Debt Causes California YMCA to Put Facility Up for Sale
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Modesto, CA — The YMCA of Stanislaus County in Modesto, CA, recently announced it will put its facility up for sale because of a $2.5 million deficit stemming in part from mortgage debt, debt reconciliation and renovations, according to the Turlock (CA) Journal.
The facility also has accounts payable and endowment liability, says Phil McGovern, chief executive officer of the YMCA of Stanislaus County. Adding to the Y's woes are declining memberships and fewer donations and grants. However, the Y is expected to continue operations at the location as well as other locations in the county, the newspaper reports. It is the only Y in Stanislaus County.
A statement from the YMCA of Stanislaus County says that its board has not yet determined when the property will be listed for sale or what the asking price will be.
“We certainly hope to occupy a facility again, but at this point, we don't know when that will happen,” McGovern says.
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