Does All Team specify the format for the financial reports that franchisees must submit?
All_Team Franchise · 2025 FDDAnswer from 2025 FDD Document
such item to ATFC. FRANCHISEE agree to take, or direct FRANCHISEE's owners, affiliates, employees or representatives to take, whatever action required by ATFC to document such assignment or to assist ATFC in obtaining any and all intellectual property rights in such item.
- L. Financial Reports. FRANCHISEE agrees to furnish to ATFC the following described reports at the times designated below on forms required by law or prescribed and furnished by ATFC, as appropriate:
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- On an annual basis within 45 days after the end of each fiscal year, a copy of the Agency's income statement and balance sheet for the fiscal year and certification that all required tax reporting and related returns have been completed.
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- By the fifteenth (15th) day of each month, monthly income reports showing all Permanent Placement Gross Billings for the preceding month, certified by an officer of FRANCHISEE.
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- By each Wednesday at noon, weekly reports for all Temporary Employment Gross Billings for the preceding week, certified by an officer of FRANCHISEE.
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- Within forty-five (45) days after the end of each quarter, copies of 941 (or successor forms) tax forms that are required to be filed with the Internal Revenue Service.
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- All other such reports or records as shall be requested by ATFC from time to time pursuant to or in connection with this Agreement or as specified in the Confidential Operations Manual.
All reports furnished hereunder shall be either prepared and certified by a professional accountant, or an independent certified public accountant, in accordance with generally acceptable accounting principles, consistently applied, and shall be certified to by FRANCHISEE as being true, complete and correct in all material respects and fairly presenting the financial condition and the results of operation of the Agency for the period covered thereby. Notwithstanding the foregoing, FRANCHISEE shall not be obligated to disclose confidential tax returns if such disclosure would violate applicable state law.
M. Audit of Books and Records.
Source: Item 22 — CONTRACTS (FDD pages 33–34)
What This Means (2025 FDD)
According to All Team's 2025 Franchise Disclosure Document, franchisees are required to submit several financial reports to All Team. These reports include annual income statements and balance sheets, monthly income reports showing Permanent Placement Gross Billings, and weekly reports for Temporary Employment Gross Billings. The FDD specifies that these reports must be furnished on forms required by law or prescribed and furnished by All Team, as appropriate.
Specifically, franchisees must submit annual copies of the Agency's income statement and balance sheet within 45 days after the end of each fiscal year, along with a certification that all required tax reporting and related returns have been completed. Monthly income reports, showing all Permanent Placement Gross Billings for the preceding month, must be submitted by the fifteenth day of each month, certified by an officer of the franchisee. Weekly reports for all Temporary Employment Gross Billings for the preceding week must be submitted by each Wednesday at noon, also certified by an officer of the franchisee. Additionally, copies of 941 tax forms must be submitted within 45 days after the end of each quarter.
All reports furnished must be either prepared and certified by a professional accountant or an independent certified public accountant, in accordance with generally acceptable accounting principles, consistently applied. The franchisee must also certify that the reports are true, complete, and correct in all material respects and fairly present the financial condition and the results of operation of the Agency for the period covered. However, franchisees are not obligated to disclose confidential tax returns if such disclosure would violate applicable state law. All Team also retains the right to request other reports or records as needed, as specified in the Confidential Operations Manual or in connection with the Franchise Agreement.