In its report, the BLM foundation said individual donations via its main fundraising platform averaged $30.76. Furthermore, no one can track what BLM is actually doing with any funds they receive to further the cause, or determine how much is raised by them annually, etc. After Floyds killing in Minneapolis, the surge of donations saw the foundation go from small, scrappy movement to maturing institution. The Black Lives Matter movement has raised billions of dollars over the past several years. Market data provided byFactset. BLM's oil and gas program is a boon for the U.S. economy. Stuart Villanueva /The Galveston County Daily News via AP, 2022 NYP Holdings, Inc. All Rights Reserved. As protesters suddenly given a windfall of money, they had to learn how to manage a large nonprofit on the fly, and its a lot to ask., After Raising $90 Million in 2020, Black Lives Matter Has $42 Million in Assets, https://www.nytimes.com/2022/05/17/business/blm-black-lives-matter-finances.html. How high will rates go? We are entering spaces previously unimaginable., The financial disclosure came amid heightened tensions in the network of activists with group of 10 chapters, called the #BLM10 and including ones in New Jersey and Hudson Valley, splitting in November while publicly ripping the main organization over financial transparency, decision making, and accountability., To the best of our knowledge, most chapters have received little to no financial support from BLMGN since the launch in 2013, the 10-chapters insisted in a public demand for accountability.. They have completely changed our lives. That growth also caused longstanding tensions to boil over between some of the movements grassroots organizers and national leaders - the former went public last fall with grievances about financial transparency, decision-making and accountability. The house was to be used, among other things, as an artist retreat, the filing said, but identifying information is not being released here due to safety and security concerns and threats to B.L.M.G.N.F.s leadership, staff and creators, the form said. The death of Michael Brown in 2014 sparked massive protests against police brutality in Ferguson, Missouri. Where and how they dedicated their money became the most visible signs of their priorities. Theyre trying to be transparent. Powered and implemented byFactSet Digital Solutions. For example, the foundation told AP that itsfiscal sponsor currently managing the organization's money is requiresspending to be approved by a collective action fund that has a board made up of BLM chapter representatives. At one point, BLM agreed to pay Thousand Currents 15 percent of all funds raised. The BLMGNF did not respond to questions. On 20 December 2020, The . Theres still work to do.. A false money laundering conspiracy theory regarding the Black Lives Matter movement's use of a payment processing company for donations has gained traction online among right-wing figures and can . REVEALED: The 50 most beautiful baby names backed by science with Sophia and Matthew top of the list. Our analysis reveals that the top 6 pledges total $5.4 billion, or 70% of the $7.854 billion total. is wishing that we could have paused for one to two years, to just not do any work and just focus on the infrastructure, she said in the interview. Much of the outside critical attention on the group focused on her involvement. Patrisse Cullors, one of the founders of Black Lives Matter, stepped down as executive director last May. FILE - In this Nov. 4, 2020, file photo, protesters representing Black Lives Matter and Protect the Results march in Seattle. Records reportedly show some chapters have received multiple rounds of funding in amounts ranging between $800 and $69,000, going back as far as 2016. At one point, BLM agreed to pay Thousand Currents 15 percent of all funds raised. That lack of funding came despite BLM getting donations from A-list celebrities such as Beyonc, Jay-Z and prior to his death in 2016 Prince, The Associated Press noted. "Because the BLM movement was larger than life and it is larger than life people made very huge assumptions about what our actual finances looked like," Cullors said. He accused the BLM founders of "making millions of dollars off the backs of these dead black men who they wouldn't spit on if they were on fire and alive". In 2021, the foundation released its own report, not a mandatory federal tax filing but a voluntary accounting of its funds, in which it said that it raised $90 million in 2020, with the average donation being $30.64. . 