According to an investigative report by The Washington Free Beacon published Thursday, the hate-targeting group Southern Poverty Law Center has been transferring millions of dollars to unregulated offshore bank accounts.
The Report states:
The SPLC has turned into a fundraising powerhouse, recording more than $50 million in contributions and $328 million in net assets on its 2015 Form 990 its business income tax return from the same year shows that they have “financial interests” in the Cayman Islands, British Virgin Islands, and Bermuda.
The report shows multiple cash transfers to the following private investment funds in the Cayman Islands:
- $960,000 to Tiger Global Private Investment Partners IX, L.P
- $102,007 to BPV-III Cayman X Limited
- $157,574 to BPV-III Cayman XI Limited
- $2,200,000 to AQR Managed Futures Offshore Fund Ltd.
- $2,200,000 to AQR Style Premia Offshore Fund Ltd.
The report also states that nonprofit advisers were stunned to learn these new details:
“I’ve never known a US-based nonprofit dealing in human rights or social services to have any foreign bank accounts,” said Amy Sterling Casil, CEO of Pacific Human Capital, a California-based nonprofit consulting firm. “My impression based on prior interactions is that they have a small, modestly paid staff, and were regarded by most in the industry as frugal and reliable. I am stunned to learn of transfers of millions to offshore bank accounts. It is a huge red flag and would have been completely unacceptable to any wealthy, responsible, experienced board member who was committed to a charitable mission who I ever worked with.”
“It is unethical for any US-based charity to invest large sums of money overseas,” said Casil. “I know of no legitimate reason for any US-based nonprofit to put money in overseas, unregulated bank accounts.”
The report also details the six-figure salaries of SPLC’s leadership.