The radical Marxist foundation Black Lives Matter is finally opening up about its finances in a brand-new report.
Black Lives Matter, whose name has been considered synonymous with a more widespread movement to raise awareness about lingering racial disparities in America, is a radical organization that was co-founded by avowed Marxists.
The group has been under scrutiny and increasing pressure to reveal how it spends its “charity” contributions. The Associated Press at least attempted to shed some new light on the issue.
“This marks the first time in the movement’s nearly eight-year history that BLM leaders have revealed a detailed look at their finances.,” the AP noted.
It has now been estimated that the Black Lives Matter Global Network Foundation, which is a foundation seen at the forefront of the movement, raised $90 million last year. It was a “financial snapshot” shared exclusively with The Associated Press.
The Black Lives Matter foundation claims it is now “building infrastructure to catch up to the speed of its funding and plans to use its endowment to become known for more than protests after Black Americans die at the hands of police or vigilantes.”
“We want to uplift Black joy and liberation, not just Black death. We want to see Black communities thriving, not just surviving,” stated an impact report that the foundation shared with the AP shortly before releasing it.
The AP reported about the tensions that rose in the organization as the fundraising money kept pouring in. It caused “longstanding tensions to boil over between some of the movement’s grassroots organizers and national leaders” and some even came forward with “grievances about financial transparency, decision-making and accountability.”
According to the AP report, this is what we now know about the balance sheets:
The foundation said it committed $21.7 million in grant funding to official and unofficial BLM chapters, as well as 30 Black-led local organizations. It ended 2020 with a balance of more than $60 million, after spending nearly a quarter of its assets on the grant funds and other charitable giving.
In its report, the BLM foundation said individual donations via its main fundraising platform averaged $30.76. More than 10% of the donations were recurring. The report does not state who gave the money in 2020, and leaders declined to name prominent donors.
Last year, the foundation’s expenses were approximately $8.4 million — that includes staffing, operating and administrative costs, along with activities such as civic engagement, rapid response and crisis intervention.
Local BLM chapters have long called for more transparency from the Black Lives Matter foundation. It did not receive that in this report.
Nonetheless, the Black Lives Matter foundation is calling for more “economic justice.”
“One of its focuses for 2021 will be economic justice, particularly as it relates to the ongoing socioeconomic impact of COVID-19 on Black communities,” the BLM foundation told the AP.
According to a 2020 Daily Caller Foundation breakdown, the following are among the numerous concerns about Black Lives Matter Global Network:
- Black Lives Matter Global Network spent millions on consultants, travel and compensation for its staff from July 2017 through June 2019, according to audited financial statements from its fiscal sponsor, Thousand Currents.
- About 6% of BLM Global Network’s spending during those three fiscal years was in the form of grants to outside organizations such as its independent affiliated chapters, the statements show.
- BLM Global Network Managing Director Kailee Scales told the Daily Caller News Foundation the figures are not an accurate reflection of the in-kind support it provided to its affiliated chapters those years.
- Scales also said her organization is not responsible for the preparation of the financial statements, saying they were prepared by BLM Global Network’s fiscal sponsor, Thousand Currents.
Maybe the foundation should start with the “economic justice” of raking in tens of millions of dollars from donors who believe it represents the entire Black Lives Matter movement, yet pours back only paltry sums into black communities.
The Black Lives Matter foundation appears to be just another typical radical organization — exploiting grievances for economic and political gain.