Gift Certificate Policy
In our continuous effort to comply with the Sarbanes-Oxley Act of 2002, which requires a signed certification by the CEO and CFO that the financial statements are free of material misstatements or omissions, we are establishing a new guideline. This certification also acknowledges that responsibility for establishing and maintaining "disclosure controls and procedures" rests with management and that such controls and procedures are functioning properly; thus we have instituted a policy relating to the treatment of gift certificates to participants on all University accounts, grants, and contracts.
This policy relates to the purchase of gift certificates from the University Book Center and outside vendors. If the expense is allowable and justified on the said University budget, then the following backup documentation is needed:
Fiscal Services will require a list showing who the certificates are for before the certificates are purchased. Once the certificates are purchased for the project, Fiscal Services must be provided with a list of each participant who has received a certificate, the account number that they apply to, and the date on which the participant received the certificate.
This Backup Documentation Policy regarding gift certificates on all University accounts, grants, and contracts shall apply immediately.