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Black Lives Matter has nearly $42 million in assets: IRS documents
And how much in liabilities?[FoxNews] The BLM Foundation has an operating budget of $4 million According to 63-pages of tax documents acquired by the Associated Press, executives of the Black Lives Matter Global Network Foundation Inc. have nearly $42 million in assets, despite spending more than $37 million from July 2020 to June 2021. The $37 million was spent on grants, real estate, consultants and other expenses. BLM received $90 million in donations amid the 2020 protests and riots that were carried out in major cities across the U.S. following the death of George Floyd. The foundation reports it invested $32 million in stocks from the $90 million in donations, according to the tax documents. Organizers tell the Associated Press that the investment is expected to become an endowment to ensure the foundation’s work continues in the future. The foundation has an operating budget of $4 million, a board member told the Associated Press, but the tax filing showed the BLM Foundation spent nearly $6 million on a mansion in Los Angeles, according to the report. The BLM Foundation has operated as a nonprofit sponsored by a charity before it became an independent, 501(c)(3) nonprofit in December 2020, requiring it to publicly disclose its finances. "This 990 reveals that (the BLM foundation) is the largest Black abolitionist nonprofit organization that has ever existed in the nation’s history. What we’re doing has never been done before," said Shalomyah Bowers, the foundation’s board secretary. Brian Mittendorf, Ph.D., an accounting professor at Ohio State University, said the disclosure will likely set up the foundation for criticism as its "huge windfall" has a "mismatch" and "gaps" in its data. "It comes across as an early startup nonprofit, without substantial governance structure in place, that got a huge windfall," Mittendorf told the outlet. "People are going to be quick to assume that mismatch reflects intent. Whether there’s anything improper here, that is another question," the professor continued. "But whether they set themselves up for being criticized, I think that certainly is the case because they didn’t plug a bunch of those gaps." The BLM Foundation started in 2013 after the death of Trayvon Martin, 17, and grew following the death of Michael Brown, 18, the following year. Related: Black Lives Matter Global Network Foundation: 2022-05-15 Clintonworld steps away from Black Lives Matter on eve of financial disclosure Black Lives Matter Global Network Foundation: 2022-04-30 Indiana attorney general files lawsuit against Black Lives Matter Black Lives Matter Global Network Foundation: 2022-04-07 BLM's LA mansion sold for 250 percent more than the price of similar homes in the area Posted by: Skidmark 2022-05-17 |
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