Does the Card My Yard FDD include unaudited financial statements?
Card_My_Yard Franchise · 2025 FDDAnswer from 2025 FDD Document
- B. Reporting. In addition to other reports required by this Agreement, you agree to submit to us, in the form we prescribe from time to time and at your expense:
- (1) Periodic Order Reports as requested by us from time to time and, at our request, monthly income statements (which may be unaudited), signed by your General Manager or comparable officer attesting that it is true, complete and correct.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 84)
What This Means (2025 FDD)
According to Card My Yard's 2025 Franchise Disclosure Document, franchisees may be required to submit monthly income statements to the franchisor. These income statements may be unaudited.
Specifically, Card My Yard franchisees must submit periodic order reports as requested by the franchisor. Additionally, at the franchisor's request, franchisees must submit monthly income statements. These income statements can be unaudited, but must be signed by the franchisee's General Manager or a comparable officer, attesting that the information is true, complete, and correct.
This means that while Card My Yard does not provide audited financial statements in the FDD, it does require franchisees to provide financial reports, which may be unaudited, on a regular basis. This allows Card My Yard to monitor the financial performance of its franchisees and ensure compliance with the franchise agreement.