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POLICIES AND PROCEDURES
TENANT: Tenant
CENTER: Mall/Shopping Center
INTERNET RETURNS:
When computing reported gross sales,
the Tenant deducts Internet returns. The lease allows returns to be deducted
from reported gross sales provided such sales were originally included in
reported gross sales; however, these sales are made on the Tenant’s website and
not at a store location. The Tenant accepts Internet returns at any store
location; however, the Tenant’s lease does not provide an exclusion or deduction
for Internet returns. This Tenant stated these returns are not tracked
separately.
CATALOG SALE RETURNS:
The Tenant also deducted returns of merchandise purchased from a catalog. The
Tenant stated these returns are not tracked separately.
OTHER STORES SALES RETURNS:
The Tenant also deducted returns of
merchandise purchased at other store locations. The Tenant stated these returns
are not tracked separately. The total amount of store returns for the period
under review is listed below:
Lease Year Ended December
2000 $430,694
Lease Year Ended December
1999 $393,277
Lease Year Ended December
1998 $405,020
EMPLOYEE SALES:
The Tenant also stated that employee sales are included in gross sales at 100%;
therefore, the examiner allowed the Tenant to deduct the full employee sale
rather than the sale at a discount per the lease agreement. The discount on
these sales is extended to any staff member and immediate family, such as
spouses and/or children and these sales are not tracked separately.
OTHER DISCOUNTS:
Not Applicable
Opinion • Summary of Gross Sales • Monthly Gross Sales • Percentage Rent Schedule • Examiner's Comments • Examiner's Recommendation • Other Findings • Sign Off
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