Please click here to review the College's Gift Card / Cash Equivalents Policy
Gift Cards, regardless of value, are considered cash equivalents by the Internal Revenue Service (IRS) and are subject to tax reporting. Anyone purchasing Gift Cards for distribution using College funds is responsible for compliance with IRS regulations and College policies.
Gift Cards may be purchased and distributed under certain circumstances including, but not limited to, the following:
- For an event, (e.g., a door prize)
- For volunteers who are not Ithaca College employees, students, researchers, or contractors
- Institutional Review Board (IRB) approved research study participants
- For students in emergency situations. These purchases must first be approved by the Dean of Students and the transactions must also be entered and flow through the Dean of Students department
Individual Gift Cards may not have a face value greater than $50.00 (Fifty dollars)
Purchasing Cards (P-cards) are the only mechanism for purchasing Gift Cards
When submitting the expense report, you must include GIFT CARD in the description field and subcode 7652 should be used for all.
The gift card purchaser is responsible for providing a list of gift card recipients, including name, address, and tax identification number to Accounts Payable for tax reporting.
Each individual gift card must be reported here: https://ithacaedu.formstack.com/forms/giftcard
Note - ID Express, Bomber Bucks, and Meal Swipes are reported using a separate form, available here: https://ithacaedu.formstack.com/forms/altpaytrack