Black Lives Matter National Organization Reportedly Facing Bankruptcy After Plunging $8.5M Into Debt

Black Lives Matter National Organization Reportedly Facing Bankruptcy After Plunging $8.5M Into Debt

The Black Lives Matter Global Network Foundation (BLMGNF) may be dealing with some serious financial troubles.

According to reports, the national organization is at risk of going bankrupt after its finances plunged $8.5 million into the red in 2022. BLMGNF isn’t the only organization with ties to the Black Lives Matter movement, but, it’s seemingly the most known and well-funded.

However, the foundation’s latest Form 990 – which is the IRS’ main resource for obtaining information about a tax-exempt organization – reportedly depicts financial losses and a great decrease in donations.

Prior to BLMGNF’s recent mishap, for the period between July 1, 2020, and June 30, 2021, the organization reported donations of nearly $77 million, while net assets amounted to $42 million. Unfortunately, for the following period, there was a noticeable difference, with reported donations dropping to $9.3 million and net assets decreasing to $30 million.

Black Lives Matter Plaza, Washington D.C

Despite this, BLMGNF was somehow still able to pay family members of the former executive director of the foundation – Patrisse Cullors – seven-figure salaries.

According to financial documents obtained by The Washington Free Beacon – a conservative website – Patrisse Cullors’ brother Paul was paid $1.6 million last year to provide “professional security services.” In addition, he reportedly received a $126,000 salary as “head of security” for the foundation.

Shalomyah Bowers, the foundation’s board secretary, was reportedly paid almost $1.7 million for management and consulting services.

As previously reported, in 2021, following allegations of her misusing BLMGNF’s funds, Patrisse Cullors resigned from her role. She denied the claims against her and said they had nothing to do with her exit.

Patrisse Cullors

At the time of this report, the BLM Global Network Foundation has not addressed the bankruptcy allegations.

What are your thoughts on this entire situation? Tell us in the comments below!

[VIA: 1,2,3,4]