Nonprofit Black Lives Matter Global Network Foundation has been beleaguered by criticism over its finances for years, and the heat only turned up this week as new tax filings reveal large payments to the co-founder’s friends and family, and huge real investment investments. RedState previously reported on the controversial purchase of $6 million in Los Angeles by the group’s 2020 acquisition.
She should have paid him for procreative services, not creative services https://t.co/K7pyPZk3fi
— Ben Shapiro (@benshapiro) May 18, 2022
According to the Associated Press,
The Black Lives Matter Global Network Foundation Inc. shared a new, 63-page Form 990 with The Associated Press. The form reports that the foundation invested $32million in stocks using $90 million of donations it received during the 2020 racial injustice protests. 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. A board member stated that the operating budget for the foundation was $4 million.
Eyebrows will be raised by the fact that nearly $970,000 was paid to a foundation by a man who had a son with BLM founder Patrisse. Cullors received $73,000 from the foundation in private plane trips, which she later paid back.
In all, the foundation spent more than $37 million in 2021 on grants, consultants, real estate ($12 million worth), and other expenses—yet still has $42 million left.
Patrisse Curllors, cofounder of the group, resigned as the controversies grew. But, he spoke out Monday about the controversies in an MSNBC radio program. Cullors addressed the tsunami of donations received by the group after George Floyd’s death.
Yes, that was quite a surprise. It was also a lot of like, ‘Oh, wait, I did not see that coming.’ You know, contrary to what, you know, has been reported, much of the funding that came in was from individual donors. This was a lot White guilt money. There’s a lot of White folks being like, ‘We just got to put the money.’
She further explained that the group had no infrastructure to handle the massive influx, and now the mistakes are being “weaponized” against her.
However, the Associated Press points out there are some real problems:
According to the tax filing, it appears that the organisation is still struggling for its feet. It does not have an executive director nor in-house staff. According to nonprofit experts, the BLM foundation appears to be a poor organization that has far fewer resources. Some argue Black-led charities may face unfair scrutiny due the wealth and whiteness of the philanthropic world.
Where there is smoke, there’s usually fire. While the foundation may have been set up with good intentions, the constant revelations of questionable financing decisions must be making at least some donors wonder—where exactly did my money go?
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