Will & Jada Smith Family Foundation “To Close” Following Decline In Revenue After Oscars Drama
Recent reports suggest the Will and Jada Smith Family Foundation is about to shut down. This news comes after tax filings revealed a significant decline in revenue and donations following the controversy involving Will Smith at the Oscars. Although the foundation’s closure may have already been in motion before the Oscars incident, the decline in financial support seems to have hastened the decision.
To provide some context, the foundation’s revenue in 2020 was $1.7 million, which increased to $2.1 million in 2021. However, in 2022, the reported revenue dropped significantly to a mere $366,000. The sharp decline can be attributed to the controversy surrounding Will Smith’s on-air altercation with comedian Chris Rock during the 94th Annual Academy Awards. Sources close to the Smiths have disclosed that the decision to wind down the foundation had been in the works even before the Oscars incident. The couple is now shifting their focus towards private philanthropy by contributing directly to charitable causes rather than through a formal foundation structure. This change in approach aligns with their desire to adapt to changing circumstances while maintaining their commitment to philanthropy.
It’s worth noting that the foundation had already made internal adjustments before the Oscars controversy. In 2021, the organization reduced payments to its only two staff members. By 2022, no paid staff members will remain within the organization. The foundation’s closure marks the end of an era for the Smith family’s philanthropic endeavours. Despite the criticism he faced after the Oscars incident, Will Smith issued a public apology and temporarily stepped away from the spotlight. However, he has returned with a new project, recently unveiling the trailer for the highly anticipated film Bad Boys 4 alongside co-star Martin Lawrence. As the Smiths navigate the aftermath of the controversy, the closure of their foundation marks a significant transition in their philanthropic efforts, highlighting their ongoing commitment to positively impacting the world through alternative means.
Will & Jada Pinkett Smith’s Foundation Reportedly Closing After Nearly 30 Years; Donations Dropped Following Infamous Chris Rock Slap https://t.co/hclGalF9VJpic.twitter.com/ptNBwvKcEB
— theJasmineBRAND (@thejasminebrand) March 26, 2024
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