What format is required for the financial reports submitted by a Bumble Roofing franchisee?
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.
- 6.4 Franchisee shall also submit to Franchisor a copy of its financial statements and other reports as Franchisor may reasonably request to evaluate or compile research and performance data on any operational aspect of the Business.
Franchisee shall submit proof of its Individual Advertising Investment (as defined in Section 11.1), in the format required by Franchisor, on a monthly basis.
- 6.5 The records required under this Section 6 pertain only to Franchisee's operation of the Business.
Franchisor has no right to inspect, audit or copy the records of any unrelated business activity Franchisee may have.
Franchisee shall keep the books and records of the Business separate from the records of any unrelated business activity or personal activity.
Source: Item 22 — CONTRACTS (FDD page 53)
What This Means (2025 FDD)
According to the 2025 Bumble Roofing Franchise Disclosure Document, franchisees must furnish reports to Bumble Roofing in a format that Bumble Roofing requires, which includes a prescribed chart of accounts. These reports must also include the detail, breakdown, and copies of supporting records that Bumble Roofing may require from time to time.
Specifically, within ten days after the end of each month (starting January 1st), franchisees must submit a balance sheet and profit and loss statement for the business covering the preceding month. Additionally, within thirty days after the end of each fiscal year, franchisees are required to provide financial statements, including a balance sheet, profit and loss statement, a change in cash position statement, and a statement of retained earnings for that period. Franchisees must also submit a true 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.
Bumble Roofing also requires franchisees to submit a copy of their financial statements and other reports as reasonably requested to evaluate or compile research and performance data on any operational aspect of the business. Franchisees must also submit proof of their Individual Advertising Investment in the format required by Bumble Roofing on a monthly basis. These record-keeping requirements pertain only to the franchisee's operation of the Bumble Roofing business, and franchisees must keep these books and records separate from any unrelated business or personal activities.