(ReclaimingAmerica.net) – The Marxist Black Lives Matter organization is in big financial trouble as its 2022 tax records show a deficit of $8.5 million, a report reveals.
The tax documents also demonstrate that the investment accounts of the Black Lives Matter Global Network Foundation (BLMGNF) lost some $10 million last year, The Washington Free Beacon reports, as cited by Breitbart News.
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It notes the latest filing of the group’s Form 990 indicates a “grim picture” and a “trajectory toward financial insolvency.”
Thus, last year, for instance, it registered a $961,000 loss on a security sale of $172,000.
The report notes BLMGNF has already spent two-thirds of the $90 million it received as donations after the death of George Floyd. The group’s founders have called the cash “white guilt money.”
One of the group’s three co-founders, Patrisse Cullors, who identifies as a “trained Marxist,” resigned in May 2021 over accusations she was misusing donations for her personal benefit.
Yet, in 2022, Cullors still threw personal parties at a Los Angeles property that BLMGNF bought for $6 million.
Tax returns from last year show that Cullors’ relatives and friends keep receiving hefty financial payments from the nonprofit.
Her brother, Paul Cullors, was paid an annual salary of $126,000 as head of security even though he had no relevant qualifications or experience.
Besides that, his two companies received $1.6 million from Black Lives Matter for “professional security services.”
Last fall, Shalomyah Bowers, a Black Lives Matter Global Network Foundation’s board member, was accused of embezzling $10 million from donations through payments to his consulting companies.
In 2022, Black Lives Matter gave $1.7 million to Bowers Consulting, one of his firms.
The former sister nonprofit of BLMGNF, “Black Lives Matter Grassroots,” has filed a lawsuit claiming Bowers used the organization as a “personal piggy bank.”
After in February 2022, BLM had to close down its online fundraising over transparency issues. It raised only $9.3 million last year, an 88% decline from 2021.
It also spent $12 million on real estate in Los Angeles and Canada and $10.5 million on contractors.