U.S.
Black Lives Matter risks going bankrupt after running an $8.5 million deficit last year, financial disclosures indicate.
The Black Lives Matter Global Network Foundation (BLMGNF) saw the value of investment accounts fall by almost $10 million in the most recent tax year, according to a copy of its tax return, first reported by The Washington Free Beacon, a conservative website.
The nonprofit's latest Form 990 shows that a loss of just over $961,000 was logged on a securities sale of $172,000. The disclosures suggest a year of missteps for the foundation, as well as a dramatic drop in donations.
The nonprofit's latest tax form shows that although Cullors has departed, contracts to her family have continued.
Her brother, Paul Cullors, and his two companies were paid $1.6 million for "professional security services" for the tax period ending June 2022. He is listed as one of only two paid employees during the year, receiving a $124,702 salary for his role as "head of security."
Shalomyah Bowers, the foundation's board secretary, told the AP last year that protection could not be entrusted to the former police officers that typically run security firms, given the movement is known for its stance against law enforcement.
According to the organization's Form 990, Bowers' company, Bowers Consulting, was paid almost $1.7 million for management and consulting services.
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Black Lives Matter Risks Going Bankrupt
BY KHALEDA RAHMAN ON 5/24/23 AT 7:43 AM EDTBlack Lives Matter risks going bankrupt after running an $8.5 million deficit last year, financial disclosures indicate.
The Black Lives Matter Global Network Foundation (BLMGNF) saw the value of investment accounts fall by almost $10 million in the most recent tax year, according to a copy of its tax return, first reported by The Washington Free Beacon, a conservative website.
The nonprofit's latest Form 990 shows that a loss of just over $961,000 was logged on a securities sale of $172,000. The disclosures suggest a year of missteps for the foundation, as well as a dramatic drop in donations.
The nonprofit's latest tax form shows that although Cullors has departed, contracts to her family have continued.
Her brother, Paul Cullors, and his two companies were paid $1.6 million for "professional security services" for the tax period ending June 2022. He is listed as one of only two paid employees during the year, receiving a $124,702 salary for his role as "head of security."
Shalomyah Bowers, the foundation's board secretary, told the AP last year that protection could not be entrusted to the former police officers that typically run security firms, given the movement is known for its stance against law enforcement.
According to the organization's Form 990, Bowers' company, Bowers Consulting, was paid almost $1.7 million for management and consulting services.
READ MORE:
Black Lives Matter risks going bankrupt
The nonprofit's latest Form 990 shows it ran an $8.5 million deficit last year.
