Black Lives Matter, the organization, has found itself out of the black and into the red as their horrible money management skills have proved to be the charity's major downfall.
For years, it's been known that BLM has really stood for "Buy Large Mansions" as Patrisse Cullors, the organization's founder, has used a large portion of the charity money, which she calls "white guilt money," to enrich herself as well as her friends and family.
Now, according to the Washington Free Beacon, the charity is about to become completely insolvent after spending millions to enrich the founders.
Black Lives Matter Global Network Foundation ran an $8.5 million deficit and saw the value of its investment accounts plummet by nearly $10 million in the most recent tax year, financial disclosures show. The group logged a $961,000 loss on a securities sale of $172,000, suggesting the charity weathered a staggering 85 percent loss on the transaction.
In other words, BLM raked in millions and millions of dollars, distributed a little to some local organizations, but mostly just spent that money on themselves... bankrupting the organization in the process.
(I guess they weren't lying when they said they were trained Marxists!)
Here's some of the money management practices that led to BLM's impending insolvency:
The financial losses come after a year of missteps and setbacks for the embattled charity. BLM raised just $9.3 million in its 2022 fiscal year, down 88 percent from its haul the year prior. Black Lives Matter was forced to shut off its online fundraising streams in February 2022 due to compliance and transparency issues in several liberal states. The group has blown through two-thirds of the $90 million it raised in the wake of George Floyd's death in the summer of 2020.
BLM spent about $12 million of those funds on luxury homes in Los Angeles and Toronto. That profligacy did not abate in the 2022 fiscal year, when the charity dropped more than $10.5 million on contractors, much of which went to companies linked to Cullors's friends and family.
Cullors's brother made $1.6 million last year and this year still raked in more than $900,000 for "security" services, even though he was only a graffiti artist before being hired by Cullors.
Cullors left BLM in June 2022 and it's come under somewhat competent management since then – you know, management that will at least fill out necessary tax forms and provide transparency to donors. But it appears that Cullors' reckless spending spree may have done the charity more damage than it can recover from.
Unless we see another similar violent uprising as we witnessed in 2020, BLM is fast on its way to being defunct.
Like all good Marxists.