The Gay and Lesbian Equality Network, Glen, is to cease operations.
The Irish Times says the board is arranging an orderly wind-up of its affairs.
It is just a month after allegations of bullying and financial problems within the campaign group.
A statement released by Glen said that the board is seeking to ensure that services provided by Glen will be provided by other organisations and agencies.
They said: "Now, following a comprehensive external review of the operation of GLEN the board has reluctantly concluded that we do not currently have the organisational capacity or funding to continue our work to the high standard to which we have always aspired."
"In the absence of external financial support GLEN cannot continue to employ staff and we have therefore been forced to serve redundancy notice on three employees. This is a decision we have not taken lightly and have deferred for as long as possible."