2022 FOX News Network, LLC. Discovery Company. WASHINGTON (SBG) - The Black Lives Matter organization revealed it took in over $90 million in 2020, a year marked by nationwide protests ignited by the killing of George Floyd and other black men . Quick Take. They created a PAC, using money that was raised to fund local initiatives to wield national political power and influence, in addition to other misappropriations, fraud, waste and abuse. The #BLM10 said the amounts given have been far from equitable when compared to how much BLM has raised over the years. The nonprofit hasshared its financial snapshot exclusively with The Associated Press amid accusations from local chapters that they are not being given any of the money. The organization is reportedly looking to build out its infrastructure to catch up to the speed of its funding and plans to use its endowment to become known for more than protests related to Black Americans dying at the hands of police orvigilantes. The statements were made in the wake of the . One of our biggest goals this year is taking the dollars we were able to raise in 2020 and building out the institution weve been trying to build for the last seven and a half years, she said in an interview. #BlackLivesMatter was founded in 2013 in response to the acquittal of Trayvon Martin's murderer. Last month, New York Magazine reported that funds raised by the foundation were used to buy a house in California for nearly $6 million in cash in October 2020. "For years there has been inquiry regarding the financial operations of BLMGN and no acceptable process of either public or internal transparency about the unknown millions of dollars donated to BLMGN, which has certainly increased during this time of pandemic and rebellion," the letter states. Since black people were in the hurricane. The Black Lives Matter Global Network Foundation, largely seen as adriving force behind the Black Lives Matter Movement, took in just over $90 million last year, according to afinancial snapshot obtained by AP. We built this, each one of us, Groggansadded. Although there are many groups that use 'Black Lives Matter' or 'BLM' in their names, less than a dozen are currently considered affiliates of the chapter network. Klansmen patrolled Anaheim in white hoods and robes during the 1920s; in 1993, a Los Angeles Times headline asked if Huntington Beach was the "skinhead capital of the country.". At that time, the group said that it spent $8.4 million on operating expenses while disbursing $21.7 million in grants to about 30 organizations and to 11 Black Lives Matter chapters around the country. Garza is the author ofThe Purpose of Power: How We Come Together When We Fall Apart, which was published in October 2020 by Penguin Random House. 16. In the fiscal year concluding just after Floyd's 2020 murder, revenue shot up to $86.9 million. In the near future, BLM will also reportedly be required to file public 990 forms,revealing details of its organizational structure, employee compensation, programming and expenses. Published February 16, 2021. Pound dives 2% against dollar to $1.1158 after Bank of England raised interest rates by 0.75% to 3%. Bank of England tempers future expectations as it says inflation will eventually 'The numbers were excellent!' The tax filing shows property worth . More than 10% of the donations were recurring. appreciated. Published: 17:17 GMT, 23 February 2021 | Updated: 00:41 GMT, 25 February 2021. It is also a delayed snapshot. Give us your hard earned money so we don't have to get real jobs. 'We were often scraping for money, and this year was the first year where we were resourced in the way we deserved to be.'. Opal Tometi attends A Special Screening of Queen & Slim presented by Universal Pictures at Metrograph in 2019. But Cullors disagreed. The release of the tax filing, Internal Revenue Service Form 990 for the Black Lives Matter Global Network Foundation, was the first time the group offered an official accounting of its finances. Moving forward, the report said that one of the movements focuses for 2021 and beyond will be economic justice, given the socioeconomic consequences of Covid-19 on Black communities. A recent tax filing from the group shows that by the middle of last year, more than half of that money had been granted to smaller organizations or spent on consultants and real estate, leaving the foundation with $42 million in assets. A mural that reads 'ALL BLACK LIVES MATTER' is painted on Halsey Street in Newark, N.J. Epilogue Kitchen & Cocktails owner Jonathan Jones speaks with customers near an image of George Floyd while serving free meals in honor of Martin Luther King Jr. Day in Salem, Oregon, MD Crawford carries a Black Lives Matter flag before a march in La Marque, Texas to protest the shooting of Joshua Feast, 22, by a La Marque police officer, Antonio Mingo, of Washington, right, holds his fists in the air as demonstrators protest in front of a police line on a section of 16th Street that's been renamed Black Lives Matter Plaza. "If you go around calling yourself a socialist, you have to ask how much of . A financial snapshot shared exclusively with The Associated Press shows the Black Lives Matter