Patrisse Cullors, one of the original founders of the Black Lives Matter Global Network Foundation, has drawn a lot of the wrong sort of attention since the public learned that she spent millions of dollars in donations on a mansion in California. But now the organization is drawing attention of a different sort from the IRS. The Associated Press has obtained copies of the group’s financial disclosure statements and it turns out that BLM has become a very profitable venture for a supposed non-profit organization. Even after blowing through an eye-popping amount of money over the past couple of years, the group is still sitting on roughly $42 million in assets. And many of the local BLM chapters around the country are still left wondering why they aren’t seeing a piece of the action.
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.