When are the annual financial statements due to Face Foundrie?
Face_Foundrie Franchise · 2025 FDDAnswer from 2025 FDD Document
as directed by Franchisor in advance of each payment of the Royalty Fee, Marketing Contribution, and other payments required to be made to Franchisor;
- (b) A monthly unaudited balance sheet and profit and loss statement in a form satisfactory to Franchisor covering Franchisee's Facial Bar for the prior month and fiscal year to date, all of which shall be certified by Franchisee as true and correct and delivered to Franchisor no later than the 5th day of each month;
- (c) Annual financial statements compiled or reviewed by an independent certified public accountant in a form satisfactory to Franchisor, which shall include a statement of income and retained earnings, a statement of cash flows and a balance sheet of Franchisee for each fiscal year, to be delivered to Franchisor no later than the 90th day after the end of such fiscal year;
- (d) An annual copy of Franchisee's signed tax filings (including all supporting schedules) as filed with the Internal Revenue Service (or any forms which take the place of those forms), and all other federal, state and local sales and use and income tax reports Franchisee is required to file, all to be delivered within thirty (30) days after filing;
- (e) A statement of local marketing expenditures made pursuant to Section 10.03 for fiscal year to date, in a form satisfactory to Franchisor, along with invoices documenting such expenditures (if required by Franchisor), to be delivered within ten (10) days after the end of each calendar month;
- (f) Insurance certificates in connection with Franchisee's annual renewal of the policies;
- (g) All health and safety inspection reports, to be delivered to Franchisor promptly upon receipt thereof by Franchisee; and
(h) Such other information as Franchisor may require from time to time, including product sales mix and labor reports, within thirty (30) days of Franchisor's request.
All such reports or other information shall be prepared (i) using any form documents established by Franchisor as set forth in the Operations Manual or otherwis
Source: Item 22 — CONTRACTS (FDD pages 73–74)
What This Means (2025 FDD)
According to Face Foundrie's 2025 Franchise Disclosure Document, franchisees must submit annual financial statements to the franchisor no later than 90 days after the end of each fiscal year. These statements must be compiled or reviewed by an independent certified public accountant and be in a format satisfactory to Face Foundrie. The financial statements should include a statement of income and retained earnings, a statement of cash flows, and a balance sheet.
In addition to the annual financial statements, Face Foundrie franchisees are also required to submit an annual copy of their signed tax filings to Face Foundrie within 30 days after filing with the IRS. They must also provide a statement of local marketing expenditures, along with supporting invoices if required by Face Foundrie, within 10 days after the end of each calendar month. Franchisees must also submit insurance certificates upon annual renewal of their policies and all health and safety inspection reports promptly upon receipt.
Failure to submit these reports by the required deadlines may result in a late submission fee of $200. All reports must be prepared using any form documents established by Face Foundrie in the Operations Manual and in accordance with generally accepted accounting principles of the state in which the Facial Bar is located.