What was the total amount of Charitable Contributions made by Gold Star in 2022 (restated)?
Gold_Star Franchise · 2025 FDDAnswer from 2025 FDD Document
--------------------------------------|---------------------------| | Retained Earnings, December 31, 2022, As Restated | $ 1,312,822 |
NOTE 25 – SUBSEQUENT EVENT
The Company has evaluated subsequent events through April 8, 2025, which is the date the consolidated financial statements were available to be issued.
In February 2025, the Company entered into a 15-year lease for a building in Hamilton, Ohio. The lease has three 5-year renewal options with a purchase option in years 20 through 30 of the lease. The lease will commence 30 days from the Company's opening for business to the public, which is anticipated to be April 2025. The rent payments over the life of the lease will be $476,124.
GOLD STAR CHILI, INC. CONSOLIDATED STATEMENTS OF SELLING , GENERAL AND ADMINISTRATIVE EXPENSES
| -------------------------- | -- |
|---|
| 2022 | ||||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | (Restated) | ||||
| Research and Development | $ 35,511 | $ | 37,484 | $ | 41,997 | |
| Salaries and Wages | 6,959,176 | 6,101,035 | 5,600,894 | |||
| 401(k) Expense | 64,584 | 73,246 | 65,823 | |||
| Advertising Expense | 886,959 | 921,454 | 996,584 | |||
| Depreciation and Amortization Expense | 1,312,395 | 1,000,384 | 876,592 | |||
| State and Local Taxes | 755,808 | 757,139 | 716,467 | |||
| Pa |
Source: Item 23 — Receipts (FDD pages 53–163)
What This Means (2025 FDD)
According to Gold Star's 2025 Franchise Disclosure Document, the company made $23,321 in charitable contributions during the year 2022 (restated). This figure is part of the selling, general, and administrative expenses detailed in the financial statements.
For a prospective franchisee, this indicates that Gold Star engages in charitable giving as part of its business operations. While the amount is relatively small compared to other expenses like salaries, advertising, or rent, it demonstrates a commitment to social responsibility. Franchisees might consider this when evaluating the brand's values and community involvement.
It's important to note that charitable contributions can fluctuate from year to year, as seen by the slightly higher amounts in 2024 ($29,637) and 2023 ($26,256). These variations can depend on the company's financial performance, specific initiatives, or philanthropic priorities during those years. A potential franchisee may want to inquire about Gold Star's charitable giving strategy and whether there are opportunities for franchisees to participate in local charitable activities.
Understanding the company's approach to charitable contributions can provide insights into its overall culture and values. While not a major financial factor, it can be a positive aspect of the brand for franchisees who value corporate social responsibility.