Is the Anago advertising fund considered a trust?

According to Anago's 2025 Franchise Disclosure Document, the advertising fund is explicitly stated not to be a trust. Anago, or its affiliate AFI, manages the fund, which aims to boost the recognition and acceptance of the Anago trademarks and system for all franchisees.

Contributions to the fund, along with any earnings, are exclusively used for advertising, marketing, public relations, and promotional programs. These activities are intended to enhance the image of the Anago system. While franchisees contribute to the fund, neither Anago nor AFI is obligated to ensure that individual franchisees benefit directly or proportionally from the advertising efforts.

Anago maintains separate bookkeeping accounts for the advertising fund, ensuring that contributions are not used for the company's general operating expenses. However, Anago may use the contributions to cover its own costs and overhead related to administering the fund, including personnel expenses for creating and implementing advertising programs. Anago does not have any fiduciary duty to franchisees regarding the administration of the fund.