The Foundation didn't reveal why it was stopping operations, but it came after a "unanimous decision of the board of directors"

The Wayfarer Foundation, an organization connected to Justin Baldoni's Wayfarer Studios, announced that it is shutting down. The news comes amid the actor and director's ongoing legal battle with former co-star Blake Lively.

A source previously told PEOPLE that Blake Lively and Ryan Reynolds would not be in attendance at the annual event