When must Face Foundrie franchisees deliver annual financial statements compiled or reviewed by an independent certified public accountant?
Face_Foundrie Franchise · 2025 FDDAnswer from 2025 FDD Document
- (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;
Source: Item 22 — CONTRACTS (FDD pages 73–74)
What This Means (2025 FDD)
According to Face Foundrie's 2025 Franchise Disclosure Document, franchisees are required to submit annual financial statements. These statements must be compiled or reviewed by an independent certified public accountant and be in a format that Face Foundrie finds satisfactory. The financial statements should include a statement of income and retained earnings, a statement of cash flows, and a balance sheet for the franchisee's fiscal year.
Face Foundrie requires these annual financial statements to be delivered no later than the 90th day after the end of the franchisee's fiscal year. This means franchisees have approximately three months after their fiscal year concludes to prepare and submit these documents.
It is important for prospective Face Foundrie franchisees to factor in the costs associated with hiring a certified public accountant to compile or review these financial statements. Failure to submit these reports on time may result in a late submission fee of $200, as stated elsewhere in the FDD.