By what date each year must a Crave franchisee provide a complete annual financial statement?
Crave Franchise · 2025 FDDAnswer from 2025 FDD Document
11.2.2 You shall, at your expense, provide to us a complete annual financial statement (which shall be reviewed) prepared by an independent certified public accountant by April 15th of each year during the term hereof showing the results of the Franchised Business' operations during the previous calendar year. We reserve the right to require such financial statements to be audited by an independent certified public accountant satisfactory to us at your cost and expense if an inspection discloses an understatement of two percent (2%) or more in any report, pursuant to Section 11.3;
Source: Item 23 — RECEIPTS (FDD pages 63–253)
What This Means (2025 FDD)
According to Crave's 2025 Franchise Disclosure Document, franchisees must submit a complete annual financial statement to Crave by April 15th of each year. This statement should reflect the results of the Franchised Business' operations during the previous calendar year. The financial statement must be reviewed and prepared by an independent certified public accountant.
Crave retains the right to demand a full audit of the franchisee's financial statements if an inspection reveals an understatement of two percent (2%) or more in any report. This audit would be at the franchisee's expense and must be conducted by an independent certified public accountant that is satisfactory to Crave.
In addition to the annual financial statement, Crave franchisees are also required to submit monthly reports of Gross Sales and a profit and loss statement within ten days after the end of each month. These monthly statements do not need to be audited but must be signed by the franchisee's treasurer, chief financial officer, or a comparable officer, attesting to their accuracy.