Gift Cards Given to Staff for Informal Recognition/Incentives

We have a few departments that purchase a large number of gift cards from retailers (e.g., Target, Walmart, 7-11, etc.) for informal recognition and staff incentive programs.  The gift cards are loaded with a cash value.

How does your credit union track/manage these types of gift cards, including inventory and distribution?  What controls have you put in place to limit the person in possession of the gift cards from misappropriation or “losing” one?

Feel free to comment here or email me directly at delston@bayportcu.org.

Thanks for your help.

Dan Elston, CPA

Internal Audit Manager

BayPort Credit Union