The local microfinance firm Unitus, which abruptly closed up shop and laid off its employees this summer after coming into a financial windfall, has issued a long-awaited statement that it had promised would explain its actions.
It is a statement, but not that explanatory — either on why the organization closed so suddenly and what they intend to do with profits some individuals earned on an investment that was supposed to be about helping the poor.
Maybe that’s why they issued it today, a month later than promised, since people are frantically focused on the holidays and unlikely to pay much attention to anything else. Am I being cynical? Sorry about that.
As Clay Holtzman of the Puget Sound Business Journal notes today in his column Unitus Board: Still Weighing Options, the statement lacks answers to some of the more disturbing questions about personal gain at Unitus and, almost half a year later, still doesn’t even really explain why they urgently decided to close/reorganize:
Five months after abruptly announcing plans to shut down and reorganize their Seattle-based microcredit charity, the four founding board members behind Unitus are still determining their next step.