This Is Why Black Lives Matter Thinks Tax Disclosures Are ‘Triggering’'; Black Lives Matter has $42 million in assets. BLM spent at least $12M on luxury properties in LA, Toronto: tax filing

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This Is Why Black Lives Matter Thinks Tax Disclosures Are ‘Triggering’:

The Black Lives Matter foundation has $42 million in net assets, the Associated Press reported on Tuesday. The foundation's cofounder, self-proclaimed Marxist Patrisse Cullors, used the foundation's money to pay millions of dollars to family members, friends, and the father of her child.

The Black Lives Matter Global Network Foundation in a 990 tax disclosure obtained by the AP reported that it "invested $32 million in stocks from the $90 million it received as donations" thanks to the 2020 race protests. It ended its last fiscal year with $42 million in net assets and has an operating budget of about $4 million.

Under Cullors's direction, BLM paid out nearly $970,000 to a company owned by Damon Turner, who has a child with Cullors; more than $840,000 to a security firm run by Cullors's brother; and more than $2.1 million to a consulting firm owned by close Cullors associate Shalomyah Bowers. Cullors admitted the foundation employed her mother and sister as well as her brother. --->READ MORE HERE

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Black Lives Matter has $42 million in assets:

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.

The tax filing shows that nearly $6 million was spent on a Los Angeles-area compound intended for use as a campus for a Black artists fellowship.

This is the BLM foundation’s first public accounting of its finances since incorporating in 2017. As a fledgling nonprofit, it had been under the fiscal sponsorship of a well-established charity, and wasn’t required to publicly disclose its financials until it became an independent, 501(c)(3) nonprofit in December 2020. --->READ MORE HERE

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