What financial statements must a Bumble Roofing franchisee furnish to the franchisor annually?
Bumble_Roofing Franchise · 2025 FDDAnswer from 2025 FDD Document
- 6.3 Franchisee shall furnish to Franchisor such reports as Franchisor may require from time to time.
Franchisee grants Franchisor the right to disclose all financial data submitted to Franchisor.
Without limiting the generality of the foregoing, Franchisee shall furnish to Franchisor in the form Franchisor requires periodically (which will include a chart of accounts prescribed by Franchisor) and together with such detail and breakdown and copies of supporting records as Franchisor may from time to time require:
(a) within ten (10) days after the end of each month, beginning with January 1st, a balance sheet and profit and loss statement for the Business for the preceding month;
(b) within thirty (30) days after the end of each fiscal year of the Business, financial statements for the Business, including a balance sheet, profit and loss statement, a change in cash position statement and a statement of retained earnings for such period; and
(c) within thirty (30) days of April 15th of each year, a true copy of all tax returns, schedules and reports filed by Franchisee for income, corporate, sales tax, employer health tax, or workers compensation purposes.
Source: Item 22 — CONTRACTS (FDD page 53)
What This Means (2025 FDD)
According to Bumble Roofing's 2025 Franchise Disclosure Document, franchisees are required to submit several financial reports to the franchisor on a regular basis. These reports allow Bumble Roofing to monitor the financial health and performance of its franchisees. Franchisees must use a chart of accounts prescribed by Bumble Roofing when preparing these reports. Bumble Roofing also has the right to disclose all financial data submitted to them.
Annually, within thirty days after the end of each fiscal year, franchisees must furnish financial statements for their Bumble Roofing business. These statements must include a balance sheet, a profit and loss statement, a change in cash position statement, and a statement of retained earnings for that period. Additionally, franchisees must provide a copy of all tax returns, schedules, and reports filed for income, corporate, sales tax, employer health tax, or workers compensation purposes within thirty days of April 15th each year.
In addition to the annual reports, Bumble Roofing franchisees are also required to submit monthly financial reports. Specifically, within ten days after the end of each month, franchisees must submit a balance sheet and profit and loss statement for the preceding month, starting with January 1st. These ongoing reporting requirements ensure that Bumble Roofing has a consistent and up-to-date view of each franchise's financial status.