Report Expired and Unredeemed Gift Cards/Certificates
Before You Begin
Gift cards/certificates sold (issued) with an expiration date are subject to the Uniform Disposition of Unclaimed Property Act (Illinois Compiled Statutes, Chapter 765, Act ILCS 1025), which requires that they be escheated to the State of Illinois after the expiration date.
Gift cards/certificates without an expiration date are not subject to the unclaimed property laws.
To report expired and unredeemed gift cards/certificates:
- At the end of each fiscal year, University Accounting and Financial Reporting (UAFR) e-mails your unit asking for information about any expired and unredeemed gift cards/certificates. UAFR creates a Journal Voucher to transfer the value of the expired gift card/certificate to the unclaimed property account. Units may not retain any expired funds.
- UAFR tries to contact the cardholder to determine if they want to claim the card. If they do, University Payables issues them a check for the remaining amount on the card. If the customer cannot be found or does not want to claim the card, the money is returned to the State of Illinois. Units may not keep these expired funds.
- Each year UAFR creates the annual unclaimed property report and submits it to the State Treasurer's office along with the unclaimed money.
Last Updated: April 13, 2012 | Approved: Senior Associate Vice President for Business and Finance - November 2008