By Charles W. Kim, Managing Editor
The South Brunswick Family YMCA has filed for Chapter 11 Bankruptcy protection, according to the organization.
In a statement released to the media Friday evening, Executive Director Tom Libassi said the move would not effect daily operations of the organization, based at the facility on Culver Road in Monmouth Junction, but should help it make it through very tough economic times that have seen a drop in donations and memberships.
"The South Brunswick Family YMCA filed for Chapter 11 bankruptcy today in the US Bankruptcy Court for the District of New Jersey in Trenton. This was a difficult decision for the Board (of Directors), but it is the right decision for the future of our YMCA," Mr. Libassi said in the statement. "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."
Mr. Libassi could not provide a time frame for the reorganization Friday night, but did say that business at the facility would continue as normal.
"This decision does not impact our daily operations, which will continue without interruption," Mr. Libassi said. "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."
Mr. Libassi said in the statement that declines in both memberships and donations during the recession created "financial challenges" for the organization, but the bankruptcy action should provide an "important first step" in restoring fiscal health to the YMCA.
"Our YMCA has had the privilege of serving the children, families and communities of South Brunswick and surrounding area for more than 15 years," Mr. Libassi said. "The Y is grateful for the support we have received from our members, participants and donors, and we believe the Y will continue to be a vital part of South Brunswick for years to come."
According to the organization the South Brunswick Family YMCA provides diverse services including senior enrichment, daycare and after school programs as well as summer camps that serve more than 1,000 children.
