UPDATE: While GOProud originally denied the veracity of this report, they've now admitted that it's true. The group plans to close down soon and will attempt to reorganize under a different name.

In 2004, GOProud was born when Jimmy LaSalvia and Chris Barron split from the Log Cabin Republicans. Fast forward to today: both have stepped down from the organization and it is shutting down for good.

GOProud has been mired by several controversies since the departure of their founders. The group has bled donors since the widely reported departure of Jimmy LaSalvia from the Republican Party earlier this year. His departure was so loud, but it focused primarily on his shift of ideology and thus projected a new image onto the organization that he helped found.

Finding it difficult to continue without securing more funding, GOProud will be shutting down immediately - an homage to an era gone by. The shuttering is undoubtedly necessary as the organization's full effectiveness has been tarnished.

The organization may rebrand and regroup later, but for now, the organization will no longer be functioning. Co-director Matthew Bechstein stated in an interview that the "brand is broken" and a rebrand is necessary.

It will be interesting to see if this potential organization will be solely focused on the Republican Party or if it will start to appeal to a broader range of conservative ideologies, such as the Libertarian Party.