According to tax filings filed with the IRS. The Black Lives Matter Global Network Foundation Inc founded by organizers of the Black Lives Matter movement is worth tens of millions of dollars. Thus, after spending more than nearly $37 million on grants, real estate, consultants, and other expenses.
The Black Lives Matter Global Network Foundation Inc reported that it had invested nearly $32 million in stocks. From the $90 million it collected in donations. During racial justice marches in 2020. According to a new 63-page Form 990 provided exclusively with The Associated Press. Organizers said the investment will become an endowment, ensuring the foundation’s work will continue in the future.
Black Lives Matter Foundation and $42 million in assets
It had roughly $42 million in net assets at the end of the previous fiscal year, which ran from July 1, 2020 to June 30, 2021. According to a board member, the foundation’s operating budget was around $4 million.
According to the tax filing, roughly $6 million was spent on a Los Angeles-area complex that was supposed to be used as a campus for a Black artists fellowship.
This is the first public accounting of the BLM foundation’s finances since its incorporation in 2017. It had been under the fiscal sponsorship of a well-established charity as a young organization, and wasn’t compelled to publicly publish its financials until December 2020, when it became an independent 501(c)(3) nonprofit.
According to the tax return. The company is still getting its bearings: It currently lacks an executive director and internal personnel. According to Brian Mittendorf, a professor of accounting at Ohio State University. Who specializes in nonprofit organizations, it appears to be a young nonprofit with little governance structure and a large windfall.
Black Lives Matter: donations and doubts
BLM co-founder Patrisse Cullors admitted in a recent AP interview that the foundation was unprepared for the situation. Also, Cullors is listed as an uncompensated founder. As well as executive director on the tax filing. Last year, she quit.
The BLM foundation’s tax return reveals that its stewards have not squandered money. Despite the doubts raised about its governance. Also, grants accounted for about $26 million, or 70% of its expenses in the previous fiscal year.
Twelve chapters received commitments for grants of up to $500,000 each. Including those in Boulder, Colorado, Boston, Washington, DC, Detroit, Los Angeles, Gary, Indiana, and Philadelphia. Apiece of the Trayvon Martin, Oscar Grant, and George Floyd family charities received a contribution of $200,000 each.
The Michael O D Brown: We Love Our Sons & Daughters Foundation. Which is administered by Michael Brown Jr’s mother, Lezley McSpadden. Moreover has received a $1.4 million donation. According to a Brown foundation employee, McSpadden is grateful for the BLM foundation’s support.