When are quarterly financial statements due to Chop5 Salad Kitchen?
Chop5_Salad_Kitchen Franchise · 2024 FDDAnswer from 2024 FDD Document
tures on your grand opening marketing campaign in accordance with §10.3(b). No later than the 10th day of each month, you must prepare and send us a monthly report detailing your expenditures incurred during the prior month on local advertising required by §10.3(a). All advertising expenditure reports must include copies of receipts for the reported expenditures.
- 15.4. Financial Statement. You must prepare and send us all financial statements required by the Manual in the format we prescribe, including, without limitation: (a) monthly financial statements, which are due no later than 20 days after the end of each month; (b) quarterly financial statements, which are due no later than 60 days after the end of each calendar quarter; and (c) annual financial statements, which are due no later than 90 days after the end of each calendar year.
Source: Item 23 — RECEIPT (FDD pages 50–178)
What This Means (2024 FDD)
According to Chop5 Salad Kitchen's 2024 Franchise Disclosure Document, franchisees are required to submit quarterly financial statements no later than 60 days after the end of each calendar quarter. This means that Chop5 Salad Kitchen franchisees must compile and submit these statements four times per year, providing a regular snapshot of their restaurant's financial performance.
In practical terms, this requirement ensures that Chop5 Salad Kitchen has consistent and up-to-date information on each franchise location's financial health. This allows the company to monitor performance, identify potential issues early on, and provide support where needed. For the franchisee, it means maintaining organized financial records and adhering to the reporting deadlines outlined in the franchise agreement and the brand's manual.
Beyond quarterly reports, Chop5 Salad Kitchen also requires franchisees to submit monthly financial statements, which are due no later than 20 days after the end of each month, and annual financial statements, which are due no later than 90 days after the end of each calendar year. Furthermore, Chop5 Salad Kitchen has the right to independently access a franchisee's Technology Systems to retrieve and compile Business Data and generate any reports they deem appropriate, including Gross Sales reports.