What is the deadline for a Best Brains franchisee to submit a copy of their payment report 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 the 2025 Best Brains Franchise Disclosure Document, franchisees are required to submit a copy of their payment report from their payment processing service by the 10th of each month. This report must cover the period from the 11th of the previous month to the 10th of the current month. The payment processing service currently used by Best Brains is CSG Forte, but this may change.
In addition to the payment report, Best Brains franchisees must also submit other reports by the 10th of each month, including an electronic report of gross sales for the period of the 11th of the previous month to the 10th of the current month, and a copy of their bank statement for the previous month. Franchisees must also provide a profit and loss statement for the preceding calendar month, along with a year-to-date profit and loss statement and balance sheet.
Best Brains requires franchisees to verify and sign all reports submitted. Failure to submit these reports on time may result in Best Brains estimating the franchisee's gross sales and then depositing any unpaid royalty fees, advertising contributions, or other amounts due using the electronic funds transfer system. Best Brains is authorized to use the data provided by franchisees for various purposes, including operations, advertising, and other business reports, as well as in any publication, disclosure document, or advertisement related to the sale of franchised businesses.