Black Lives Matter has nearly $42 million in assets: IRS documents

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The Black Lives Matter organization is valued in the tens of millions of dollars, according to its latest tax return with the Internal Revenue Service.

According to 63 pages of tax documents acquired by the Associated Press, Black Lives Matter Global Network Foundation Inc. executives have nearly $42 million in assets, despite spending more than $37 million between July 2020 and June 2021.

D’Zhane Parker, left, Cicley Gay, center, and Shalomyah Bowers pose for a portrait on Friday, May 13, 2022, in Atlanta.
(AP Photo/Brynn Anderson)

The $37 million was spent on grants, real estate, consultants and other expenses.

BLM received $90 million in donations amid the 2020 protests and riots that took place in major cities across the US following the death of George Floyd. The foundation reports that it invested $32 million in shares of the $90 million in donations, according to tax documents.

Organizers told the Associated Press the investment is expected to be converted into an endowment to ensure the foundation’s work continues well into the future.

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The foundation has an operating budget of $4 million, a board member told the Associated Press, but tax returns showed the BLM Foundation spent nearly $6 million on a mansion in Los Angeles, according to the report.

The BLM Foundation has operated as a charity-sponsored nonprofit organization before becoming an independent 501(c)(3) nonprofit organization in December 2020, requiring it to publicly disclose its finances.

“This 990 reveals that (the BLM foundation) is the largest black abolitionist nonprofit organization that has ever existed in the nation’s history. What we are doing has never been done before,” said Shalomyah Bowers, Secretary of the foundation board.

Brian Mittendorf, Ph.D., an accounting professor at The Ohio State University, said the disclosure will likely set the stage for criticism, as his “huge windfall” has a “gap” and “gaps” in his data. .

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“It comes across as an early-start nonprofit, without a substantial governance structure, that made a huge windfall,” Mittendorf told the outlet.

“People will quickly assume that the mismatch reflects intent. If there’s something inappropriate here, that’s another question,” the professor continued. “But if they did prepare to be criticized, I think that’s certainly the case because they didn’t plug a lot of those gaps.”

Shalomyah Bowers, left, Cicley Gay, center, and D'Zhane Parker pose for a portrait on Friday, May 13, 2022, in Atlanta.

Shalomyah Bowers, left, Cicley Gay, center, and D’Zhane Parker pose for a portrait on Friday, May 13, 2022, in Atlanta.
(AP Photo/Brynn Anderson)

Last month, Black Lives Matter was forced to defend its purchase of a multi-million dollar mansion with donor funding after it drew criticism on social media.

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The foundation said it was “embracing this moment as an opportunity for accountability, healing, truth and transparency” and was “intentionally working to rebuild trust” after buying Creator’s House in California, which cost nearly $ 6 millions.

A woman holds up a Black Lives Matter flag during an event outside the Minnesota State Capitol on May 24, 2021 in Saint Paul, Minnesota.

A woman holds up a Black Lives Matter flag during an event outside the Minnesota State Capitol on May 24, 2021 in Saint Paul, Minnesota.
(Kerem Yucel / AFP)

“We apologize for the distress this has caused our supporters and those who work daily in the service of black liberation,” the organization said, in response to the purchase and subsequent backlash.

The BLM Foundation began in 2013 after the death of 17-year-old Trayvon Martin and grew following the death of 18-year-old Michael Brown the following year.

Shalomyah Bowers, who serves as the BLM foundation’s board secretary, said the foundation plans to launch a “transparency and accountability center” on its website to make its financial documents available for public inspection.

Kristine Parks of Fox News and the Associated Press contributed to this report.

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