What specific financial statements are required annually by Care Plus Medical Ucc?
Care_Plus_Medical_Ucc Franchise · 2024 FDDAnswer from 2024 FDD Document
- (a) Financial Reports. Franchisee shall provide such periodic financial reports as Care Plus Medical UCC may require in the Manual or otherwise in writing, including:
- (i) a monthly profit and loss statement and balance sheet for the Business within 30 days after the end of each calendar month;
- (ii) an annual financial statement (including profit and loss statement, cash flow statement, and balance sheet) for the Business within 90 days after the end of Care Plus Medical UCC's fiscal year; and
- (iii) any information Care Plus Medical UCC requests in order to prepare a financial performance representation for Care Plus Medical UCC's franchise disclosure document.
- (b) Legal Actions and Investigations. Franchisee shall promptly notify Care Plus Medical UCC of any Action or threatened Action by any customer, governmental authority, or other third party against Franchisee or the Business, or otherwise involving the Franchisee or the Business. Franchisee shall provide such documents and information related to any such Action as Care Plus Medical UCC may request.
- (c) Government Inspections. Franchisee shall give Care Plus Medical UCC copies of all inspection reports, warnings, certificates, and ratings issued by any governmental entity with respect to the Business, within three days of Franchisee's receipt thereof.
- (d) Other Information. Franchisee shall submit to Care Plus Medical UCC such other financial statements, budgets, forecasts, reports, records, copies of contracts, documents related to litigation, tax returns, copies of governmental permits, and other documents and information related to the Business as specified in the Manual or that Care Plus Medical UCC may reasonably request.
Source: Item 22 — CONTRACTS (FDD page 41)
What This Means (2024 FDD)
According to Care Plus Medical Ucc's 2024 Franchise Disclosure Document, franchisees must submit an annual financial statement for their business. This statement must include a profit and loss statement, a cash flow statement, and a balance sheet. The franchisee is required to submit this annual financial statement within 90 days after the end of Care Plus Medical UCC's fiscal year.
In addition to the annual financial statement, Care Plus Medical Ucc also requires franchisees to provide monthly financial reports. These reports must include a profit and loss statement and a balance sheet for the business, and they must be submitted within 30 days after the end of each calendar month.
Furthermore, Care Plus Medical Ucc can request any information needed to prepare a financial performance representation for their Franchise Disclosure Document. Franchisees are also obligated to submit any other financial statements, budgets, forecasts, reports, records, copies of contracts, documents related to litigation, tax returns, copies of governmental permits, and other documents and information related to the Business as specified in the Manual or that Care Plus Medical UCC may reasonably request. This gives Care Plus Medical Ucc broad authority to request various financial documents from franchisees.