When does the fiscal year end for a Cool Binz franchisee?
Cool_Binz Franchise · 2025 FDDAnswer from 2025 FDD Document
Your fiscal year must end on December 31. You must verify and sign each report and financial statement in the manner that we prescribe. We can disclose data derived from these reports without specifically identifying you or the Business (unless we have your written consent to do so). We can require you to have audited financial statements prepared on an annual basis if you fail to comply with any provision of this Agreement. Finally, you will allow us, as we deem appropriate, timely access to your copy of any computer systems that you maintain, to retrieve all information relating to the operation of the COOL BINZ Business.
Source: Item 23 — RECEIPTS (FDD pages 63–238)
What This Means (2025 FDD)
According to the 2025 Cool Binz Franchise Disclosure Document, the fiscal year for a Cool Binz franchisee must end on December 31. This means that franchisees will need to align their accounting and reporting practices to conclude their financial year at this time.
Cool Binz requires franchisees to maintain an accounting system that conforms to their prescribed requirements. Franchisees must furnish Cool Binz with various financial statements and reports, including income statements, profit and loss statements, and cash flow statements. These reports are due at different intervals, such as monthly gross sales reports, unaudited income statements upon request, and complete annual income statements within 90 days after the close of the fiscal year.
In addition to regular financial reporting, Cool Binz also requires franchisees to submit financial projections and a marketing plan for the upcoming year by November 1st of each year. Franchisees must also provide copies of state, federal, and other income tax returns upon request. Compliance with these reporting requirements is essential for franchisees to maintain good standing with Cool Binz and to ensure accurate financial oversight of their business operations.