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Business and Financial Policies and Procedures

21.3.2 Report Expired and Unredeemed Gift Cards/Certificates

Policy Statement

Gift cards/certificates sold (issued) with an expiration date are subject to the Uniform Disposition of Unclaimed Property Act, 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.

Procedure

To report expired and unredeemed gift cards/certificates:

  1. At the end of each fiscal year, University Accounting and Financial Reporting (UAFR) emails 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.
  2. 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.
  3. Each year UAFR creates the annual unclaimed property report and submits it to the State Treasurer's office along with the unclaimed money.

Additional Resources

Uniform Disposition of Unclaimed Property Act
See Unclaimed Property, AP & Payroll & Gift Certificates in Who to Ask for contact information.
Escheatment in Definitions

Last Updated: April 13, 2012 | Approved: Senior Associate Vice President for Business and Finance | Effective: November 2008

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