Where does the Stretch Zone DMA Cooperative Treasurer deposit funds?
Stretch_Zone Franchise · 2025 FDDAnswer from 2025 FDD Document
The Treasurer will further: (a) have charge and custody of, and be responsible for, all funds of the DMA Cooperative from any source whatsoever, and deposit all such moneys in the name of the DMA Cooperative at Bank of America, N.A.;
Source: Item 3 — Franchisee/Debtor's Warranties. (FDD pages 263–364)
What This Means (2025 FDD)
According to Stretch Zone's 2025 Franchise Disclosure Document, the DMA Cooperative Treasurer is responsible for depositing all funds of the DMA Cooperative into an account held at Bank of America, N.A. The Treasurer has charge and custody of all funds, regardless of the source.
This arrangement ensures that all cooperative funds are managed through a centralized and secure banking institution. It also provides a clear point of responsibility for the handling of these funds, as the Treasurer is accountable for their safekeeping and proper disbursement.
Furthermore, the DMA Cooperative will open a bank account in its name with Bank of America into which advertising contributions are deposited and from which the expenses incurred are paid. The Franchisor will be granted access to the account for monitoring purposes. This setup allows for transparency and oversight of the DMA Cooperative's finances, as the franchisor has the ability to monitor the account activity. This can help ensure that funds are being used appropriately and in accordance with the cooperative's objectives.