Will Smith and Jada Pinkett Smith have made the difficult decision to close their charitable foundation, the Will And Jada Smith Family Foundation. The foundation has experienced a significant decline in donations, with major donors such as CAA and American Airlines pulling out following Will’s controversial incident at the 2022 Academy Awards, where he slapped Chris Rock.
According to Variety, the foundation’s tax filings reveal a staggering drop in funds, from over $2 million in 2021 to less than $400K in 2022. However, it’s important to note that the decision to shut down the foundation was already in the works before the Oscars incident. Will and Jada had intended to focus on making private charitable donations instead.
The foundation’s financial situation has also raised some concerns. There were reports of $3,000 in bank overdraft fees, over $25,000 donated to seemingly defunct mental health organizations, and no paid staffers as of 2022. These eyebrow-raising transactions raise questions about the foundation’s management.
Despite these challenges, Will Smith’s career has remained resilient. He currently has multiple projects in the pipeline, including the highly-anticipated sequel to “I Am Legend” and the fourth installment of the “Bad Boys” franchise, where he reunites with Martin Lawrence.
On a personal note, last year Jada Pinkett Smith revealed that she and Will were on a path to reconciliation after years of leading separate lives, even residing in separate homes. So, while the closure of their foundation is unfortunate news, it is accompanied by the promise of brighter things to come.
