BLM ran an $8.5 million deficit last year

AP Photo/Noah Berger

The Washington Free Beacon got a look at the most recent tax filings for the Black Lives Matter Global Network Foundation. That’s the group that was co-founded by Patrisse Cullors. Cullors left the organization two years ago after bad press about her house shopping spree, both personally and institutionally. But despite her departure, BLM still seems to be on the fast track to going broke, running an $8.5 million deficit last year.

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Black Lives Matter Global Network Foundation ran an $8.5 million deficit and saw the value of its investment accounts plummet by nearly $10 million in the most recent tax year, financial disclosures show. The group logged a $961,000 loss on a securities sale of $172,000, suggesting the charity weathered a staggering 85 percent loss on the transaction…

BLM raised just $9.3 million in its 2022 fiscal year, down 88 percent from its haul the year prior. Black Lives Matter was forced to shut off its online fundraising streams in February 2022 due to compliance and transparency issues in several liberal states. The group has blown through two-thirds of the $90 million it raised in the wake of George Floyd’s death in the summer of 2020.

Simply put, the group only raised about $8.5 million last year but they spent $17 million. Their net assets went from $41 million down to $30 million. Where did all of this money go? It seems a bunch of it went to Patrisse Cullors friends and family.

Cullors’s brother, Paul Cullors, made out especially well. A graffiti artist with no prior experience as a bodyguard, Paul Cullors and his two companies raked in $1.6 million providing “professional security services” for Black Lives Matter in 2022. Paul Cullors was also one of BLM’s only two paid employees during the year, collecting a $126,000 salary as “head of security” on top of his consulting fees…

[Shalomyah] Bowers, the Black Lives Matter board member and close friend of Cullors, hauled in a hefty bounty during the charity’s 2022 tax year. Black Lives Matter paid his company, Bowers Consulting, $1.7 million for management and consulting services.

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All of this information is somewhat out of date. There has been a new nonprofit running the group’s finances for about a year now.

The board is now led by nonprofit adviser Cicley Gay, who has filed for Chapter 7 bankruptcy three times since 2005.

Gay was ordered by a court to attend financial management lessons, and at the time of her appointment in April 2022 had more than $120,000 in unpaid debt.

She was one of three people appointed to the board, the organization said in a tweet. She subsequently was described as being chair of the board.

Looking at the BLM Global Network Foundation website, it doesn’t appear to have been updated for about four months. Yesterday, it’s former sister organization, BLM Grassroots, put out a press release noting they haven’t been connected with BLMGNF for a year.

For a short time, Black Lives Matter Grassroots was a sister organization to GNF – with Grassroots leading the frontline organizing and public positioning of #BlackLivesMatter and GNF receiving and granting out the funds. Last year, Black Lives Matter Grassroots filed a lawsuit against GNF arguing that usurpers in charge had seized control of the donated assets meant to fund the movement. The boots-on-the-ground, everyday people who birthed, built, and who fuel the movement were locked out of their social media, that had millions of followers, who once relied on the platforms for vital information…

The plummeting of donations to GNF is further evidence that donors want to fund the work, not high-priced consultants. Black Lives Matter Grassroots is engaged in a fight for the soul of Black Lives Matter.

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So it looks like these two groups are going to keep fighting as annual fundraising declines and pricey consultants connected to Patrisse Cullors continue to drain the group’s coffers. They raised $90 million just three years ago and now they’re down to $30 million. What has been accomplished with all of that money besides a couple of pricey houses?

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David Strom 10:00 AM | June 21, 2024
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