Black Lives Matter Teeters On Bankruptcy As Insider Transactions Continue https://t.co/UT7xqFGMML— zerohedge (@zerohedge) May 27, 2023
- Black Lives Matter Global Network Foundation ended its latest fiscal year with a deficit of nearly $9 million.
- The organization spent $17 million while receiving $8.5 million in gross revenue.
- In the preceding fiscal year, the group received $77 million in contributions and grants.
- The organization’s assets decreased by 28% from $41.9 million to $30.2 million.
- Expenditures included $11.5 million on program services expenses, $5.1 million on management general expenses, and $485,000 on fundraising.
- Co-founder Patrisse Cullors resigned from the group in May 2021 after reports of extravagant spending, including money flowing to her family members.
- Specific expenditures mentioned include payments to a company owned by the father of Cullors’ child for live events and creative services, payments to Cullors’ brother for security services, and Cullors’ own purchases of high-end properties.
- The organization also bought a mansion in Los Angeles, claimed as an investment and media creation space, and purchased a luxury condo in the Bahamas and a mansion in Toronto.
- The latest financial disclosures reveal continued eyebrow-raising expenditures, including payments to companies owned by Cullors’ successor and board members, as well as compensation to Cullors’ brother for security services.
- Concerns have been raised about potential conflicts of interest in governing the organization due to substantial transactions with insiders.
- Patrisse Cullors referred to the influx of money as “white guilt money” following George Floyd’s killing.