What was the total amount of technology fee expense for Caring Senior Service in 2024?
Caring_Senior_Service Franchise · 2025 FDDAnswer from 2025 FDD Document
Ended December 31, 2024, 2023, and 2022**
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Revenues | |||
| Royalty fees | $ 2,112,484 $ | 1,951,540 $ | 1,682,759 |
| Franchise sales and renewal fees | 182,156 | 195,278 | 206,868 |
| Technology fee revenue | 1,091,807 | 876,001 | 528,246 |
| Reimbursed charges from franchises, net | 205,963 | 444,914 | 247,305 |
| Total Revenue | 3,592,410 | 3,467,733 | 2,665,178 |
| Operating Expenses | |||
| General and administrative expenses | 1,173,689 | 1,525,555 | 1,403,766 |
| Partners' compensation | 62,000 | 65,000 | 66,000 |
| Technology fee expense | 1,066,368 | 757,400 | 664,191 |
| Employee lease expense | 852,689 | 1,276,777 | 988,026 |
| Total Operating Expenses | 3,154,746 | 3,624,732 | 3,121,983 |
| Net Operating (Loss) Income Before | |||
| State Franchise Tax Provision | 437,664 | (156,999) | (456,805) |
| State franchise tax provision | (18,648) | (17,968) | (7,981) |
| Net Income (Loss) | $ 419,016 $ | (174,967) $ | (464,786) |
**Statements of Changes in Partners' Capital For
Source: Item 23 — RECEIPTS (FDD pages 53–204)
What This Means (2025 FDD)
According to Caring Senior Service's 2025 Franchise Disclosure Document, the technology fee expense for the company in 2024 was $1,066,368. This figure represents the total expenses Caring Senior Service incurred related to technology, which may include software, hardware, and IT support.
For a prospective franchisee, understanding this expense is crucial as it reflects the franchisor's investment in technology to support the franchise system. It also indicates the scale of technological infrastructure that Caring Senior Service maintains. Franchisees benefit from these technology investments through potentially more efficient operations, better data management, and enhanced customer service capabilities.
It's important to note that technology expenses can fluctuate year to year based on upgrades, new software implementations, or changes in IT support services. Reviewing the trend of technology expenses over the three years presented (2022-2024) can give a franchisee insight into Caring Senior Service's commitment to technology and how these costs are managed. The technology fee expense increased from $664,191 in 2022 to $1,066,368 in 2024, showing a significant investment in technology over those three years.