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They do, but it is buried in between multiple pages of PR speak. They ran out of money.

Pretty clearly implies they are out of money.

"insurmountable challenges." That rules out funding and community engagement, since both of those can be improved. The problem must have been systemic...

Usually "insurmountable challenges" means that the Board wants to do X, and the funding isn't there for it, and they shut down.

Even if they could continue doing Y which was what they did years ago before they started doing more things.

But sometimes the organization has gotten too big to reliably downsize again.

That doesn’t rule out funding.

A lack of funding that the board does not see a viable avenue to correct in a timeframe relevant to continuing operations is an insurmountable challenge.

You fire people until you can afford the people who are left. It's far from insurmountable. Instead, they chose to fire everyone all at once.