The Abrams / Warnock Tightly Woven Web of Secret Funding Sources is Starting to Unravel - Opinion

The Veracity Report

Recent reports and a forensic examination of tax records show numerous sketchy ties to shadow corporations paying Georgia’s Democratic candidates' hundreds of thousands of dollars per year – for nothing

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Veracity Editor's Note to Readers:

This non-satirical, un-opinionated, fully attributed, and unbiased article was compiled by the accredited and degreed veteran investigative reporter Kurt Dillon. It is comprised of information compiled from the following sources: Fox News, Public Tax Records, The Georgia Secretary of State's Office, The Delaware Secretary of State's Office, and The Associated Press.

In a story originally broken by Joe Schoffstall and Fox News, The Veracity Report has now learned that The New Georgia Project, a Georgia-based voter registration nonprofit founded by Democratic gubernatorial nominee Stacey Abrams received nearly $500,000 in COVID-19 bailout cash during a year its donations swelled by tens of millions of dollars, according to the organization's public tax forms.

The organization, which Abrams founded in 2014, applied for and received a $482,000 Paycheck Protection Program (PPP) loan in May 2020 as part of the first round of bailouts intended to help financially strapped small businesses retain employees during the pandemic. The loan says it went towards 95 jobs.

But a review of the New Georgia Project’s tax documents shows that the left-wing voter registration group was far from struggling and finished that year in its best financial shape since its inception six years prior.

According to the New Georgia Project’s 2020 tax forms, which weren’t publicly available at the time of the loan, the nonprofit received the COVID-19 cash amid gathering $24.5 million in contributions and grants. Its 2020 donations were nearly $23 million more than the $1.6 million the group received in 2019, the tax forms show.

What’s more, as the New Georgia Project’s financials swelled, so did the amount it poured into salaries.

In 2020, the group dropped $1.9 million into wages, various compensations, and employee benefits packages – nearly $600,000 more than the year before. Nsé Ufot, New Georgia Project’s executive director, also pocketed $187,577 in salary for the fiscal year 2020, a pay raise of $69,345 from 2019.

The group finished the year with almost $18 million in net assets.

The New Georgia Project did not respond to an inquiry into its PPP loan – which is marked as “forgiven” in a ProPublica database – during a record-breaking financial year for the non-profit group.

Abrams formed the New Georgia Project during her time as a state representative to register minority voters, and Democratic Georgia Sen. Raphael Warnock chaired the group between 2017 and early 2020.

The New Georgia Project’s individual and specific donors remain in the dark, but another Abrams-tied nonprofit, the Marguerite Casey Foundation, reported two grants totaling $100,000 as part of a multi-million voting rights funding effort in 2020, according to its tax forms.

Abrams joined the Marguerite Casey Foundation’s board the following year and immediately backed a campaign to increase anti-police funding from the foundation. The Marguerite Casey Foundation and its president, Carmen Rojas, have repeatedly called for defunding and abolishing the police, despite Abrams now repeated claims and commercials declaring that she is not an advocate of defunding police.

The New Georgia Project’s operations have also come under the Republican microscope in the Peach State recently.

In early August, the state ethics commission ruled that the nonprofit and its affiliated action fund likely sidestepped financial disclosure laws by not reporting millions in election-related spending, including advocating for Abrams during her failed 2018 gubernatorial run, according to the Georgia Recorder.

The case will move to the Office of State Administrative, where a judge will release a final decision.

Meanwhile, it has also recently been discovered that Ms. Abrams has received more than $100,000 from a mysterious limited liability company that doesn't appear to have any online presence outside of her financial disclosure form and corporate records.

Abrams' financial disclosure form, released in March, lists Dream Project Partners Inc. in multiple sections, including "statement of income" and "direct ownership interests in the business entity." The Georgia Democrat listed herself as a "Board Member and Shareholder" and recorded in the income section that she received $50,000 in 2021 and $100,000 in 2022.

The financial form says she has no duties with Dream Project Partners Inc., and its "principal activity" and disclosure form descriptions read: "Developing a culturally competent technology platform for entrepreneurs."

The other online presence for the opaque company is in Delaware business records, which lists it as a domestic corporation established in June 2021.

Delaware, known for its permissible corporate secrecy, does not require entities to list managers or members in formation documents. Instead, it allows just the name and address of a registered state agent as a substitute. The Dover-based Resident Agents Inc. is its registered agent in its papers.

Abrams, who touted herself as a "Yale-trained tax attorney" earlier this year, also disclosed relationships with several other limited liability companies. She acts as a "managing member" of Davis Hall LLC, which until 2021 was named Sela Technologies LLC, according to a search of Georgia State records. Abrams lists this as her "personal office," according to the forms.

Meanwhile, the forms show that Abrams is also the owner of Hall Davis LLC, which deals with "general business" matters. The repeat gubernatorial candidate says in the financial disclosure that she has more than a 5 percent ownership interest in both companies and that they each have a fair market value of more than $5,000.

Abrams' net worth has drastically increased as she worked in the private sector over the past few years. She's now worth $3.17 million, a significant uptick from her reported $109,000 net worth four years ago.

Abrams pushed back against criticism of her increase in wealth earlier this year by telling the Associated Press that she believes "every person should have the opportunity to thrive."

The Veracity Report has reached out multiple times to the Abrams campaign with a series of questions regarding Abrams' involvement with Dream Project Partners, Davis Hall LLC, and Hall Davis LLC, but the campaign has not responded.

If you are interested in becoming an independent contributing correspondent for The Veracity Report, a wholly owned subsidiary of WOMEN (Wild Orchid Media & Entertainment Network, Inc.), please send an inquiry email to info@veracityreport.org.

Compiled by Chief Political Correspondent Kurt Dillon – Because the Truth Matters!

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