Dem Dark Money Network Rakes in $715 Million to Bankroll Liberal Causes
Arabella Advisors-managed funds stealthily support progressive initiatives
Anonymous donors pumped an eye-popping $715 million into a massive dark money network used to bankroll liberal efforts across the country, new tax forms reveal.
The cash went to funds managed by Arabella Advisors, a D.C.-based consulting firm, in 2019. Once donors send the cash to the funds, it is then transferred to dozens of left-wing initiatives that fall under their auspices, as well as to outside groups.
The Arabella network consists of four funds: the Sixteen Thirty Fund, New Venture Fund, Windward Fund, and Hopewell Fund. Each Arabella-managed fund provides its tax and legal status to the groups that sit beneath them. Under this setup, known as fiscal sponsorship, the sponsored groups are not standalone nonprofits and do not have to file tax forms to the IRS, effectively obscuring information such as financials, board members, and other important details.
The four funds combined to raise an astounding $714.7 million for left-wing initiatives in 2019, the tax forms show. The New Venture Fund is the group's largest entity and raked in $450 million in anonymous cash—including a single donation of $83 million—to pass off to groups. The Sixteen Thirty Fund received $137.2 million, including one donation of $33 million. The Hopewell Fund pulled in $84.2 million, with a single $36 million donation. The Windward Fund took in $43.3 million. Its largest donation was $8.5 million.
The funds disbursed a total of $648 million last year. Nearly $400 million went to outside groups that include America Votes, Center for American Progress, Center for Popular Democracy, Latino Victory Project, and Color of Change.
The dark money network houses some of the nation's most prominent liberal groups. The Sixteen Thirty Fund, for example, houses Demand Justice, a group led by former Hillary Clinton press secretary Brian Fallon to push back against Republican judicial nominations. While Demand Justice does not have to file tax documents to the IRS due to its affiliation with the Sixteen Thirty Fund, the Washington Free Beacon found it received $2.6 million from billionaire George Soros around the time of its inception in 2018.
https://freebeacon.com/democrats/dem-dark-money-network-rakes-in-715-million-to-bankroll-liberal-causes/