Tax Documents for America’s Largest Dark Money Operation Forecast the Network’s Big-Spending Plans for 2024
Today, Americans for Public Trust (APT) obtained the 990 tax forms for the network of nonprofits managed by Arabella Advisors, which revealed that the largest dark money network in American politics received and spent approximately $1.4 billion to promote radical, left-wing causes and candidates in 2022. Combined with the 2021 tax returns, we now know the Arabella dark money network raised nearly $3 billion for the midterm election cycle. This massive money haul provides insight into the potential magnitude of the liberal network’s plans for the current 2024 election cycle.
The Arabella-managed, tax-exempt organizations include Sixteen Thirty Fund, Windward Fund, New Venture Fund, North Fund, and Hopewell Fund. The network is funded in part by foreign Swiss billionaire Hansjorg Wyss, who uses the foreign influence loophole to funnel tens of millions of dollars to liberal causes.
In August, APT filed a complaint with the IRS calling for an investigation into the tax-exempt status of four of thenonprofits linked to Eric Kessler, the founder of Arabella Advisors. The complaint alleges that Kessler directed hundreds of millions of dollars from these nonprofits back into Arabella for personal gain. These new 990s reveal that the Arabella-managed organizations poured another $52 million back into Arabella’s coffers in 2022.
“These documents reveal the overwhelming influence of the left-wing Arabella Advisors network on American politics,” said APT Executive Director Caitlin Sutherland. “In 2022 alone, these groups spent $1.4 billion to push our country toward more extreme causes and candidates. As the 2024 election cycle ramps up, the American people deserve to know just how much influence the foreign-backed Arabella network has on our local, state, and federal elections.”
CLICK HERE to view the Sixteen Thirty Fund 990.
CLICK HERE to view the Windward Fund 990.
CLICK HERE to view the New Venture Fund 990.
CLICK HERE to view the North Fund 990.
CLICK HERE to view the Hopewell Fund 990.
Key Takeaways:
- New Venture Fund, the largest nonprofit in the network, raised roughly $756 million in donations while racking up $825 million in total expenses, including $507 million in grants pushed to outside groups.
- The Windward Fund, which focuses on environmental initiatives, raised $198 million and spent nearly $196 million, including $149 million in grants to outside groups last year.
- The Sixteen Thirty Fund raked in $192 million and reported nearly $196 million in expenses. They funneled more than $148 million in donations to organizations outside their network, according their tax forms.
- The Hopewell Fund, meanwhile, took in roughly $178 million in donations, and the North Fund received almost $47 million from secretive donors. Those two groups tallied a combined $202 million in total expenses, including $136 million in grants to outside left-wing causes.
