|
2022 Tax Records Show Black Lives Matter in the Red — Heading Toward Insolvency
[BREITBART] Black Lives Matter (BLM) had an $8.5 million deficit, and its investment accounts lost nearly $10 million in value, according to 2022 tax records.The non-profit has blown through 2 ⁄ 3 of $90 million raised since the summer of 2020 following the death of Saint George Floyd  ...The patron saint of Minneapolis..., the Washington Free Beacon reported. The Black Lives Matter Global Network Foundation’s (BLMGNF) most recent filing of Form 990 paints a grim picture of BLMGNF’s financial health, indicating a trajectory toward financial insolvency. In 2022, the charity logged a $961,000 loss on a security sale of $172,000. Co-founder Patrisse Cullors resigned from the organization in May 2021 due to allegations that she was spending foundation funds for her own personal use. Breitbart reported last year that Cullors hosted personal parties at a $6 million property in Los Angeles owned by the organization. She admitted the organization was ill prepared to handle the large wave of funds but denied any wrongdoing. Even after her resignation, a 2022 tax return revealed her friends and family were still reaping heavy financial benefits from the organization. Cullors’ brother, Paul Cullors, collected a salary of $126,000 as head of security despite not having a background as a bodyguard. He was one of only two paid employees in the organization. Cullors and his two companies made $1.6 million dollars providing "professional security services" to Black Lives Matter. Last September, Black Lives Matter Global Network Foundation’s board member Shalomyah Bowers was accused of siphoning $10 million from donors to pay his consulting firms. Last year, Black Lives Matter paid $1.7 million to his company Bowers Consulting. Black Lives Matter’s former sister organization Black Lives Matter Grassroots filed a lawsuit accusing Bowers for using the charity’s fund as his own "personal piggy bank." The lawsuit stated: His actions have led [Black Lives Matter] into multiple investigations by the Internal Revenue Service and various state attorney generals. Instead of using the donations for its intended purposes, Mr. Bowers diverted these donations to his own coffers and intentionally took calculated steps to prevent those same resources from being used by BLM for on-the-ground movement work. Related: Black Lives Matter Global Network Foundation: 2023-05-24 Black Lives Matter is headed for INSOLVENCY after plunging $8.5M into the red - but founder Patrisse Cullors' brother was still paid $1.6M for 'security services' in 2022, while sister of board member earned $1.1M for 'consulting' Black Lives Matter Global Network Foundation: 2022-10-09 BLM founder Patrisse Cullors spends thousands renovating backyard of posh $1.4M LA home Black Lives Matter Global Network Foundation: 2022-06-02 New BLM chair appointed to tackle the charity's financial scandals is struggling to manage her OWN finances after filing for personal bankruptcy three times: She is also $120,000 in debt, documents show Related: Patrisse Cullors: 2023-05-24 Black Lives Matter is headed for INSOLVENCY after plunging $8.5M into the red - but founder Patrisse Cullors' brother was still paid $1.6M for 'security services' in 2022, while sister of board member earned $1.1M for 'consulting' Patrisse Cullors: 2022-10-15 'Not helping the community': George Floyd roommates, others slam BLM in new film Patrisse Cullors: 2022-10-09 BLM founder Patrisse Cullors spends thousands renovating backyard of posh $1.4M LA home Related: Shalomyah Bowers: 2022-09-03 Black Lives Matter leader accused of siphoning off $10 million Shalomyah Bowers: 2022-05-17 Black Lives Matter has nearly $42 million in assets: IRS documents Shalomyah Bowers: 2022-04-26 Black Lives Matter PAC siphoned away almost ALL of its $116,000 cash reserves in the first three months of 2022 - with the largest chunk of funds going to a firm owned by a BLM board member Posted by: Fred 2023-05-26 |
| http://www.rantburg.com/poparticle.php?ID=668129 |