Employees working from home during the coronavirus pandemic claimed some outlandish expenses this year, including pricey exercise bikes, facelifts and private jets.
Emburse, an expense management software company, released a compilation Wednesday of some of the craziest expenses it has seen claimed this year, some of which were actually approved. That included $1,895, which was approved as a contribution for an employee's Peloton Bike under the explanation of “for health and wellness.” On the other hand, a $7,600 expense claim for a facelift was submitted under the category of “repairs and maintenance” but was rejected, despite the pressing need to look one’s best during a Zoom meeting.
Kurt Schacht is the executive director of the CFA Institute Systemic Risk Council. During his tenure he has overseen CFA Institute's global policy research, standards and government relations in New York, London, Brussels and Hong Kong. He managed the activities of the Global Investment Performance Standards, the CFA Institute Asset Manager Code and the Financial Analysts Journal.
Olivier Fines, CFA, is head of advocacy and policy research for EMEA at the CFA Institute. He leads the effort in researching and commenting on the major trends that affect the investment management industry as well as changes to the profession and policy and regulatory developments.
Eric Ludwig is assistant professor of retirement income and RICP program director at The American College of Financial Services, as well as CEO of Stockbridge Private Wealth Management. His research focuses on retirement income planning strategies and behavioral finance.
Some expenses weren’t for working from home, but more about getting out of the house safely. An expense claim for a private jet charter costing over $20,000 was submitted and approved under the explanation of “required to limit COVID exposure for international shoots.” Another travel-related expense claim was $2,500 for a helicopter ride, which was not approved.
The $79 expense claim for a dog crate could perhaps be used for travel at some point when that's safer, but in these times it was more plausibly to provide "crate training [for] a new COVID puppy to not run into Zoom meetings."
Below is an infographic produced by Emburse showing this and several other head-scratching claims:
