Posted on 02/05/2025 8:13:21 PM PST by hardspunned
Tides/BLM ties below
(Excerpt) Read more at x.com ...
Foundation allegedly manages $1.4 billion without oversight
Tides says funds were always meant for grassroots groups
Black Lives Matter Global Network Foundation Inc. is suing in California state court its one-time partner, the Tides Foundation, saying the fund is withholding and has “egregiously mismanaged” more than $33 million in donations earmarked for Black Lives Matter.
After the Black Lives Matter movement surged following the 2020 police murder of George Floyd, donations flowed to the BLM GNF nonprofit. Established in 2017 to center Black political advocacy and invest in Black communities, the organization didn’t have tax-exempt status. As a result, it enlisted the Tides Foundation, a left-leaning donor advised fund based in San Francisco, to help it accept donations, “parking” the funds with Tides.
Black Lives Matter said in its lawsuit that the Tides Foundation gave oral promises that the funds would be available to Black Lives Matter, as soon as it received its tax-exempt status. BLM ended its relationship with Tides in 2022, according to the complaint, and Tides has refused to transfer millions of dollars in funds to BLM, according to the complaint.
Tides manages over $1.4 billion in assets—more than many regulated community banks—allegedly acting like a bank without licensing, while preying on Black- and Brown-led organizations, according to the complaint filed Monday by the Black Lives Matter Global Network Foundation Inc. in California Superior Court, Los Angeles County.
In a 2020 oral contract, Tides led the nonprofit to believe that donations solicited toward a “collective action fund” were meant for BLM GNF and would be easily and readily available for distribution toward Black causes at the nonprofit’s request. Instead, Tides deliberately sent part of the funds to third-party organizations without BLM GNF’s authorization, the complaint said.
Tides categorically denies the allegations and maintains its commitment to supporting racial justice groups, the organization said in an emailed statement.
“Resources in the Black Lives Matter Support Fund were never intended to be granted to large, well-funded national organizations like Black Lives Matter Global Network Foundation, and were always intended to be granted to local Black Lives Matter chapters,” the statement said.
Among the accounting errors listed in the complaint is a mistaken $4.75 million grant to BLM - Oklahoma City—which a Tides director had communicated as a transfer of $7.4 million to BLM GNF.
“Such inference of mistake is supported by the fact that the entries are directly next to one another alphabetically,” the complaint said.
BLM GNF seeks at least $33.4 million in damages.
BLM GNF’s finances have been under scrutiny for years, with allegations that leaders purchased a $6 million house using donations kicking off fraud claims in California state court.
Tides benefits at the expense of Black and Brown-led charitable organizations, whose assets the fund holds, by charging donors a disproportionately large percentage for each contribution in fees, according to the complaint. It charges these tax code Section 501(c)(3) organizations “exorbitant fees” equivalent to high interest rate fees, in violation of California financial law, because Tides isn’t organized as a bank, the suit said.
The complaint said it aims “to ensure that nonprofits like Tides operate with the same integrity and scrutiny expected of traditional financial institutions.”
Tides said in an emailed statement that it has granted more than $12.6 million from the Black Lives Matter Support Fund to help support BLM Grassroots, which is distinct organization that works with local BLM chapters and similar groups.
“We are deeply disappointed that it has reached this stage, and that the actions of BLMGNF leaders continue to prevent us from granting funds to Black-led and Black-serving organizations that need it,” Tides’ statement said. “We are confident we have done everything in our power to uphold our fiduciary commitment and responsibility to act in accordance with the intent of the fund.”
Foley & Lardner LLP and Segal Law Group represent Black Lives Matter Global Network Foundation Inc.
We may have to build new prisons...............
Above from Bloomberg Law by Maia Spoto 5/7/24
Tides Foundation = George Soros
Figures.
Ah, yes, the organization that burned down cities non-stop for seven months.
No wonder the DemonRats are trying to hide the activities of USAID.
I wonder if the Dems would have a problem with the Executive office or Congress donating hundreds of millions, billions to conservative alt media or activist groups that support the GOP? Hmm? Yeah, don’t think so, and I’d think it’s actually illegal?
“In a 2020 oral contract, Tides led the nonprofit to believe that donations solicited toward a “collective action fund” were meant for BLM GNF and would be easily and readily available for distribution toward Black causes at the nonprofit’s request.”
Oral contracts are not worth the paper they’re not printed on.
CC
It goes on and on and on…
During the Summer of Love when we were saying paid BLM “protesters” were performing the same function for the Dem Party as the paid Brownshirts were for Hitler in 1933, we were slam dunk right!
Incrediblieu!
All this stuff coming out on all of it, all of it is going to take a while to see the laundering, the wars, the drugs, the child trafficking, ...all of it.
I really enjoy seeing Musk’s genius 20 year old kids just rifling through the books and exposing.
We somehow need to throw these people in prision.
USAID was a very very bad player. The worst thing they did was fund gain of function research in Wuhan, at the behest of Fauci. Thus being responsible for the death of millions people worldwide. This the organization the Dems are defending and we need to rub their noses in it big time.
Keep digging as it’s much deeper and wider than many realize.
The foundation is wayyyyy far left.
How many millions or billions were extorted out of private business. It’s was JJ’s Rainbow Coalition Intimidation Machine taken nationwide. I assume hundreds of millions were floated between multiple corrupt front organizations with greedy hands skimming millions during the process. It appears Tides was a clearinghouse coordinating the racket.
If this isn’t RICO, there’s no such thing as RICO!
Tell me more.
Outrageous. The more we hear about this supposed “humanitarian “ org.
GITMO is just fine.
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