N.C. FREE is shutting down.

In a memo to its members today, Bill Brown, the chairman of the board, says that the pro-business research and advocacy group has struggled over the past year.

"Unfortunately, our financial problems are greater than our ability to solve them at this point," he wrote. "On Tuesday, October 28, the Board of Directors voted to cease operation of NCFREE effective October 31, 2008.  This was not an easy decision to make but our only recourse at this point."

The note adds that the group is considering reactivating the N.C. Free Enterprise Foundation to focus on "narrowly focused research and educational activity."

"If they do so, I hope that the members of NCFREE will give serious consideration to lending their support to the Foundation," he writes.

The memo after the jump.

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