Three directors. Three court dates.
Dream Keeper was the largest equity program of the Breed era — $120 million, about 75 nonprofits, eight city departments. The HRC executive director who designed it and two nonprofit leaders who received its money now face criminal charges from the San Francisco District Attorney.
qkex-vh98 (blank contract_number field for the $9.28M)
$33.78 million to one organization — and its director is charged with helping rig the process that gave it the money. That figure came from the city's own published payment records, not from an investigation. The court cases are ongoing; this page reports only what is already public.
And the people who were supposed to catch this? One of them was sitting on the oversight committee — watching his own grants.
The watchdog who watched his own grants.
Randal Seriguchi Jr. ran Urban Ed Academy as its executive director. In 2023 he also sat on the Dream Keeper Community Accountability Committee — the body meant to oversee Dream Keeper grantees — while Urban Ed held multiple active Dream Keeper grants worth roughly $1.2 million. The city's own auditors put it in writing.
The oversight committee is the backstop — the body that's supposed to catch problems. The man on it was watching $1.2 million flow to the organization he ran, and the city's own auditors flagged it as "tainted" in March 2025. The committee seat continued. The grants continued.
Some of the money is at least traceable to a named organization. Some of it isn't traceable to anyone at all.
$4.6 million to entities with no names.
Dream Keeper routed $4,601,959 through fiscal-sponsor arrangements — where an established nonprofit collects city money on behalf of a smaller project. In the city's contract titles, those projects appear only as codes: "BSO," "Sounds B," "fsPJS," "CT," "Phoenix." Several of the coded recipients have no IRS registration, no California nonprofit standing, no public existence at all.
qkex-vh98; derived ledger HRC_fiscal_sponsor_contracts.csv (29 fiscal-sponsor contract rows, $4,601,959 total)
You cannot look these up. Not in the IRS database, not in California's business registry, not anywhere. The city paid $4.6 million to contracts whose beneficiaries are identified by two- and three-letter codes. For "Sounds B" — $451,929 — no public record confirms who that is.
At least those checks went to organizations that exist somewhere. One recipient was one the state of California had formally shut down.
California shut it down. The city kept writing checks.
Operation Genesis Inc is a nonprofit. On April 2, 2024, the California Franchise Tax Board suspended its corporate charter — meaning, under state law, it could not legally exercise corporate powers. The suspension lasted 386 days. During it, the city wrote Operation Genesis three checks.
7yeh-dyn4 + 3v2z-djjd (Nonprofit Monitoring) — all archived
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$74,247. Three checks. To a nonprofit the state of California had legally shut down — corporate powers suspended, contracts voidable under state law. The city's own monitoring shows no oversight during the window the checks cleared. And nobody flagged it.
Operation Genesis shares a founder with the next organization — which has a $700,000 question of its own.
$700,000 for two galas — and a suspended company next door.
SF Black Wall Street Foundation received about $2.62 million through Dream Keeper channels. One city contract — number 1000028216 — paid it $700,000 for two Juneteenth galas. According to city officials cited by the SF Standard, those two galas cost more than $700,000 to produce — more than the $660,000 the foundation had spent on small-business grants.
qkex-vh98 (contract 1000028216) + g8m3-pdis (Ujima entity status) · IRS Form 990 FY2024, EIN 85-2793701 · SF Standard, July 22, 2024
Two Juneteenth galas. $700,000. The org's own tax return admits a related-party deal. The company sharing its address was shut down by the state. Three public-record facts. Whether the gala money reached that company is the fourth fact — the one in the contract invoices the city hasn't released.
These organizations at least file tax returns. The next ones don't — or can't be found at all.
No tax returns. No IRS status. The checks cleared anyway.
A nonprofit's annual Form 990 is how the public, the IRS, and California know what it does with charitable money. Several Dream Keeper recipients filed none — or can't be found in the federal registry at all.
qkex-vh98
7yeh-dyn4 + 3v2z-djjd
qkex-vh98
Clari T got $100,000 before it even had IRS status, then filed nothing. SF Recovery Theatre got a grant and can't be found anywhere. An organization that certified — under penalty of perjury — that it had zero independent board members drew $1.36 million and zero monitoring visits. And the city's largest Dream Keeper arts recipient was invisible to the state for five of its six funding years.
One more recipient kept its money inside the family — literally, one person on both sides of the check.
One person. Both sides. $602,505.
BlackFemaleProject received $962,505 in Dream Keeper grants. HRC contract amendments coded "fsPJS" routed $602,505 of that — 63% — through "PJS Consultants." PJS Consultants is a sole-proprietorship owned by Precious Stroud. Stroud is also the principal of BlackFemaleProject. One person controlled the nonprofit grantee and the company collecting most of its grant.
g8m3-pdis, certification 1056733) lists PJS Consultants as a sole proprietorship owned by Precious Stroud. HRC's vendor record for BlackFemaleProject is held in care of "% PRECIOUS STROUD." Both entities share the same Berkeley address. Three independent public records, one conclusion.
Receipt: DataSF g8m3-pdis certification 1056733; HRC vendor-master careofname field (qkex-vh98); shared registered address
g8m3-pdis certification 1056733 (registry-settled identity)
$602,505 flowed from a nonprofit's city grant to a sole-proprietorship the same person owns. That's a related-party transaction — not automatically illegal, but it has to be disclosed. Whether it was, and what fee Stroud's company kept, are questions the city has on file and hasn't answered.
