What must be included with the Quarterly Statement submitted by a Buona franchisee?
Buona Franchise · 2025 FDDAnswer from 2025 FDD Document
her 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. During the Term, Franchisee shall, at its expense, submit to Franchisor within twentyone (21) days following the end of each of quarter of the fiscal year, a statement providing certain sales and other financial data in a form and format as Franchisor may reasonably require ("Quarterly Statement") together with a certificate executed by Franchisee or an officer of Franchisee stating that such financial statement is true and accurate.. The Quarterly Statements shall be submitted within twenty-one (21) days following the end of the fourth (4th), seventh (7th), tenth (10th) and thirteenth (13th) Periods.
Source: Item 22 — CONTRACTS (FDD page 78)
What This Means (2025 FDD)
According to Buona's 2025 Franchise Disclosure Document, a franchisee must submit a Quarterly Statement to Buona within 21 days following the end of each fiscal quarter. This statement must provide specific sales and other financial data in a format that Buona requires.
In addition to the Quarterly Statement itself, the franchisee must also include a certificate. This certificate needs to be executed by either the franchisee or an officer of the franchisee, and it must declare that the financial statement provided in the Quarterly Statement is true and accurate.
Furthermore, Buona has the right to request that the franchisee submit copies of any state or local sales tax returns filed for the period covered by the Quarterly Statement. This allows Buona to verify the accuracy of the sales data reported by the franchisee and ensure compliance with reporting requirements. Buona also retains the right to modify the requirements for Quarterly Statements, including the form, manner, and timing of submission, as specified in the manuals or in writing.