Common use of Surplus Revenue Clause in Contracts

Surplus Revenue. Prior to the end of the first year of the Term, the Association will develop a plan to spend its Surplus Revenue and will update that plan on an annual basis to reflect amounts actually spent in the past year, use of funds, the current balance of Surplus Revenue and any revised plans for future spending of the Surplus Revenue. The Association will make its plan publically available and will post its plan and all updates online in a prominent location on the Association’s website. As part of this plan, the Park Board acknowledges and agrees that the Association may allocate up to a total of 3 months operating costs, or $300,000, whichever is greater, as an operating contingency that may be retained by the Association and carried forward (on a non- cumulative basis). Any funds allocated as operating contingency are subject to the terms of Section 14.1(c). The Association will use its best efforts to execute on its plan and shall make expenditures of Surplus Revenue in accordance with the plan, as it is updated from time to time. Subject to the foregoing, the Association agrees that Surplus Revenue may only be spent on physical improvements to or capital projects within the Community Centre Network or for the direct provision of Programming or services to the public at or from the Jointly Operated Facilities. The Association acknowledges and agrees that the buildings and Fixtures comprising the Entire Facility are and will continue to be owned by the City and Park Board, notwithstanding any contribution of funds (including Surplus Revenue and grant revenue) by the Association.

Surplus Revenue. Prior to the end of the first year of the Term, the Association will develop a plan to spend its Surplus Revenue within the first 5 year Term of this Agreement, unless another time period is agreed to by the parties, and the Association will share its plan with the Park Board. If applicable, the Association shall update that its plan on an annual basis to reflect amounts actually spent in the past year, use of funds, the current balance of Surplus Revenue and will share any revised plans for future spending of with the Surplus Revenue. The Association will make its plan publically available and will post its plan and all updates online in a prominent location on the Association’s websitePark Board. As part of this plan, the Park Board acknowledges and agrees that the Association may allocate up to a total of 3 months operating costs, or $300,000, whichever is greaterless, as an operating contingency that may be retained by the Association and carried forward (on a non- non-cumulative basis). Any funds allocated as operating contingency are subject to the terms of Section 14.1(c(c). The Association will use its best efforts to execute on its plan and shall make expenditures of Surplus Revenue in accordance with the plan, as it is updated from time to time. Subject to the foregoing, the Association agrees that Surplus Revenue may only be spent on physical improvements to or capital projects within the Community Centre Network or for the direct provision of Programming or services to the public at or from the Jointly Operated Facilities. The Association acknowledges and agrees that the buildings and Fixtures comprising the Entire Facility are and will continue to be owned by the City and Park Board, notwithstanding any contribution of funds (including Surplus Revenue and grant revenue) by the Association.

Surplus Revenue. Prior to the end of the first year of the Term, the Association will develop a plan to spend its Surplus Revenue and will update that plan on an annual basis to reflect amounts actually spent in the past year, use of funds, the current balance of Surplus Revenue and any revised plans for future spending of the Surplus Revenue. The Association will make its plan publically available and will post its plan and all updates online in a prominent location on the Association’s website. As part of this plan, the Park Board acknowledges and agrees that the Association may allocate up to a total of 3 months operating costs, or $300,000, whichever is greater, as an operating contingency that may be retained by the Association and carried forward (on a non- non-cumulative basis). Any funds allocated as operating contingency are subject to the terms of Section 14.1(c). The Association will use its best efforts to execute on its plan and shall make expenditures of Surplus Revenue in accordance with the plan, as it is updated from time to time. Subject to the foregoing, the Association agrees that Surplus Revenue may only be spent on physical improvements to or capital projects within the Community Centre Network or for the direct provision of Programming or services to the public at or from the Jointly Operated Facilities. The Association acknowledges and agrees that the buildings and Fixtures comprising the Entire Facility are and will continue to be owned by the City and Park Board, notwithstanding any contribution of funds (including Surplus Revenue and grant revenue) by the Association.