Annual Financial Reporting
All concession contracts require concessioners to submit an annual financial report, commonly referred to as the AFR. There are two report formats: a long form for larger concession contracts and a short form for smaller concession contracts. Both versions include a statement of income, balance sheet, detail of gross receipts and operational statistics.
Completing and Submitting an AFR
Concessioners must submit AFRs electronically by downloading and completing the AFR forms in Microsoft Excel. After completing the forms and any other supporting documents such as financial audits or reviews, concessioners should email the completed excel form and all supporting documents to AFR Submissions. (Please send only AFR forms, CPA Opinion Letters, Financial Notes, and related AFR questions to this email address. There is no guarantee that any other documents (i.e., Pesticide Use Logs, Franchise Fee payment information) received through this email will be forwarded to the appropriate contact.) Concessioners should include their concessioner ID or contract number in the subject line. They will receive a confirmation email upon receipt of their submission.
Concessions with gross receipts greater than $500,000 must use the AFR Long Form. Concessioners with gross receipts less than $500,000 may use the AFR Short Form. The supplemental Short Form Fees Worksheet is available to assist concessioners who use the Short Form and have deductions from gross receipts and/or have a tiered franchise fee.
If you need assistance regarding any of the above, please contact the concessions specialist at your park or send an email to AFR Submissions.
Changes from previous years
This process is different than in previous years. The two previous AFR submission websites have been taken down due to numerous issues faced by concessioners. The excel forms have also been updated and simplified so that they are compatible with Microsoft Windows and Macintosh operating systems. Specific changes include:
- General: All macros and visual basic code have been deleted. Concessioners are no longer required to create an XML file.
- Schedule D (Long Form Only): Both LSI and PI schedules are now visible for completion. Please choose the appropriate Schedule D and complete only one.
- Schedule M: All seven schedules are now visible for completion, as well at M-Total. Please choose the appropriate number of schedules to complete based upon the number of locations your concession has operations. If you have more than seven locations, please email AFR Submissions for an excel file with additional schedule M tabs.
Additional Note on ASC Topic 853
For those concessioners that determine Accounting Standards Codification (ASC) Topic 853 for Service Concession Arrangements is applicable to their operation, the AFR Long Form is in the process of being revised to address reporting changes.