Illinois non-profit that saves animals faces foreclosure

The Central Illinois Small Animal Rescue, or CISAR, is a non-profit animal shelter located in Colfax, Illinois. The shelter and clinic is a no-kill animal shelter and has a clinic that provides veterinary care at a reduced cost to the community. Unfortunately, the Great Recession has left very few industries untouched in some way, and CISAR is in danger of foreclosure.

CISAR owes approximately $1.1 million on its mortgage, and the bank has issued a notice to CISAR that it intends to foreclose on the property if CISAR is unable to pay their debts. The shelter is in negotiations with the bank to see if they can come to a mutually beneficial agreement and stop the foreclosure process. In addition to the negotiations, CISAR is looking at fundraising opportunities and obtaining donations to help keep the shelter and clinic open.

If CISAR is unable to reach an agreement with the bank and pay down its loans, the bank may proceed with the foreclosure. If that happens, the shelter may not be left with many options. CISAR seems willing to do what it can to keep from having to evict its four legged borders.

One option CISAR may need to look into is filing for bankruptcy protection. Filing for bankruptcy would at least temporarily stop the foreclosure process in Illinois and may get the bank and the shelter back to the bargaining table. The parties may be able to work out a payment arrangement that satisfies the bank and allows the shelter to stay in business. Bankruptcy can prove to be the responsible approach to confront debt which has jeopardized business operations by offering a plan to resolve the issues and emerge with a renewed financial stability.

Source: VidetteOnline, "Nonprofit animal shelter facing foreclosure," Nellie Romanowski, Oct. 1, 2012

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