It looks like the kettle has officially met the world’s spookiest pot.
As the Tides Foundation, a powerful progressive grantmaking organization backed heavily by George Soros, was doling out cash to the anti-Israel protestors wreaking havoc on our nation’s university campuses, Black Lives Matter Global Network Foundation (BLMGNF) filed a $33 million lawsuit against the organization for, of all things, fraud.
BLM defends co-founder’s $1.4M mansion, calls reporting ‘tradition of terror by white supremacists’ https://t.co/7ZA1MZ8fpr pic.twitter.com/Xapsx9Ct1F
— BPR (@BIZPACReview) April 14, 2021
The Tides Foundation “has managed hundreds of millions in donations for progressive groups since it was founded in 1976,” the New York Post reports.
The 285-page lawsuit, filed on Monday in California Superior Court, Los Angeles County, claims Tides “refused to honor its promises and continues to commandeer BLMGNF’s donations,” The Post explains. “Instead, Tides doled out an undisclosed amount of donations to a radical BLM breakaway group run by anti-police activist Melina Abdullah — who lost a ‘frivolous’ lawsuit against BLMGNF — according to court papers and an attorney for BLMGNF.”
(Video: YouTube)
According to Influence Watch, the Tides Foundation is “a major center-left grantmaking organization and a major pass-through funder to numerous left-leaning nonprofits.”
The San Francisco, California-based 501(c)(3) nonprofit “is controlled by the Tides Network, a separate 501(c)(3) nonprofit that acts as a coordinating entity for multiple nonprofits in the Tides Nexus, a catch-all for the numerous organizations operating under the ‘Tides’ umbrella.”
Essentially, it is “a clearinghouse that collects donations for groups that may not have 501(c)(3) tax-exempt status,” The Post states.
“Billionaire George Soros and his son Alex Soros have funneled nearly $14 million from their Open Society Foundations to Tides, which sponsors activist groups including the pro-Palestinian Adalah Justice Project and others fueling campus protests,” the outlet notes.
“Tides has engaged in deceptive business practices and has operated in a quasi-banking capacity without appropriate regulatory oversight of licenses,” according to the BLMGNF lawsuit. “Tides operates with a level of autonomy and minimal regulatory scrutiny that is starkly at odds with the regulatory framework imposed on traditional financial institutions.”
With more than $1.4 billion in assets, Tides acts as a bank, the lawsuit alleges, only without those pesky banking regulations.
In 2020, BLMGNF banked tens of millions in donations off of George Floyd’s death.
NY Times blasted for labeling claims that last summer’s BLM protests were violent as ‘misinformation’ https://t.co/OuZdf8IQLa pic.twitter.com/IGJK5cfmmI
— BPR (@BIZPACReview) March 9, 2021
Lacking at the time tax-exempt status from the IRS, the group turned to the Tides Foundation for help with managing its windfall.
“Tides, which takes a percentage of donations to manage a group’s funds, gave verbal assurances that it would return the collected money once BLMGNF received tax-exempt status, the lawsuit claims,” according to The Post. “In the meantime, it managed donations in a ‘collective action fund’ that would be accessible to BLMGNF, according to the lawsuit.”
In 2022, BLMGNF cut ties with Tides, but, the complaint claims, Tides refused to return the roughly $33 million in donations.
The lawsuit alleges that Tides — “which takes between 3% and 9% of the donations it processes,” according to The Post — has sent part of the funds to other BLM groups without BLMGNF’s permission.
“On June 9, 2022, a Tides official said Tides had transferred $7.4 million from the collective fund back to BLMGNF,” The Post reports. “Instead, it sent part of the cash — $4.75 million — to an unaffiliated BLM chapter in Oklahoma City, the lawsuit says.”
A spokeswoman for Tides Foundation told The Post that BLMGNF’s allegations are “completely false.”
“Resources in the Black Lives Matter [collective action fund] were never intended to be granted to large, well-funded national organizations like Black Lives Matter Global Network Foundation, and were always intended to be granted to local Black Lives Matter chapters,” the Tides statement reads. “BLMGNF’s lawsuit seeks to circumvent the intent of the Fund’s donors and deprive grassroots Black Lives Matter chapters critical resources, for its own benefit.”
BLMGNF attorney Byron McLain said on Wednesday that the lawsuit is about more than money.
“This lawsuit against the Tides Foundation is not just about financial discrepancies,” he said, “but the principle of rightful ownership and transparency that should govern partnerships in social justice funding.”
On X, conservatives are enjoying the spectacle of the two divisive organizations eating each other.
“This is hilarious,” one user wrote. “So BLM got ripped off by Tides.
“Every single democrat movement is run by fraud.”
This is hilarious. So BLM got ripped off by Tides. Every single democrat movement is run by fraud. https://t.co/4JHrNEYqfx
— Proud American (@Dirtnbass) May 9, 2024
Click this link for the original source of this article.
Author: Melissa Fine
This content is courtesy of, and owned and copyrighted by, https://www.bizpacreview.com and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact USSANews.com using the email address in the Contact page found in the website menu.