A national Black Lives Matter nonprofit, whose philanthropic fortunes grew almost overnight during historic racial justice protests three years ago, raised just over $9 million in its last fiscal year, new IRS tax filings show.
That’s significantly less than the $79 million in revenue reported in a previous tax filing of Black Lives Matter Global Network Foundation Inc. On Friday, the foundation said it expected that would be the case, given the unique factors surrounding the public response to the murder of George Floyd in 2020.
The BLM nonprofit had raised more than $90 million in the first year that it was a tax-exempt organization, coinciding with the wave of protests over police brutality in the summer of 2020. But with the racial justice fundraising environment quickly returning to norms, the new tax filings show the organization cut operating expenses by nearly 55%.
“We are building an institution to fight white supremacy and reach Black liberation,” Gay said in a statement about the tax filings. “Every dollar we spend is in order to reach that goal.” Last year, the nonprofit gave more than $4 million in grants to Black-led grassroots organizations, including organizations founded by the families of police brutality victims, whose names rally the larger movement. Nearly $26 million had gone to Black organizations and families during the foundation’s 2020-2021 fiscal year.
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