During 2020, U.S. cities suffered repeated destruction as a result of violent protests by the leftist group Black Lives Matter (BLM). However, it was the group’s most popular year, and BLM’s Global Network Foundation raised $90 million in donations, according to its financial records.
During 2020 alone, Black Lives Matter Global Network Foundation (BLMGNF) raised more than $90 million from its donors amid the unrest that swept across the United States and other parts of the world.
For the first time in its eight-year history, the controversial organization finally disclosed its financial situation, in documents shared exclusively with The Associated Press (AP).
While the organization in previous years had not released its financial statement, it is understood that given the surge in popularity achieved during 2020, even outside the United States, allowed it to generate higher-than-usual revenues.
BLMGNF is now building infrastructure to catch up with the speed of its funding and plans to use its endowment to enter the area of political management beyond street protests, it reported.
BLMGNF $21.7 million in grants to official and unofficial BLM affiliates
The foundation told AP, it committed $21.7 million in grants to official and unofficial BLM affiliates, as well as 30 local black-led organizations. It ended 2020 with a positive balance of more than $60 million, after spending nearly a quarter of its assets on grant funds and other non-itemized charitable donations.
BLM report does not indicate who donated the money in 2020
In its report, the BLM foundation said individual donations through its main fundraising platform averaged $30.76 and that more than 10% of donations were recurring. But the report does not indicate who donated the money in 2020, and leaders declined to name even the most significant donors.
AP News, also reports that during 2020, the foundation’s expenses were about $8.4 million, which includes staff, operating and administrative costs, along with activities such as civic engagement, rapid response, and crisis intervention. In other words, its revenues exceeded its costs by nearly 10 times.
In an “impact report” published by the group, it summarizes its actions and financial flow during 2020, states some goals for 2021 using cliché words and phrases, but does not really specify how they plan to invest the money raised.
BLM co-founder Patrisse Cullors told AP that the foundation is focused on the “need to reinvest in black communities.” “One of our biggest goals this year is taking the dollars we were able to raise in 2020 and building out the institution we’ve been trying to build for the last seven and a half years,” she added, without specifying the slightest detail he added without specifying the smallest detail.
Dozens of major corporations from around the world have invested in BLM
Dozens of major corporations from around the world have collectively donated millions of dollars to left-leaning organizations advocating for the defunding of U.S. police departments and racial equality, according to a report by the Daily Caller News Foundation.
Companies such as Microsoft, Intel, and Airbnb donated to Black Lives Matter Global Network and Color of Change, during 2020.
“Both Black Lives Matter and Color of Change have seen an outpouring of corporate donations since George Floyd’s passing,” the Daily Caller said.
When a narrative such as BLM’s becomes “politically correct” despite its essentially empty and incoherent discourse, large firms benefit from donating millions of dollars to these organizations, since it gives them a good image in the social imaginary of their clients, in addition to often serving as a tool to reduce their taxes.