- Black Lives Matter Global Network Foundation is now building infrastructure to catch up to the speed of its funding
- BLM plans to use its endowment to become known for more than protests
- BLM co-founder Patrisse Cullors said the foundation is focused on a ‘need to reinvest into black communities’
- The foundation said it committed $21.7million in grant funding to official and unofficial BLM chapters, as well as 30 black-led local organizations
- It ended 2020 with a balance of more than $60million, after spending nearly a quarter of its assets on the grant funds and other charitable giving
Black Lives Matter Global Network Foundation has revealed its finances for the first time, noting that the group raked in $90million in donations last year.
The nonprofit has shared its financial snapshot exclusively with The Associated Press amid accusations from local chapters that they are not being given any of the money.
But the fight is far from over for the foundation, widely seen as a steward of the Black Lives Matter movement, with only one BLM group in Denver having signed a multi-year agreement with the national association to receive funds.
The foundation is now building infrastructure to catch up to the speed of its funding and plans to use its endowment to become known for more than protests after Black Americans die at the hands of police or vigilantes.
‘We want to uplift Black joy and liberation, not just Black death. We want to see Black communities thriving, not just surviving,’ reads an impact report the foundation shared with the AP before releasing it.
This marks the first time in the movement´s nearly eight-year history that BLM leaders have revealed a detailed look at their finances.
The foundation’s coffers and influence grew immensely following the May 2020 death of George Floyd, a black man whose last breaths under the knee of a white Minneapolis police officer sparked protests across the U.S. and around the world.
That growth also caused longstanding tensions to boil over between some of the movement´s grassroots organizers and national leaders – the former went public last fall with grievances about financial transparency, decision-making and accountability.
The foundation said it committed $21.7million in grant funding to official and unofficial BLM chapters, as well as 30 black-led local organizations. It ended 2020 with a balance of more than $60million, after spending nearly a quarter of its assets on the grant funds and other charitable giving.
www.dailymail.co.uk/news/article-9291809/Black-Lives-Matter-opens-finances.html