What was the amount of late fees collected by Engineering For Kids in 2024?
Engineering_For_Kids Franchise · 2025 FDDAnswer from 2025 FDD Document
ch may include, without limitation paying for services provided by approved third-party providers to the some or all Engineering for Kids Businesses, and the costs to develop, implement and/or license software, applications and other technologies. We the right to modify the use the Technology Fee as we determine appropriate.
3.7. Delinquency
Any payment or report we (or the appropriate marketing fund) do not actually receive on or before the date due will be deemed overdue. If any payment or report is overdue, you must pay us, in addition to the overdue amount, the greater
Source: Item 23 — RECEIPTS (FDD pages 53–138)
What This Means (2025 FDD)
According to Engineering For Kids's 2025 Franchise Disclosure Document, any payment or report not received on time is considered overdue. In the event of an overdue payment, Engineering For Kids requires the franchisee to pay a late fee. This late fee is either $25 or an interest charge of 1.5% per month on the overdue amount, whichever is greater. The interest rate will not exceed the maximum amount permitted by law.
The Franchise Disclosure Document does not specify the total amount of late fees collected by Engineering For Kids in 2024. This information would provide insight into how frequently franchisees are late on payments and the overall financial impact of these late fees on the franchisor's revenue.
A prospective franchisee should ask Engineering For Kids directly about the total amount of late fees collected across all franchises in 2024. This information, while not available in the FDD, could be valuable in assessing the financial stability and payment practices within the franchise system.