 Nowadays there is often a prearranged gift, money, or otherwise, to be given to the coin recipient.Many private or public institutions, such as societies, clubs, workplaces, companies, etc., cut their vasilopita at a convenient time between New Year's Day and the beginning of the Great Lent, in celebrations that range from impromptu potluck gatherings to formal receptions or balls.Saint Basil's Feast Day is observed on January 1, the beginning of the New Year and the Epiphany season known as the "Vasilopita Observance".