The ongoing impact of the recession hit one of South Brunswick's cornerstone institutions this week.
On Friday, the South Brunswick Family YMCA filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of New Jersey in Trenton. In a statement released to the media Friday, The Y's Board of Directors cited difficulty sparked by a decline in membership and community donations.
“Like so many businesses and organizations in our area, the South Brunswick Family YMCA has been adversely affected by the economic recession," the board said in a statement. "Declines in membership and donations over the past few years have presented financial challenges, but we believe the action we have taken today is an important first step toward restoring our Y’s operational and fiscal health."
Earlier this year, the YMCA named Jeffrey Hermann as it's third Board President. Hermann succeeded Anthony Campisano, who stepped down after six years as Board President. The board said the bankruptcy declaration would better position the Y moving forward. The move is not expected to have an impact on existing YMCA members or programs.
“Our goal in this process is to give the communities we serve a stronger, healthier YMCA, and reorganizing through bankruptcy provides an opportunity to do just that," the board statement said. "This decision does not impact our daily operations, which will continue without interruption. Our YMCA’s staff is fully committed to providing the same safe, high-quality programs and services that people have come to expect from the Y."