice approval. Liquidated damages of $5,000 plus $100 per day apply for late or improper completion.

Insurance requirements include Commercial General Liability at $1 million per occurrence / $2 million aggregate, Professional Liability at $3 million per occurrence and annual aggregate, Cyber Liability at $1 million, and Crime Insurance at $1 million, with the State named as additional insured on a primary and non-contributory basis. If subcontractors perform more than 20 percent of deliverables, at least 20 percent of subcontracted work must be awarded to Michigan-based Geographically Disadvantaged Business Enterprises unless exemption justification is provided. Service Level Agreement penalties of $100–$500 per non-compliance apply for missed meeting attendance or reporting deadlines.