When does Best Western furnish its annual financial statement to each member after the close of the fiscal year?
Best_Western Franchise · 2025 FDDAnswer from 2025 FDD Document
Within 90 days after the close of the fiscal year of the Corporation, a financial statement, including the balance sheet and profit and loss statement for the preceding fiscal year, shall be furnished to each Member. This financial statement shall be certified by an independent certified public accountant.
Source: Item 23 — Receipts (FDD pages 108–413)
What This Means (2025 FDD)
According to Best Western's 2025 Franchise Disclosure Document, the corporation must furnish a financial statement to each member within 90 days after the close of its fiscal year. This statement includes a balance sheet and profit and loss statement for the preceding fiscal year. The financial statement must be certified by an independent certified public accountant.
This requirement ensures that Best Western members receive timely and audited financial information about the corporation's performance. This allows members to stay informed about the financial health of the organization.
For a prospective franchisee, this means they will receive a certified financial statement within 90 days of the fiscal year's end, providing transparency and accountability. This is a standard practice in franchising, as it allows franchisees to assess the financial stability and performance of the franchisor.