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Accounting for Gift Card Fundraisers
Many grocery stores and other businesses offer gift cards to nonprofit organizations at a discounted rate to use as a fundraiser. This allows the nonprofit to buy the gift cards at a discounted value, sell them at face value, and keep the difference. If your organization participates in this type of fundraiser, you will need policies and procedures to safeguard the cards and account for the transaction properly. Store cards are like cash and controls should be in place to protect them. Keep the cards in a secure location. Designate one person (without access to the accounting records) to be...
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