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Oliver & District Community Economic Development Society (ODCEDS)
Dissolution and Distribution of Funds

Administrative Recommendation:
THAT the sum of $40,381.98 from the General Revenue Fund, being the equity remaining after all debts and liabilities paid in relation to the Oliver & District Community Economic Development Society, and pursuant to Section 124(2) of the Societies Act, be donated in accordance with the options provided in this report.
Purpose:
1. To donate the amount of $40,381.98 to the a qualified community recipient or recipients, and
2. To comply with the Societies Act pursuant to Sections 123 and 124.

Background:
In 2000, a sub-regional economic development service was created within Electoral Area “C” and the Town of Oliver and the service was delivered via a contract with the Oliver & District Community Economic Development Society (ODCEDS).
In 2009, as a result of a core service review, the Oliver and District Community Economic Development Society commenced the process to cease operations. In accordance with the BC Societies Act, all assets and liabilities were transferred to the RDOS, which included a reserve of $40,381.98.
Potential options include:
1. The Regional District, through Bylaw No. 1978, provides funding within Electoral Area “C” and the Town of Oliver for Economic Development purposes, and a reserve fund could be created for this service and disbursed to qualified applicants through a request for grant-in aid specifically for economic development purposes.
2. The amount of $40,381.98 could be reallocated to Oliver and District Parks and Recreation which maintains the same service area and tax base as ODCEDS.
3. The Regional District has, through an agreement with the Town of Oliver and the Oliver Tourism Association, committed to providing a contribution to assist with funding for tourism initiatives delivered through the Tourism Association. This funding is provided through the authority of Bylaw No. 1978. That contract is due to expire in December of 2019; however, the Board could elect to provide all or a portion of the $40,381.98 through a grant to this Association.
4. The Board may elect to apportion the funding to various eligible organizations.