Patrisse Cullors, one of the original founders of the Black Lives Matter Global Network Foundation, has drawn a lot of the wrong sort of attention since the public learned that she spent millions of dollars in donations on a mansion in California. But now the organization is drawing attention of a different sort from the IRS. The Associated Press has obtained copies of the group’s financial disclosure statements and it turns out that BLM has become a very profitable venture for a supposed non-profit organization. Even after blowing through an eye-popping amount of money over the past couple of years, the group is still sitting on roughly $42 million in assets. And many of the local BLM chapters around the country are still left wondering why they aren’t seeing a piece of the action.
The foundation started by organizers of the Black Lives Matter movement is still worth tens of millions of dollars, after spending more than $37 million on grants, real estate, consultants, and other expenses, according to tax documents filed with the IRS.
In a new, 63-page Form 990 shared exclusively with The Associated Press, the Black Lives Matter Global Network Foundation Inc. reports that it invested $32 million in stocks from the $90 million it received as donations amid racial justice protests in 2020. That investment is expected to become an endowment to ensure the foundation’s work continues in the future, organizers say.
It ended its last fiscal year – from July 1, 2020 to June 30, 2021 – with nearly $42 million in net assets. The foundation had an operating budget of about $4 million, according to a board member.
So the group not only purchased a six-bedroom mansion with a swimming pool, but they also pushed $32 million into a stock portfolio? The investment is being described as an “endowment” to continue the group’s work going forward. $37 million went into “real estate” (see the mansion mentioned above) and “consultants and other expenses.” Using “consultants” to move money around is a common tactic employed by members of Congress on a regular basis, along with various NGOs. And then there are always those “other miscellaneous expenses” that seem to show up. With ten million here and ten million there, before long you’re talking about real money.
Speaking of which, might this be one of those “miscellaneous expenses?”
"Creative services" is a hilarious euphemism, truly. https://t.co/74v9vrQ02D
— Ed Morrissey (@EdMorrissey) May 17, 2022
Did all of the wealthy liberal donors and Hollywood elites who flushed cash into BLM to “help the movement” ever think to ask where the money was going? There are individual chapters of BLM organized all over the country who are actually doing things, whether you agree with their agenda or not. More than a year ago, ten of the local chapters went public with their complaints about the national organization and the lack of transparency regarding donors. Some groups that complained wound up being offered some payments, but they called them “crumbs.”
The AP describes the documents as resembling an organization that is “still finding its footing.” It’s worth noting that the national organization does not currently have an executive director and there is no permanent, in-house staff. So who is collecting all of the salaries that the IRS documents suggest are being paid?
One professor of accounting that the AP spoke with said that it was not yet possible to say if anything “improper” has been taking place. But he also agreed that they have “set themselves up for being criticized.” That seems like something of an understatement.
How much of this will the public put up with? You can be the biggest supporter of the BLM movement in the world and still find something very wrong with this. And potential donors should be made fully aware of this situation before they open up their wallets again.