Gift Cards

Gift cards are considered as cash equivalents; as a result, it is important that units and departments within UCCS handle and track gift cards appropriately. Procedures regarding gift cards have been developed by the Procurement Service Center to be used by all campuses of the University of Colorado. To determine if your proposed use of a gift card is allowable, please review the PSC Finance Procedural Statement: Gift Cards.

In order to purchase a gift card, you must complete the following steps.

Complete the Gift Card Authorization Request Form
Attach additional documentation (if required per procedures, e.g. Recognition & Training)
Submit the completed form and documentation to the UCCS Controller's Office through email to AcctFund@uccs.edu

Approval for purchase of gift cards must be granted by the UCCS Controller's Office prior to the purchase. Once approval has been granted, gift cards may be purchased using either a P-Card or a PO in CU Marketplace.

Accounting

Expenses for the purchase gift cards should be recorded in an account based on their intended use and/or purpose.

Key Accounts to Remember
Account Code	Account Description
495102	Study Subjects
550105	Non-Cash Performance/Supporting Awards (Non-Employee)
550106	Non-Cash Recognition (Employee)
550108	Non-Cash Participation/Recognition (Non-Employee)

Safeguarding (Internal Controls)

Due to their cash equivalencies, gift cards should be handled in compliance with PSC procedures. The minimum requirements for internal controls are as follows:

Custody: All gift cards must have a designated custodian (a single individual) who maintains responsibility for purchase, security, dispensing, tracking, and replenishment.

Security: Gift cards must be secured at all times (e.g. in a locked box inside a locked cabinet or drawer that is accessible only by the designated custodian).

Receipts: A receipt book must be maintained to provide a log of gift card issuances. Required information includes: Recipient Name/ID Number, Date, Purpose of Gift Card, Serial Number, Payment Amount, and Signature of Recipient.

Audit Log: This log must tie the above receipt log (either by receipt number or gift card serial number) to the purchase of gift cards recorded in the PeopleSoft Financials General Ledger (e.g. by Journal ID). This log will be used to audit the accuracy and adequacy of recordkeeping for gift cards.

Reconciliation should occur either when gift cards are purchased or, at minimum, on a quarterly basis. Additional details regarding the process reconciliation may be found in the PSC Finance Procedural Statement: Gift Cards. The Controller's Office will periodically audit the records associated with gift cards to ensure compliance to PSC procedures. Inventory, receipts, and audit logs must be available for an unannounced audit.

*Note, minimum safeguarding requirements for gift cards are subject to changes made to PSC Procedures.

Gift Card Authorization Request Form

Recognition Reporting Form

Gift Card Audit Log and Reconciliation Template