A national Black Lives Matter organization is at risk of going bankrupt after tax records reveal that the national organization has been paying out millions to executives while being millions in the red. According to the records, the leading Black Lives Matter foundation is operating at an $8.5 million deficit despite paying out millions in salary.
As reported by Newsweek, the Black Lives Matter Global Network Foundation’s (BLMGNF) financial woes stemmed from the 2022 tax year in a report first published by The Washington Free Beacon. The organization showed a loss of $961,000 in connection to a $172,000 securities sale. The foundation is not the only organization that operates within the nonprofit sector in support of Black Lives Matter but it is the largest of its sort.
At the root of the foundation’s problems is lowered donations from the public, reporting $9.3 million between July 1, 2021, and June 30, 2022, with assets totaling $30 million. This is a large drop from the foundation’s July 1, 2020, and June 30, 2021 filings of the previous year.
BLMGNF co-founder Patrisse Cullors was the center of controversy after the foundation came under scrutiny for its donation haul and spending practices. Ms. Cullors has since stepped down after admitting last year that the foundation could not sustain the number of donations received although millions were spent in what some viewed as frivolous in certain areas.
Adding to this, Paul Cullors, the brother of Ms. Cullors, continued to be paid for “professional security services” by the foundation to the tune of $1.6 million despite Ms. Cullors no longer serving in her previous role. Mr. Cullors was given a base salary of $124,702 in his role as head of security. The rest of the funds went to companies that Mr. Cullors owns.
The foundation’s board secretary, Shalomyah Bowers, who owns Bowers Consulting, was paid just under $1.7 million for consulting and management services. Bowers has been accused by Black Lives Matter Grassroots of misappropriating funds for his own personal use according to a Los Angeles Times report.
The foundation has yet to make a public statement regarding its finances.
Photo: SOPA Images / Getty
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Black Lives Matter National Org At Risk Of Going Bankrupt was originally published on hiphopwired.com
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