What is the Stretch Zone DMA Cooperative Treasurer required to do with disbursements?
Stretch_Zone Franchise · 2025 FDDAnswer from 2025 FDD Document
red by the Members, the Treasurer will obtain a bond for the faithful discharge of his or her duties in such sum, and with such surety or sureties, as the Members determine. The Treasurer will, along with the President, Vice President and Secretary, generally supervise and control all of the business affairs of the DMA Cooperative. 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.; (b) disburse the funds of the DMA Cooperative, as may be ordered by the Members, taking proper vouchers for the disbursements, and render to the President and Members an account of all his or her transactions as Treasurer and of the financial condition of the DMA Cooperative; (c) collect all Members' contributions and provide an annual accounting of the DMA Cooperative's use of the contributions to the Franchisor and the Members; (d) notify the Franchisor if any Member fails to make 2 or more consecutive monthly contributions to the DMA Cooperative as required by the terms of the DMA Membership Agreement;
Source: Item 3 — Franchisee/Debtor's Warranties. (FDD pages 263–364)
What This Means (2025 FDD)
According to the 2025 Stretch Zone FDD, the DMA Cooperative Treasurer has specific responsibilities regarding the cooperative's funds. The Treasurer is required to disburse funds as ordered by the members of the DMA Cooperative. When disbursing these funds, the Treasurer must obtain proper vouchers to document each disbursement.
In addition to managing disbursements, the Stretch Zone DMA Cooperative Treasurer must provide regular financial reports. Specifically, the Treasurer is responsible for rendering an account of all transactions and the financial condition of the DMA Cooperative to both the President and the Members. This ensures transparency and accountability in how the cooperative's funds are managed.
Furthermore, all checks or demands for money and notes of the DMA Cooperative must be signed by two officers, one of whom must be the Treasurer. This dual signature requirement adds an extra layer of control over the DMA Cooperative's finances. The Treasurer is also responsible for collecting member contributions and providing an annual accounting of how these contributions are used by the DMA Cooperative.