And the last entity in this file didn't take a single Dream Keeper dollar directly — which is exactly what makes it worth a look.
The shell at the charged man's address.
Village Demands Inc was incorporated in December 2020. In a California Secretary of State filing signed under penalty of perjury, its CEO is named as Randal Seriguchi Jr. — the same man from Finding 2. It is registered at the exact suite as Urban Ed Academy, whose founder faces 30 criminal counts. Village Demands has never filed a federal tax return, is FTB-suspended, and received $0 in direct Dream Keeper payments. That last fact is what makes it interesting.
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A nonprofit at a criminally charged principal's address. Run by the man who sat on Dream Keeper's oversight committee. Never filed a tax return. Shut down by the state. Zero direct payments. The question isn't what it received — it's what it was for.
What this proves — and what it doesn't
- Three principals charged: Davis 17 felonies + 2 misdemeanors (3/30/2026), Spingola 4 felonies (3/30/2026), Jones 30 counts (8/29/2023) — public criminal filings
- $74,247 paid to a state-suspended nonprofit: CA SOS suspension dates vs. SF OpenBook payment dates, document on document
- Seriguchi on the Dream Keeper oversight committee while Urban Ed held ~$1.2M in active grants — the city's own "tainted" finding, March 2025
- $5,500 portrait gifted to Davis less than a month before she awarded Urban Ed $270,000; HRC paid committee stipends without Board authority, via an HRC-funded nonprofit (Controller, March 2025)
- $4,601,959 routed through coded fiscal-sponsor contracts; ~$1.5M to sub-entities unidentifiable in public records
- SFBWS FY2024 990 self-reports a Schedule L related-party transaction; co-located Ujima Global Consultancy LLC is FTB-suspended
- Clari T Media: $99,995 before IRS recognition, zero 990s after
- SF AAACD: zero independent board members, no governance policies, certified under penalty of perjury, ~$1.36M, zero monitoring
- AAACC: ~5-year CA-AG registration lapse during ~$4.44M in grants — now cured (2025)
- Village Demands: Seriguchi CEO per sworn filing, at Urban Ed's suite, zero 990s, FTB-suspended, $0 direct
- Precious Stroud controls both BlackFemaleProject and PJS Consultants: three independent registry records
- Criminal wrongdoing by any living, non-convicted person beyond the charges the DA has already filed — the charged individuals are public record; the allegations are the prosecution's, untested in court
- That any PJS Consultants fee was unreasonable, undisclosed, or unauthorized
- That the $700K gala funds reached Ujima — the fund flow is records-gated
- That Village Demands received or routed any Dream Keeper funds
- That AAACC's $4.44M was misused — a registration lapse is not misappropriation
- That SFBWS officer pay was unreasonable — comparability data needed
- That the coded sub-entities did no real work — only that their legal identities aren't public
We're not asking you to convict anyone — the courts will weigh the charges the DA has filed. We're asking the question you'd ask about any program this size: where did $120 million go, and who was watching? On the record: three court cases, a state-suspended nonprofit paid anyway, an oversight member watching his own grants, and $4.6 million to names the public can't look up.
Sources
- [DA]SF District Attorney, March 30, 2026 — Davis 17 felonies + 2 misdemeanors, Spingola 4 felonies (§1090); and August 29, 2023 — Dwayne Jones 30 counts
- [CTRL]SF Controller & City Attorney, Public Integrity Assessment, March 11, 2025 — Urban Ed "tainted"; Seriguchi committee conflict; $5,500 portrait; below-score awards; unauthorized stipends
- [PAY]DataSF "Nonprofit Suppliers and their Payments," dataset
qkex-vh98— all dollar amounts, vendor names, contract numbers, the blank-contract-number rows, and the $4.6M fiscal-sponsor layer (derivedHRC_fiscal_sponsor_contracts.csv, 29 rows) - [SOS]CA Secretary of State BizFile — Operation Genesis (entity #3790961, FTB-suspended 4/2/2024–4/22/2025); Village Demands Inc (Statement of Information 1/7/2021, Articles 12/14/2020, FTB-suspended)
- [OB]SF OpenBook voucher-level payments — Operation Genesis FY2025: $31,902 (6/20), $25,873 (7/16), $16,473 (7/17), all within the state suspension window
- [BIZREG]DataSF business registry
g8m3-pdis— PJS Consultants (certification 1056733, owner Precious Stroud); Ujima Global Consultancy LLC (FTB-suspended, 744 Innes Ave, co-located with SFBWS) - [990]IRS Form 990 / ProPublica Nonprofit Explorer — SFBWS FY2024 (EIN 85-2793701) Schedule L; SF AAACD FY2023 (EIN 85-4046830) governance; Clari T Media (EIN 86-3431977) zero 990s; Operation Genesis (EIN 47-4214116) $18,829 assets; Village Demands (EIN 85-4262758) zero 990s
- [CAAR]California Attorney General Registry of Charitable Trusts (rct.doj.ca.gov) — AAACC delinquency Aug 2019–~2024, cured 3/25/2025
- [MON]DataSF Nonprofit Monitoring
7yeh-dyn4+3v2z-djjd— zero monitoring records for Operation Genesis and SF AAACD during the Dream Keeper period - [STD]The SF Standard, July 22, 2024 — SF Black Wall Street: two galas cost more than $700,000, exceeding the $660,000 spent on small-business grants (city officials)