For generations, a child’s summer camp experience has created memories that last a lifetime. Camp is where lifelong friendships are formed, independence is learned, and confidence is built. Many camp owners loved the experience so much as children that they eventually grew up and bought camps of their own.

During the 1940s, 1950s and 1960s, there were nearly 100 summer camps operating throughout Sullivan County, NY, and the Pocono Mountains of Pennsylvania. As times changed and owners retired, many of those camps disappeared. Running a summer camp has never been simply a business. It is a labor of love. Camp owners traditionally invested not only their money, but also their hearts and souls into providing a safe and meaningful experience for children.

In recent years, however, large corporate conglomerates have begun purchasing camps. While some have been successful in preserving camp traditions and continually improving facilities and programs, others have focused primarily on the bottom line.

Now, one of the largest camp conglomerates, which owns 22 overnight camps and several day camps, has reportedly declared bankruptcy. The timing could not be worse. With summer only weeks away, hundreds, perhaps thousands, of campers and their families are facing uncertainty.

The consequences extend far beyond a business failure.

Think about the children who have spent the entire year looking forward to returning to camp. Think about the first-time campers who were excited and perhaps nervous about beginning a new adventure. Many may now find themselves without a camp to attend this summer.

Parents are scrambling to find alternative camps, many of which are already filled or have long waiting lists. Families who paid tuition months ago, often exceeding $14,000 per child, are wondering whether they will ever see a refund.

There are also the staff members who depend on summer employment. Counselors, specialists, kitchen workers, maintenance personnel, nurses and administrators may suddenly find themselves without jobs and without the income they counted on earning.

The impact reaches even farther. Many campers travel from other states, including Florida, Texas, California and elsewhere. Airline tickets have already been purchased. Vacation schedules have been arranged. Plans made months ago are now in jeopardy.

A bankruptcy filing may be a legal and financial matter in a courtroom, but its effects are felt in living rooms and family dinner tables across the country.

Summer camp is more than a business. It is a cherished institution that has shaped generations of children. When financial decisions place profits ahead of preserving that tradition, it is often the children and families who pay the highest price.

As parents wait for answers and children wonder whether their summer dreams will become reality, one thing is certain: The collapse of a camp conglomerate affects far more than a balance sheet. It affects lives, memories and traditions that cannot easily be replaced.

Perhaps this situation raises an important question: Should states require conglomerate summer camps to place prepaid tuition into protected escrow accounts until the camp season begins?

Parents often pay thousands of dollars months in advance, trusting that the camp will be ready to open its gates when summer arrives. When a camp suddenly closes or declares bankruptcy, families can be left with no camp, no refund, and little recourse. An escrow system could help ensure that parents’ money is safeguarded until services are actually provided.

Summer camp is not merely a business transaction. For many children, it is the highlight of the year. For parents, it is a significant financial commitment. When camps fail, children lose experiences they can never recover, and families may lose money they can ill afford to lose.

If there is one lesson to be learned, it may be that stronger financial protections are needed to preserve both the summer camp tradition and the trust that parents place in those who operate it.

Mike Kossove is a former camp owner, director and assistant director.