Black Lives Matter Faces Bankruptcy

Black Lives Matter Faces Bankruptcy

(RepublicanReport.org) – While its founders created the Black Lives Matter (BLM) group in 2013 after the death of 17-year-old Trayvon Martin, knowledge of the group greatly increased in 2020 after the death of George Floyd. Alongside the bigger name recognition, came an influx of donations that the nonprofit did not quite know what to do with. Now, less than three years later, BLM may be going bankrupt.

Tax Returns Reveal BLM is Bleeding Cash

The Washington Free Beacon recently got a hold of BLM’s most recent tax returns, showing the organization had an $8.5 million deficit and an investment loss of almost $10 million at the end of 2022. Meanwhile, the group continued to pay contractors hundreds of thousands of dollars, many of which are the family and friends of the group’s former leader Patrisse Cullors. Cullors left the group in 2021 after accusations of using the charity’s wealth for personal advancement.

In the week after Floyd’s 2020 death, BLM pulled in $90 million in donations, and two-thirds of that money is now gone. Over the past three years, the group used it to purchase mansions in Los Angeles and Toronto to the tune of $12 million. In addition, BLM paid Patrisse Cullor’s brother Paul, who was reportedly “head of security,” a salary of $126,000. They also paid contracting companies he owns a total of $1.6 million for “professional security services.” Shalomyah Bowers, who is the current BLM leader, has also benefited from the group. During the 2022 tax year, his company Bowers Consulting received $1.7 million from the organization for services rendered.

All of these friendly and interconnected payments have raised red flags for many, including the Black Lives Matter Grassroots organization which manages local chapters. In a 2022 lawsuit, the group claims that Bowers uses the charity to pad “his personal piggy bank.”

Can BLM Survive Another Year?

In the summer of 2022, BLM added many new members to its board of directors. Now, that governing group is led by Cicley Gay, who, according to the Washington Free Beacon, has filed for bankruptcy three times in the past 18 years, which is bringing more concern down on the organization.

Between the financial disputes, sketchy practices, and waning support for BLM, many people are unsure if it will be able to survive another year. This fall of this nonprofit also raises other questions of which charities will be able to make ends meet without clear and open communication to donors about who they are paying and why.

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