N

ow we'll just get on to some of the questions that have come in. There's a question here, Jennifer. So to confirm, if we get a gift basket for the office from our auditors, we would need to record it?

You would not need to report that. So if it's a gift that is for the entire office, that would not be deemed to be applicable for gifts and entertainment reporting. But if it's a gift basket just for yourself, that is given to yourself, I would report that.

Another question here is can you give some additional examples of gifts that have been flagged or would most likely be flagged?

So from my experience, the types of gifts tend to be more extravagant in nature. My favorite example is an annual golf outing, which is fine from an entertainment perspective, because it's a sports event, but gift bags that were given during the golf event contained luxurious or extravagant items, and without the reporting of these individual gift items and having a gift dollar value associated with that being report, was deemed to be excessive and extravagant. So examples of something that was in the gift bag was an iPad, as well as a watch that was also in the gift bag. So things like that. So I think anything that is deemed to be extravagant or excessive are things that you want to raise to our chief compliance officer for further discussion.

Okay, thank you. Now do you have any other questions that you'd like to address, Jennifer?

I do not. If anybody has any questions that they'd like to take up with me offline, please feel free to reach out to me directly. I'd be happy to answer your calls or email. Thank you, everybody, for attending and happy holidays and have a wonderful new year.

Thank you, Jennifer, and the contact details are there on the screen now. The webinar is now ended. Thank you, everyone. 

This webinar was co-hosted with www.dlallc.com