The “Great Recession” hit everyone – especially those with too much debt. Debt is not necessarily evil, but when it’s a touch too much, it can be devastating.
“I feel like I work for the bank, not my members,” lamented one CEO to me recently.
“It’s like cancer on our mission,” opined another.
“Never waste a good crisis” an old boss of mine used to say. Hopeless? Not at all. If debt has got you down, let me offer you a ray of hope in the form of a short success story.
An independent YMCA in the Midwest set out on an ambitious capital effort. They built a great new facility, but their capital campaign came up short for a host of reasons. The result? About $6.6 million in debt – on a $2.3 million annual budget. Unsustainable.
With the help and counsel of my colleagues Peggy Vinson, Bruce Berglund and Michele Goodrich, this Y began a series of proactive, take-control steps that asked key fundamental questions:
- What is a realistic amount of debt?
- What does the YMCA mission mean to this community?
- What will resonate with our supporters?
And so they began a “donor engagement” study (much like a feasibility study) and sure enough, the YMCA leaders were shown how they could engage donors in a focused (almost quiet) campaign to eliminate a portion of their debt to a manageable level.
What started five years ago as a small, focused debt reduction campaign slowly morphed into a countywide debt elimination campaign of pride, with even the local newspapers and radio helping. The result? You can read for yourself. On September 16, 2015, the YMCA of Dodge County officially and triumphantly declared the Y, “debt-free.”
A miracle? Nope. It was a partnership of passionate staff, dedicated volunteers, and wise and encouraging counsel. No, not every situation is the same, but it is never hopeless either as Dodge County demonstrated, now securely debt free and poised for growth: growth in membership, growth in programs, and best yet, growth in mission.
Congrats to volunteer leaders of the YMCA of Dodge County and their tireless Executive Director, Jen Kruel.
