Reports that the Black Lives Matter organization is heading to bankruptcy appear to be false.
Recent tax documents filed show the nonprofit did in fact lose some money in 2022 but still has $30 million in assets, USAToday reports.
Documents show BLM raised a little more than $9 million in its last fiscal year, running from July 1, 2021 – June 30, 2022. The 60-page file alluded to the fact that the organization spent more than what it has made, coming away with about $12 million less than the $42 million in assets it reported the previous fiscal year.
Shalomyah Bowers, who replaced co-founder Patrisse Cullors after she quit the organization, says the organization is nowhere near going bankrupt and describes their finances as “strong and stable.”
“Record-breaking fundraising is just that: record-breaking,” Bowers said. “The organization obviously does not expect to continue funding at such exceptional levels – even as it continues to raise millions of dollars – and has therefore planned its budget and future spending accordingly to ensure a stable and strong financial future.”
The accounting department at Marquette University defines bankruptcy as when “your assets aren’t enough to cover your liabilities.”
Rumors of bankruptcy started to fly after a screenshot of a tweet from conservative commentator Benny Johnson began to circulate. “BLM Is Officially BANKRUPT,” the tweet read. “Bye Bye!”
Attached with a video, it was viewed more than 700,000 times. Tax documents also showed BLM’s Global Network Foundation ended the financial year with $8,559,748 and still owed millions to organizers and relatives of Cullors.
Bowers has been accused of mishandling money as a lawsuit from another organization, BLM Grassroots, alleges that he and his consulting firm disbanded an agreement to keep control of BLM’s digital presence, according to Stamford Advocate. He denies the accusations, calling them “frivolous” and untrue.
“The auditors found that our financial outlook is healthy, there is no fraud or abuse within the organization,” Bowers said.