A Chicago-area support charity for breast-cancer patients closed without explanation last week, two months after it raised more than $2-million in a race/walk event, reports the Chicago Sun-Times.
Illinois state Sen. Ira Silverstein, one of more than 20,000 participants in the May 13 fundraiser for Y-Me, called for an investigation of the group?s finances after it fired its staff and shut its doors Thursday. Attorney General Lisa Madigan?s office said it would open a ?review? of the organization.
The charity, which runs a national hotline for those with breast cancer, has seen contributions drop sharply in recent years, from $16.7-million in 2007 to $5.2-million in 2010, according to tax filings. The value of the group?s investments fell by nearly half in the year ending June 30, 2011.
Sharon Green, a Y-Me board member and the charity?s former executive director, said details of its financial problems would be revealed in a Chapter 7 bankruptcy filing later this week.
?I don?t believe there was any wrongdoing,? Ms. Green said. ?It?s just an economic situation that they?ve been dealing with for some time, and it got to be very difficult to meet the monthly bills.?
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