PORT-AU-PRINCE, Haiti (AP) — An executive with the Clinton Bush Haiti Fund says the organization will cease operations at the end of this month.

Meg Galloway Pearce is vice president of marketing and communications. She says the nonprofit created by former U.S. Presidents Bill Clinton and George W. Bush will terminate by year's end because it will have spent all the $54.4 million it raised.

That money was released in the form of grants, loans and equity investment, and awarded toward private enterprises such as vocational schools, artisan groups and the hotel industry.

The fund was formed after the 2010 earthquake at the request of U.S. President Barack Obama.

Pearce disclosed the news Friday to The Associated Press. The group will no longer accept donations or project proposals.

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