Is the Engel & Volkers National Marketing and Technology Fund audited?
Engel_Volkers Franchise · 2025 FDDAnswer from 2025 FDD Document
The National Marketing and Technology Fund is not held in trust and we do not manage the fund in a fiduciary capacity. The National Marketing and Technology Fund is not audited.
Source: Item 11 — FRANCHISOR'S ASSISTANCE, ADVERTISING, COMPUTER SYSTEMS, AND TRAINING (FDD pages 43–54)
What This Means (2025 FDD)
According to Engel & Volkers's 2025 Franchise Disclosure Document, the National Marketing and Technology Fund is not audited. This fund is used for various marketing and technology-related activities to enhance and promote the Engel & Volkers system.
The funds contributed are deposited in Engel & Volkers's general operating account. However, Engel & Volkers will furnish franchisees with an annual financial statement for the National Marketing and Technology Fund upon written request, typically available around April 30th each year. Franchisees also have the option to inspect the books and records related to the fund during Engel & Volkers's normal business hours.
The fact that the fund is not audited means there is no independent verification of the fund's financial statements. While Engel & Volkers provides an annual financial statement and allows franchisees to inspect records, an audit would offer an additional layer of assurance regarding the accuracy and reliability of the financial information. Prospective franchisees may want to consider this when evaluating the financial management of the National Marketing and Technology Fund.