Less than a week after it was reported that Occupy Wall Street was on the hunt for an accountant, the reason has become clear — the protesters are nearly broke.
The Wall Street Journal reports that Occupy Wall Street voted Saturday to stop funding new projects because their funds were dwindling. With just $170,000 left in their pockets from the more than $700,000 total raised, Occupy will go broke within a month, accounting volunteer Haywood Carey told the Journal.
The Atlantic Wire reported last week that fewer were donating to the group than ever and that Occupy is “hemorrhaging cash.” They had $190,000 last week.
In flusher times, the group was eager to spend money spreading the message. When fewer than 25 protesters set off from New York to march to the District in November, they were given a $3,000 check from Occupy Wall Street for the trek. When 20 Occupiers planned a trip to visit their fellow protesters in Egypt that same month, the group approved a $29,000 budget for the trip. Those kind of projects are unlikely to be financed in future — at least not in the near future.
Occupy Wall Street manages its budget with help from the Alliance for Global Justice, a nonprofit based in the District, according to BuzzFeed. Under the agreement, they do not have to pay taxes, but they do have to file annual reports with the IRS.
Carey earlier told The Wire that Occupy will not actively ask for funds because “there’s a sizable and serious resistance towards going to a traditional form of fundraising.”
Instead, the group relies on voluntary handouts.
Justin Strekal, a member of Occupy’s accounting team, told BuzzFeed that the movement received just $215 in donations Jan. 3, and $320 Jan. 4.
As money and protest activities have dwindled in New York, much of the focused has turned to Occupy DC, which is occupying McPherson Square.
On Tuesday, Occupy protesters gathered on the Mall for a planned Occupy Congress march on Washington.