According to the Black Lives Matter Global Network Foundation's (BLMGNF) audit of June 30, 2023 (Note 2 - Principles of Consolidation): "The consolidated financial statements include the financial statements of BLMGNF, and a single member LLC owned by BLMGNF to hold real estate. All significant intercompany transactions have been eliminated in consolidation. Unless otherwise noted, these consolidated entities are hereinafter referred to as BLMGNF." According to the BLMGNF's 2023 tax filing, BLMGNF reports Related Organizations and Unrelated Partnerships (IRS Form 990, Schedule R, Part I): The name of the organization is reported as "Disregarded Entity — 99-9999999" and is located at an "Undisclosed Business Address" in Los Angeles, CA. The primary activity of this organization is to "hold real estate" on behalf of BLMGNF. End-of-year assets were reported to be $5,834,567.
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According to the Black Lives Matter Global Network Foundation's (BLMGNF) audit of June 30, 2023 (Note 10 - Related Party Transactions): "BLMGNF had the following transactions with related parties during the year ended June 30, 2023: - A sibling of the former Executive Director owned a security and protection company, which was paid $1,107,740 for security services.
- A former board member was paid $360,000 during the year ended June 30, 2023. In addition, BLMGNF has accrued a liability of $400,000 as of June 30, 2023, as part of settlement agreement.
- A board member owned a consulting firm which was paid $2,142,133 for management and consulting services.
- A board member owned a consulting firm which was paid $175,000 for consulting services.
According to the BLMGNF's 2023 tax filing, BLMGNF reports re: Business Transactions Involving Interested Persons (IRS Form 990, Schedule L, Part V re: Schedule L, Part IV): (A) Name of Interested Person: Paul Cullors, 35% or more owner of Black Ties LLC & Cullors Protection, LLC
(B) Relationship Between Interest Person and Organization: Family member of Founder
(D) Description of Transaction: Professional security services The transaction amounted to $1,235,720 --- (A) Name of Interested Person: Shalomyah Bowers, 35% or more owner of Bowers Consulting Firm
(B) Relationship Between Interest Person and Organization: Officer & Director of the Organization
(D) Description of Transaction: BLM staffing and management services The transaction amounted to $2,200,296 -- According to BLMGNF's IRS tax Form 990 for its fiscal year ended 6/30/2023, the charity reports total expenses of $10,759,094, allocating $5,013,945 of this amount to program, $5,417,111 to management & general expenses, and $328,038 to fundraising. Of the $10,759,094 in total expenses, the charity reports that $5,234,321 was spent on "Fees for services (nonemployees)" - "Other." Of this $5,234,321 amount, the charity allocates $3,419,726 to program expenses and the remainder to management and fundraising overhead. This $3,419,726 accounts for over 68% of the charity's total reported program spending for the fiscal year. According to Form 990, Schedule O, the $5,234,321 of "Fees for services (nonemployees)" expenses included the following: $2,091,417 for "Consulting," of which the charity allocated $1,079,337 to program. $1,109,775 for "Design & Media," of which the charity allocated $784,000 to program. $780,480 for "Communications," of which the charity allocated $303,740 to program. $1,252,649 for "Professional Security Expenses," of which the charity allocated $1,252,649 to program. Though it is not possible to compute an exact figure given the limitations of the financial breakouts included in the reporting, it appears that significant portions of the charity's fiscal 2023 reported program spending of $5,013,945 includes at least a portion of the above referenced "Business Transactions With Interested Persons." |
