In a revelation that underscores a brewing financial crisis, the Black Lives Matter Global Network Foundation, a prominent non-profit that was born from the protest movement, is teetering on the brink of insolvency, according to financial records obtained by the Washington Free Beacon.
The foundation’s fiscal health has significantly deteriorated over the most recent tax year, with financial disclosures revealing an $8.5 million deficit and an alarming $10 million fall in the value of its investment accounts. This financial downturn follows a year of notable missteps, including a loss of over $961,000 on a securities sale worth $172,000 and a marked decrease in donations.
Amid these difficulties, the organization continued to distribute significant sums to the family of its founder, Patrisse Cullors. This included generous salaries and multi-million-dollar service contracts. In 2022, two companies established by Cullors’ brother, Paul, were paid $1.6 million for providing ‘professional security services’ to the foundation. Beyond this, Paul Cullors was one of only two salaried employees, earning $126,000 as the ‘head of security’ in addition to his consultancy fees.
Financial disclosures from 2021 also revealed nearly $970,000 paid to a company owned by Damon Turner, the father of Cullors’ child, for assistance with ‘live events’ production and ‘creative services.’ More startlingly, an auditors’ review revealed that in 2022, the foundation paid $1.69 million to a company owned by Shalomyah Bowers, Cullors’ successor, for ‘management and consulting services.’
The organization’s finances have been shrouded in mystery, raising concerns about its financial integrity. Scrutiny intensified in May 2022, when it emerged that the group had splurged more than $12 million on lavish properties in Los Angeles and Toronto, including a palatial $6.3 million property in Canada, purchased as part of an $8 million ‘out of country grant.’