According to a report from The Washington Free Beacon, Black Lives Matter is quickly heading towards bankruptcy as the founders continue to receive millions in salaries and benefits.
BLM’s spending has raised eyebrows in the past. The organization has purchased several million-dollar properties —in some cases, against the will of its members.
The organization is now paying out 7-figure contracts to ousted founder Patrisse Cullors’s friends & family.
From The Free Beacon:
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 disclosure shows. 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. These troubles didn’t stop BLM from doling out seven-figure contracts to friends and family of its former executive director Patrisse Cullors, who once said charity financial disclosures were “triggering” and “deeply unsafe.”
It’s no surprise that Cullors was so fearful of disclosing Black Lives Matter’s finances to the public. The revelations in Black Lives Matter’s latest Form 990 show that the group is on the fast track to financial insolvency, and that the excesses of Cullors’s tenure have not abated under her chosen successor, Shalomyah Bowers.
The financial losses come after a year of missteps and setbacks for the embattled charity. 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.
Read the full report at The Washington Free Beacon:
Black Lives Matter bled cash and suffered blistering investment losses in 2022, according to a copy of its tax return.
The group ran an $8.5 million deficit and saw the value of its investment accounts plummet by nearly $10 million.
Via @AndrewKerrNC https://t.co/HShQ2MfLBM
— Washington Free Beacon (@FreeBeacon) May 23, 2023
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