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The YMCA Climbs Out of Debt
2014 is a year of celebration
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Greenwich, CT | Added on January 29, 2014 At 02:49 PM

2014 is comeback year for the YMCA of Greenwich. Now entirely debt free, the Y has a lot to celebrate.

"January 2014 has been a great month, we're seeing growth, a lot of happy members coming in, a lot of new faces, a lot of familiar faces that may have left us because of the construction issues that we were having, but they are back, they're enjoying it and as we like to say, make 2014 your comeback year and our comeback year," says Ed Philipp, President and CEO of Greenwich YMCA. 

For the last few years, the YMCA of Greenwich has been struggling to restore its financial spirit. About 8 years ago, it borrowed more than $20 million as part of a makeover of the facility. By the end of 2010, the Y was in about $26 million of debt. The project stopped dead, but the YMCA showed its spirit.

"The idea was to have a three step process, the only way we could raise money was to have a break-even budget, so we restructured the building and now it has been break-even for about 38 months," says Jim Cabrera, Chairman of the Board of Directors of the Greenwich YMCA. "The second thing was to finish the building so we had to raise about $6 million to finish the building, which happened in September. And the final thing was to attack the debt at the time which was about $33 million of debt and so through tremendous donation we were able to pay off the debt on December 31st and basically set up the Y for the next 100 years."

The YMCA was able to enter 2014 with a clean slate. It hopes to be even more supportive of the community in the coming year by helping to establish new programs such as the recent launch of the after-school program at New Lebanon School. 

"Now that we have some things put behind us we're able to do things for the community as well and reach out and solve community issues like the New Lebanon after-school program," says Philipp.

The YMCA has shown their resilience as they close in on their 100th anniversary at the site in two years. In Greenwich, Sarah Michler, It's Relevant.com. 


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