What budgets and reports does the Manager prepare and deliver to Dermani Medspa?
Dermani_Medspa Franchise · 2025 FDDAnswer from 2025 FDD Document
- (d) Budgets and Reports. Manager shall prepare and deliver to Practice annual budgets and monthly financial reports, and prepare written reports, as requested, for meetings of Practice's management and Practice Managers and assist Practice Managers in establishing policies related to cash investment, tax planning, and other financial policies, which may periodically be adopted by Practice Managers. Manager's activities in this regard shall be limited to recommendations. Practice Managers shall retain sole fiduciary responsibility with respect to this Section (d), and shall make all decisions regarding investment and other financial policies.
- (e) Tax Returns. Manager shall assist Practice with preparing monthly, quarterly, and year-end financial statements and required accounting records for Practice's tax accountant.
Source: Item 23 — RECEIPTS (FDD pages 66–311)
What This Means (2025 FDD)
According to Dermani Medspa's 2025 Franchise Disclosure Document, the Manager is responsible for preparing and delivering specific financial documents to the Practice. These include annual budgets and monthly financial reports. Additionally, the Manager will prepare written reports as requested for meetings involving the Practice's management and Practice Managers.
The Manager also assists Practice Managers in setting up policies related to cash investment, tax planning, and other financial policies. However, the FDD stipulates that the Manager's role in these activities is limited to making recommendations, and the Practice Managers retain sole fiduciary responsibility and decision-making authority regarding investment and financial policies.
Furthermore, the Manager assists the Practice in preparing monthly, quarterly, and year-end financial statements and the necessary accounting records for the Practice's tax accountant. This ensures that the Practice has the required financial information for tax purposes. It is important to note that while the Manager provides assistance, the ultimate responsibility for financial decisions and policies rests with the Practice Managers.