Section 14.3 of the Joint Operating Agreement between the Douglas Park Community Association and the Vancouver Board of Parks and Recreation requires the Society, prior to the end of the first year of the term to develop a plan to spend and/or keep as operating contingency, at the Association’s discretion, its retained earnings and update that plan on an annual basis to reflect amounts actually spent in the past year, use of funds, the current balance of retained earnings and any revised plans for future spending of the retained earnings.

As noted in our 5-year strategic plan, we would like to mark our retained earnings as an operating contingency of $457,492 and continue to earmark internally for a capital project #1 – Splash Pad.  Plans for this project have been noted in Board Meetings in throughout the current and prior fiscal years, with retained earnings and total internally restricted funds ($533,204) available for this purpose.

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