Yes the "C" stands for Christian. Their mission from their main web page:
YMCA Mission:
To put Christian Principles into practice through programs that build healthy spirit, mind and body for all.
The following is from their "About Us" web page:
YMCA stands for Young Men's Christian Association, but don't misinterpret this to mean that YMCAs are only for "young, Christian men." From its start more than 150 years ago, when George Williams founded the YMCA as a substitute Bible study and prayer for life on the streets, the YMCA was unusual because it crossed the rigid lines that separated all the different churches and social classes in England in those days. This openness was a trait that would lead YMCAs to recognize their strength is in the people they bring together -- Ys are for all people of all faiths, races, ages, abilities and incomes. YMCAs' financial assistance policies ensure that no one is turned away for reasons of inability to pay.
It's easy to see the contradictions in these statements. This is no different than many churches that are compromising God's principles for the sake of money. Bible study and prayer are taking a back seat in this institution and in many has been eliminated all in the name of money and "tolerance".