(PresidentialWire.com)- According to their newest IRS filing, Black Lives Matter is worth tens of millions of dollars.
According to 63 pages of tax paperwork obtained by the AP, Black Lives Matter Global Network Foundation Inc. officials had $42 million in assets while spending $37 million from July 2020 to June 2021.
Grants, real estate, consultants, and other costs totaled $37 million.
BLM got $90 million during the 2020 protests and rioting after George Floyd’s death. According to tax filings, the charity invested $32 million in stocks from $90 million in donations.
Organizers said the investment would establish an endowment to continue the foundation’s activities.
According to a tax filing, the BLM Foundation spent over $6 million on a Los Angeles house while having a $4 million operational budget.
The BLM Foundation was a charity-sponsored organization until December 2020, when it became independent and required to declare its income.
Secretary Shalomyah Bowers stated that this 990 shows that the BLM Foundation is the nation’s largest Black abolitionist nonprofit. Our work is unique.
Accounting expert Brian Mittendorf, Ph.D., of Ohio State University, claimed the “large windfall” had “mismatches” and “gaps” in its data.
Mittendorf said It seems like a new charity without strong governance earned a jackpot. But, mismatches will be interpreted as intentional. It’s hard to say if they set themselves up for criticism since they didn’t fill in many of the gaps.
Last month, Black Lives Matter had to explain its use of donor monies to buy a multimillion-dollar property.
The organization stated it was “working actively to reestablish trust” after purchasing the $6 million house in California.
Following the purchase and ensuing outrage, the group apologized for the anguish caused to its supporters and those who struggle every day for Black freedom.
The BLM Foundation was founded after Trayvon Martin, 17, and Michael Brown, 18, died in 2013 and 2014.
The BLM foundation aims to build a “transparency and accountability center” on its website to make financial information public.