Posted on 05/17/2022 6:45:11 AM PDT by Oldeconomybuyer
NEW YORK (AP) — The foundation started by organizers of the Black Lives Matter movement is still worth tens of millions of dollars, after spending more than $37 million on grants, real estate, consultants, and other expenses, according to tax documents filed with the IRS.
In a new, 63-page Form 990 shared exclusively with The Associated Press, the Black Lives Matter Global Network Foundation Inc. reports that it invested $32 million in stocks from the $90 million it received as donations amid racial justice protests in 2020. That investment is expected to become an endowment to ensure the foundation’s work continues in the future, organizers say.
It ended its last fiscal year – from July 1, 2020 to June 30, 2021 – with nearly $42 million in net assets. The foundation had an operating budget of about $4 million, according to a board member.
The tax filing shows that nearly $6 million was spent on a Los Angeles-area compound. The Studio City property, which includes a home with six bedrooms and bathrooms, a swimming pool, a soundstage and office space, was intended as a campus for a Black artists fellowship and is currently used for that purpose, the board member said.
This is the BLM foundation’s first public accounting of its finances since incorporating in 2017. As a fledgling nonprofit, it had been under the fiscal sponsorship of a well-established charity, and wasn’t required to publicly disclose its financials until it became an independent, 501(c)(3) nonprofit in December 2020.
(Excerpt) Read more at apnews.com ...
AP????
Reporting the truth?
Are pigs flying today too?
So? Nothing will be done. BLM served it’s purpose for the deep state.
Wow get to operate as a non-profit raking in tens of millions for five years before having to produce records. Can’t imagine any fraud at all.
There, fixed it.
Tax the ***** rich!!
They have all summer to spend it. Riots, killing and destruction cost money....................
The money will soon disappear completely, into the pockets of the likes of Patrice Cullors and her minions.
And no one will investigate or question the lost millions.
To do so is racist.
Dey gettin’ paid.
Korporations wrote off donations to this fraudulent organization which meant taxpayers had to pick up the gap in taxes.
Korporations need to have those write-offs rescinded. Let them go after Black Lives MatterTM for their money back.
$42 Million in assets. Is that all there is? After the way BLM was showered with GeorgeFloyd money from celebrities and idiot college kids?
I would have expected at least $2Billion by now. I guess all those purchases of private homes in very wealthy, very white neighborhoods has soaked up the rest.
Big money in the race baiting gig suckers all over the place
How much did moore and elias siphon off before they left...?
And NO TAXES!......................
Kissing Black Ass is very profitable for the asses being kissed
Taking the Jesse Jackson/Al Sharpton shake down to new levels.
So they’ll be broke in 6 mont?
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