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Tags: blm | revenue | drops | cullors | george floyd

Black Lives Matter Revenues Dropped 88 Percent in 2022

By    |   Friday, 19 May 2023 10:55 AM EDT

The Black Lives Matter Global Network Foundation suffered an 88% decrease in year-over-year revenue for the fiscal year that ended in June 2022, The Washington Free Beacon reported.

BLM raised just $9.3 million, down from $80 million raised during the summer of 2020 after George Floyd's death while being restrained by Minneapolis police.

BLM founder Patrisse Cullors used that windfall to purchase real estate and spread wealth among leadership members:

  • Cullors bought four properties in California and Georgia for $3.2 million.
  • The group secretly purchased a $6 million compound in Los Angeles.
  • BLM granted $8 million to its Canadian affiliate to finance the purchase of a Toronto mansion for $6.3 million.

The Free Beacon reported Friday that BLM's problems began after Cullors' personal real estate purchases surfaced in April 2021.

In May 2022, Cullors acknowledged she had used the Los Angeles property twice for personal purposes.

"We really wanted to make sure that the global network foundation had an asset that wasn't just financial resources," she said, "and we understood that not many Black-led organizations have property. They don't own their property."

Cullors' family and friends also benefited from donations to BLM.

Financial disclosures released in May 2022 revealed that BLM paid Cullors' brother $840,993 for "professional security services." Paul Coffers, a self-taught graffiti artist, had no prior experience as a bodyguard but eventually purchased a Los Angeles home for $637,000 in December 2020.

An art firm run by the father of Cullors' only child, Damon Turner, was paid $969,459 by BLM.

A consulting firm owned by a BLM board member Shalomyah Bowers received $2,167,894 for providing management services for the group, the Free Beacon reported.

BLM fell so far behind in disclosing its finances that several blue states barred it from raising funds in their jurisdictions in early 2022, the Free Beacon reported.

The charity voluntarily shut down its ability to raise funds in February 2022 amid the crackdown.

BLM's Form 990 for fiscal year 2022 was due to the IRS on Monday. The group did not respond to the Free Beacon's request for the public document, which it is required by law to provide.

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The Black Lives Matter Global Network Foundation suffered an 88% decrease in year-over-year revenue for the fiscal year that ended in June 2022, The Washington Free Beacon reported.
blm, revenue, drops, cullors, george floyd
356
2023-55-19
Friday, 19 May 2023 10:55 AM
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