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MONTGOMERY, Ala., Sept. 1, 2017 /Christian Newswire/ -- The Southern Poverty Law Center (SPLC), a 501(c)(3) tax-exempt "charitable" organization which continually grossly misrepresents and labels pro-family organizations as so-called "hate groups," transfers millions of dollars in cash to foreign accounts in the Cayman Islands, British Virgin Islands and Bermuda.
According to the excellent research done by Joe Schoffstall of The Washington Free Beacon, the SPLC recorded more than $50 million in contributions and $328 million in net assets on its 2015 Form 990, the most recently available tax form from the nonprofit. SPLC's Form 990-T, its 2015 business income tax return, shows that they have 'financial interests' in the Cayman Islands, British Virgin Islands, and Bermuda and 2014 forms reveal some of the SPLC's transfers to foreign entities, including hundreds of thousands to an account in the Cayman Islands. SPLC also lists Tiger Global Management LLC, a New York-based private equity financial firm, as an agent. There is a foreign partnership between the SPLC and Tiger Global Private Investment Partners IX, L.P., a pooled investment fund in the Cayman Islands and SPLC transferred $960,000 in cash on Nov. 24, 2014 to the fund, along with additional cash transactions to offshore funds.
Schoffstall also found that the SPLC reported a $102,007 cash transfer on Dec. 24, 2014 to BPV-III Cayman X Limited and a $157,574 cash transfer on Dec. 31, 2014 to BPV-III Cayman XI Limited, both foreign entities located in the Cayman Islands with the same PO Box address. In addition, according to Securities and Exchange Commission (SEC) records, on March 1, 2015, SPLC sent $2,200,000 to an entity incorporated in Camana Bay, Cayman Islands and another $2,200,000 cash transfer was made on the same day to another fund whose business is located at the same address as the previous fund in the Cayman Islands.
The SPLC states it has a staff of 75 lawyers who practice in the area of children's rights, economic justice, immigrant justice, LGBT rights, and criminal justice reform, but reported spending only $61,000 on legal services in 2015. However, the group spent $20 million on salaries in 2015 with the minimum amount paid to an officer, director, trustee, or key employee in 2015 was $140,000 in base salary, not including other compensation. The president and chief executive officer was given $346,218 in base compensation and $20,000 more in other reportable compensation and non-taxable benefits in 2015 and SPLC's chief trial counsel, received a salary of $329,560 with $42,000 in additional reportable compensation and non-taxable benefits.
"For any 501(c)(3) tax-exempt charitable organization that receives tax deductibility for allegedly serving the public, transparency is a legal obligation," said Mat Staver, Founder and Chairman of Liberty Counsel. "The Southern Poverty Law Center transfers millions of dollars overseas, which is the opposite of being transparent. It is shocking that a U.S.-based 'charitable' organization stashes millions of dollars in offshore accounts. I can think of no reason for doing so. The SPLC recklessly mislabels pro-family and conservative organizations as 'hate groups' and incites violence. It is directly connected to Floyd Corkins who was convicted under the Domestic Terrorist Act for attempt to commit mass murder against the Family Research Council," said Staver.
Find more information that exposes the truth about the Southern Poverty Law Center here.
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