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.
A 60-page filing, submitted by the organization earlier this month, shows the foundation spent more money than it earned in its last fiscal year, from July 1, 2021 to June 30, 2022. It ended the year with roughly $30 million in assets, down from the $42 million in assets reported in its filing the previous year.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.
“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.”
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