What is the deadline for Chocolate Fish Coffee to prepare the Brand Fund's annual financial statement?
Chocolate_Fish_Coffee Franchise · 2024 FDDAnswer from 2024 FDD Document
F. Brand Fund. We will administer the Brand Fund (Section 5.5). We will prepare an unaudited annual financial statement of the Brand Fund within 120 days of the close of our fiscal year and will provide the financial statement to you upon request. (Section 9.3)
Source: Item 11 — FRANCHISOR'S ASSISTANCE, ADVERTISING, COMPUTER SYSTEMS, AND TRAINING (FDD pages 20–27)
What This Means (2024 FDD)
According to Chocolate Fish Coffee's 2024 Franchise Disclosure Document, the company will prepare an unaudited annual financial statement of the Brand Fund within 120 days of the close of their fiscal year. This statement will be provided to franchisees upon request.
This means that Chocolate Fish Coffee franchisees can expect to receive an annual financial statement for the Brand Fund, which details how the fund is being managed and spent. The statement is unaudited, meaning it has not been reviewed by an independent accounting firm.
Since the financial statement is available upon request, it is the franchisee's responsibility to ask Chocolate Fish Coffee for the document to stay informed about the Brand Fund's financial status. Franchisees should mark their calendars to request this report annually to ensure they receive it in a timely manner.