Online news site Insider Louisville announced Monday evening that it will cease operations on August 7. In a post and an email to readers, the local nonprofit news site cited untenable operating costs as the reason for the decision.

Insider Louisville was launched in 2010 by Terry Boyd as primarily a business-oriented news blog. The content diversified over the years, and the staff grew. In late 2017, after laying off several staff members, Insider announced it would become a nonprofit.

According to its most recent tax form, the company reported an income of about $1.7 million in 2018, and expenditures of $1.9 million. In an effort to improve the company’s finances, in February Insider Louisville cut three of its top executives from the payroll: CEO Tom Cottingham, Chief Operating Officer Jon Pyles and Director of Audience Engagement Jim McKiernan.

In a news story about the cuts, the outlet reported that cutting those three positions “helped decrease the nonprofit’s annual expenditures by 40 percent, from about $1.6 million to about $950,000.” At the time, Insider reported that board member David Jones Jr. was still anticipating a shortfall of about $525,000 for the year.

In the email sent Monday evening to readers, Insider touted the community support for the site, and the work produced by its reporters over the years.

As of this week, according to the organization’s website, Insider employed nine full-time employees and a handful of freelancers.

“The Insider team is grateful to every single reader, member, sponsor and contributor for believing that quality local journalism matters. Insider stories were delivered to empower readers to be better citizens, inspired patrons and curiously engaged in our community,” the email read.