Global Network Foundation too. It obtains funds through PayPal . Some speculate that at least some portion of the $4.35 million raised for the Foundation since June 1 may have been intended to go to the movement organizers, formally known as the Black Lives . [ As big corporations say 'black lives matter,' their track records raise skepticism ] Quotes displayed in real-time or delayed by at least 15 minutes. She is the principal at Black Futures Lab, an organization that develops public policy and helps educate elected officials about legislation that improves the lives of Black people. During protests over the police in-custody death of George Floyd in the summer of 2020, Kamala Harris donated money to a Minnesota nonprofit that helped protesters who . Still, the #BLM10 members saythat there is a discrepancy between reality and what the BLM movement's founders are saying. After the report was published, two activists in . BLM co-founder Patrisse Cullors, pictured, said the foundation is focused on a 'need to reinvest into black communities'. We are an institution, the foundation boasted. Cullors, who became the foundations full-time executive director last year, is the author of When They Call You a Terrorist: A Black Lives Matter Memoir. That has had adverse consequences for the scope of their organizing work, local chapter leaders told the AP. Our demands continue to go ignored. FAQ - New Privacy Policy. BLM co-founder Patrisse Cullors the foundations executive director insisted that the financial boost in 2020 was radically different than previous years, however, without releasing further records. Published "I'm a college professor, first of all," she claimed. On the tax form, the foundation said that for the fiscal year ending June 30, 2021, it received contributions and grants totaling $76.9 million, with total expenditures of $37.7 million. The group formally incorporated as the Black Lives Matter Global Network Foundation, Inc. in 2017 and has seen been nominated for the Nobel Peace Prize. All Rights Reserved. Many local groups that are part of the movement have called for more transparency and a greater role in making decisions, as well as more money for the organizations led by activists on the ground. BLM group raked in $90MILLION in donations last year: Leaders disclose finances for the first time - but angry local chapters say they are not being given any of the money In the tragic, whirlwind year of 2020, with racial-justice protests prompted by the killing of Black men and women by police officers, the Black Lives Matter Global Network Foundation raised $90 million, much of it small donations from rank-and-file supporters. Alicia Garza, pictured,is the principal at Black Futures Lab, an organization that develops public policy. BLM presents a litany of political demands, but it's not so political that government employees can't don its paraphernalia at work. And so one of those platforms, Benevity, told us that they had accumulated about $4 million worth . Foundation leaders reportedly say only a few of the 10 chapters are recognized as network affiliates. It incurred $8.4 million in operating expenses, distributed $21.7 million in grants to more than 30 organizations, and retained some $60 million in its coffers. Did you encounter any technical issues? The Black Lives Matter Global Network Foundation raised over $90 million in 2020. Its extremely important to have transparency and good governance at any organization with this level of global fame, said Mr. Hansford, who is also executive director of the Thurgood Marshall Civil Rights Center. Thanks for contacting us. Local chapters are semi-autonomous. The group came back to prominence after George Floyd's death in May: The foundation said it committed $21.7 million in grant funding to official and unofficial BLM chapters, as well as 30 Black-led local . He declined to share how much money his foundation has raised in total. Last year, the Black sports journalist Jason Whitlock was among those to seize on the controversy about the amount of money being raised by BLMGNF. Despite the strength of our movement, this has yet to happen. "To the best of our knowledge, most chapters have received little to no financial support from BLMGN since the launch in 2013. While the chapters, as well as other Black-led local organizations, becameeligible in July for financial resources through a $12 million grant fund, less than a dozen of the groups who useBlack Lives Matter or BLM in their names are currently considered affiliates. Also since 2013, BLM's lack of financial transparency has been the topic of multiple . Last year, the foundation's expenses were approximately $8.4million - that includes staffing, operating and administrative costs, along with activities such as civic engagement, rapid response and crisis intervention. 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