What must be included with the Period Statement submitted by a Buona franchisee?
Buona Franchise · 2025 FDDAnswer from 2025 FDD Document
o Franchisee based on the information retrieved upon which Franchisee shall pay royalties. Franchisor reserves the right to change the manner in which Gross Sales reports are prepared in the future.
- 4.3 Period and Quarterly Statements. During the Term, Franchisee shall, at its expense, submit to Franchisor within twenty-one (21) days following the end of each of the thirteen (13) 4-week reporting periods of Franchisor ("Periods"), a statement providing certain sales and other financial data in a form and format as Franchisor may reasonably require ("Period Statement") together with a certificate executed by Franchisee or an officer of Franchisee stating that such financial statement is true and accurate.
Source: Item 22 — CONTRACTS (FDD page 78)
What This Means (2025 FDD)
According to Buona's 2025 Franchise Disclosure Document, franchisees must submit a Period Statement to Buona within 21 days following the end of each of the thirteen 4-week reporting periods. This Period Statement must include certain sales and other financial data in a form and format that Buona reasonably requires.
In addition to the sales and financial data, the Period Statement must also include a certificate executed by the franchisee or an officer of the franchisee, attesting that the financial statement is true and accurate. This certification adds a layer of accountability, ensuring the data's integrity.
Furthermore, Buona may request that the franchisee submit copies of any state or local sales tax returns filed for the period included in the Period Statement. This allows Buona to verify the accuracy of the reported sales data and ensure compliance with tax regulations. Buona also retains the right to modify the requirements for Period Statements, Quarterly Statements, Financial Statements and other reports as specified in the manuals or in writing.