What is the deadline for a Best Brains franchisee to submit a copy of their bank statement each month?
Best_Brains Franchise · 2025 FDDAnswer from 2025 FDD Document
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- Reports. You shall furnish to us the following reports among others:
- (i) On the 10th of each month, an electronic or other report (as we designate) of the Gross Sales of the Franchised Business for the period of the 11th of the previous month to the 10th of the current month;
- (ii) On the 10th of each month, a copy of your bank statement for the previous month
- (iii) On the 10th of each month, a copy of your payment report from your payment processing service (currently CSG Forte) for the period of the 11th of the previous month to the 10th of the current month
- (iv) On the 10th of each month, a profit and loss statement for the preceding calendar month and a year-to-date profit and loss statement and balance sheet; and
- (v) within seventy-five days after the end of each calendar year, a calendar year end balance sheet and an annual profit and loss statement for the calendar year reflecting all year end adjustments.
You must verify and sign all reports submitted to us.
Source: Item 23 — RECEIPTS (FDD pages 42–190)
What This Means (2025 FDD)
According to Best Brains' 2025 Franchise Disclosure Document, franchisees are required to submit a copy of their bank statement for the previous month by the 10th of each month. This is part of the regular reporting requirements Best Brains imposes on its franchisees.
In addition to the bank statement, Best Brains also requires franchisees to submit an electronic or other report of gross sales for the period of the 11th of the previous month to the 10th of the current month, a copy of the payment report from their payment processing service for the same period as gross sales, and a profit and loss statement for the preceding calendar month, along with a year-to-date profit and loss statement and balance sheet, all by the 10th of each month. Franchisees must also submit a calendar year-end balance sheet and an annual profit and loss statement within seventy-five days after the end of each calendar year.
These reporting requirements ensure that Best Brains has access to the financial performance of each franchise location. This allows them to monitor the overall health of the franchise system and to calculate royalty fees and advertising contributions accurately. Franchisees should be aware of these deadlines and ensure they have systems in place to comply with these requirements to avoid potential penalties or issues with Best Brains.