What is the deadline for Face Foundrie Area Developers to submit monthly profit and loss statements?
Face_Foundrie Franchise · 2025 FDDAnswer from 2025 FDD Document
- 5.3.1 No later than the twentieth (20th) day of each calendar month, Area Developer shall have prepared a profit and loss statement reflecting all of Area Developer's operations during the last preceding calendar month, for each Franchised Facial Bar.
Area Developer shall prepare profit and loss statements on an accrual basis and in accordance with generally accepted accounting principles.
Area Developer shall submit such statements to Franchisor at such times as Franchisor may designate or as Franchisor may otherwise request.
Source: Item 23 — RECEIPTS (FDD pages 74–257)
What This Means (2025 FDD)
According to Face Foundrie's 2025 Franchise Disclosure Document, Area Developers must submit monthly profit and loss statements no later than the 20th day of each calendar month. These statements should accurately reflect the Area Developer's operations for each franchised facial bar during the preceding month.
Face Foundrie requires these financial reports to be prepared on an accrual basis, adhering to generally accepted accounting principles. This ensures consistency and comparability across all Area Developer submissions. The franchisor also retains the right to request these statements at other times or designate specific formats and chart of accounts for their preparation.
Submitting these reports on time is critical, as failure to meet deadlines under the Development Schedule constitutes a default under the Area Development Agreement. This could potentially lead to termination of the agreement, highlighting the importance of maintaining accurate records and adhering to the franchisor's reporting requirements.