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BLM Has Tens of Millions of Dollars and No One Knows Where the Cash is Going

BLM Has Tens of Millions of Dollars and No One Knows Where the Cash is Going

“It definitely sounds messy, on multiple levels.”

Black Lives Matter, the official non-profit organization, is swimming in cash. Yet no one knows who is in charge and people are starting to ask questions.

This is from New York Magazine:

The BLM Mystery – Where did the money go?

Fledgling nonprofits that have not yet been recognized by the government as tax exempt often make temporary use of what is called a fiscal sponsor in order to process donations and handle other administrative tasks, giving up a percentage of the incoming funds in exchange. In 2016, the Black Lives Matter founders partnered with a sponsor now called Thousand Currents, and its official filings give a window into BLM fund-raising over the years. Thousand Currents’ revenue increased dramatically after taking on the organization, from $1.7 million in the year ending June 2015 to $6.6 million a year later. In the fiscal year concluding just after Floyd’s 2020 murder, revenue shot up to $86.9 million.

At one point, BLM agreed to pay Thousand Currents 15 percent of all funds raised. The typical industry rate is between 5 and 10 percent, according to Candid, an information service that reports on nonprofits. After the 2020 surge in donations, BLMGNF switched fiscal sponsors to a division of the Tides Foundation, a larger organization that says its fee is 9 percent of revenue and less for groups with contributions exceeding $1 million. (In a statement, Thousand Currents says the sponsorship transition began in 2019 and that it has given away 45 percent of its most recent BLMGNF revenue to social movements.)

BLMGNF has never been a model of fiscal clarity, and even people close to the organization find its arrangement confusing. Over the years, there have been nonprofit and for-profit arms. The BLM Global Network Foundation is distinct from the dissolved BLM Global Network, which is distinct from the BLM Action Fund, BLM Grassroots, and the BLM Political Action Committee. Tides sponsored an effort called the BLM Global Network Project and replaced it with the BLM Support Fund. BuzzFeed News reported in 2020 that Apple, Google, Microsoft, and other corporations nearly donated $4 million to an entity called the Black Lives Matter Foundation before realizing it had no connection to the group started by Cullors. (The look-alike charity, in fact, advocated “bringing the community and police closer together.”) Thousand Currents later acknowledged to BuzzFeed that it had made similar errors in its tax records. “On the face of it, it does not necessarily sound nefarious,” says Jacob Harold, a former CEO of GuideStar and the co-founder of Candid. “It definitely sounds messy, on multiple levels.”

Read the whole thing.

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Comments

Steven Brizel | February 1, 2022 at 8:42 am

This is how Marxists and Communists always operate-with complete disregard of existing legal structures and enriching those at the top.

The sheep were sheared.

As long as the Big Guy gets his 10%, nothing will be done.

In a sane world, the IRS and DOJ would be starting at opposite ends of the alimentary canal with a view to meeting in the middle to discuss their respective investigations. Then they’d head off to complete their inquiries and the grand juries would hand up indictments. We’d also get some insight into who has been supporting these anti-American organizations.

    civisamericanus in reply to Idonttweet. | February 2, 2022 at 9:38 pm

    BLM’s use of 501(c)(3) tax exempt resources to campaign against Donald Trump before it formed a political action committee in October 2020 was, I believe, reported to the IRS via Form 13909 noting that it solicited donations via ActBlue Charities, and was under the fiscal sponsorship of Thousand Currents and the Tides Foundation. Indictments are not on the table because it is not a crime to misuse 501(c)(3) resources but revocation of 501(c)(3) status could be. This is up to the IRS to decide.

It’s obvious where the money is going: into the pockets of BLM’s organizers. An embezzlement investigation should be a slam dunk, if anybody bothers to start one.

    It was non-violent purchase of mansions – no big deal. If I were a Board member of one of those big corporate donors, I might be asking about now for a summary of how the corporate donation was used.

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