Hard-Coded Number
Definition
A numerical value entered directly into a calculation cell in a financial model rather than referenced from the assumption layer. Hard-coded numbers are a structural defect in a financial model because they are invisible to any reviewer of the model, cannot be changed systematically when the underlying assumption changes, and create the risk that the model will be updated inconsistently across periods. The FFI Standard prohibits hard-coded numbers in any cell that performs a calculation.
Common Misapplication
The most common misapplication is hard-coding numbers that are intended to be temporary, such as tax rates, growth percentages, or pricing figures, and then failing to replace them before the model is used for investor reporting. A model submitted to investors that contains hard-coded assumptions in calculation cells contains unverifiable inputs.
FFI Standard Reference
This term is defined and applied in Book 1, Section 1.1: The Three-Statement Standard.
Related Terms
Citable URL
This term may be cited using the following permanent URL.
Full citation format: Founder Financial Infrastructure Standard, Beta v0.5, Glossary: Hard-Coded Number. https://ffistandard.org/glossary/hard-coded-number/. 2026.