“Despite what has been reported, BLM has not been financially solvent,” Cullors told reporters Monday, according to The Grio.
The embattled activist’s claim that BLM was insolvent before Summer 2020 when it received a $90 million windfall spurred by the killing of George Floyd, is contradicted by financial records from its former fiscal sponsor that show BLM’s assets increased year over year while it simultaneously spent millions on travel, meals, and consultants.
After money began pouring into BLM’s coffers in 2020, Cullors said on the call Monday that the charity sought a permanent space to secure its legacy for years to come.
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“It’s really important for folks to understand that the acquiring of the multipurpose property happened in October of 2020,” Cullors stated about the $6 million Los Angeles mansion BLM purchased in cash and then concealed from the public for 19 months. “For us, it was a huge accomplishment. And I’m speaking specifically to Black Lives Matter Global Network Foundation.”
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“Securing a black space is neither a crime nor a hustle. That is really important for you all to understand,” she added. “Especially as there’s a long legacy of black people securing and wanting to secure land and property, especially when it comes to organizations. We want to see Black Lives Matter exist for a very long time; we want to see the legacy of it exist for a very long time. And there are so many other legacy organizations that have their own buildings. And because it’s a part of that legacy.”
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Cullors’s assertion that BLM operated on a shoestring budget before 2020 is not supported by available evidence.
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Audited financial statements for Thousand Currents, the California charity that fiscally sponsored BLM from 2016 through the first half of 2020, demonstrate that BLM consistently raised more money than it spent. BLM’s available assets steadily increased year over year while BLM simultaneously spent millions on travel, meals, and consultants, the records show.
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Thousand Currents reported holding $2.4 million in temporary restricted net assets for BLM at the end of its 2017 fiscal year. BLM’s assets swelled to $2.6 million at the end of the sponsor’s 2018 fiscal year and ballooned even further to $3.5 million at the end of its 2019 fiscal year.