Question: We have policies in place restricting the value of gifts and entertainment that don’t require executive officer approval. What are some other considerations we should include in our gift, entertainment and travel (GET) policy?

A: While setting a dollar limit on GET is important, says compliance expert Randy Stephens, other restrictions should also apply. Some items to consider: 

Most GET policies prohibit cash or cash equivalents. 

The value of a gift should be considered reasonable and customary in the industry and geography. 

All expenses should have a demonstrable business purpose. Many organizations require that the giver and recipient are present at…