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. Policies regarding Gift Card 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 Procedural Statement - Gift Cards.

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

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 (ex: 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 PeopleSoft Financials-the General Ledger (exL by Journal ID). This log will be used to audit the accuracy and adequacy of recordkeeping for giftcards.  

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 PSC Procedures. 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 giftcards are subject to changes made to PSC Procedures. 

Forms

Gift Card Authorization Request FormRecognition Reporting Form Sample of Gift Card Logs

Additional Resources

PSC Procedural Statement: Gift Cards https://www.cu.edu/controller/procedures/finance-procedural-statements/finance-procedural-statement-gift-cards  

PSC Procedural Statement: Recognition and Training https://www.cu.edu/controller/procedures/finance-procedural-statements/finance-procedural-statement-recognition-and

Office of Policy and Efficiency: APS 4015 - Propriety of Expenses

Contact

AcctFund@uccs.edu
719-255-5704

Last Reviewed on 01/25/2022