Section R. 445.502 - Balance sheet; profit and loss statement; audit; auditor's opinionRule 502.
(1) The financial statement required to be filed by a franchisor refers to:(a) A balance sheet as of a date within 90 days prior to the date of the application.(b) A profit and loss statement for each of the 3 fiscal years preceding the date of the balance sheet and for the period, if any, between the close of the last of the fiscal years and the date of the balance sheet, unless this requirement is waived or modified by the administrator.(2) If the balance sheet referred to in subrule (1)(a) is not audited, there shall be filed, in addition, an audited balance sheet as of the end of the franchisor's last fiscal year, unless such last fiscal year ended within 90 days of the date of the application, in which case there shall be filed an audited balance sheet as of the end of the franchisor's next preceding fiscal year.(3) The profit and loss statement shall be audited up to the date of the last audited balance sheet filed, if any, unless this requirement is waived or modified by the administrator.(4) The auditor's opinion shall be filed with the statement when an audited financial statement filing is required.Mich. Admin. Code R. 445.502