Will and Jada Pinkett-Smith's Charity Preparing to Shut Down Following Oscars Slap

Since 2022, the foundation has suffered an 83% loss in revenue after companies such as American Airlines ceased their contributions.

Will Smith and Jada Pinkett-Smith's non-profit organization is on the verge of shutting down.

A report by Variety, released on Tuesday (March 26), details financial matters that have caused the Will And Jada Smith Family Foundation to prepare to close its doors. The company—which was founded in 2006 by the couple—has faced a significant revenue loss following the infamous Oscars slap against Chris Rock in 2022. Since that moment, top donors have backed out of contributing to the foundation.

In 2020, the company profited $1,760,000; the following year it topped that with $2,138,660. But in 2022, revenue fell to $365,870, suffering an 83% loss. American Airlines and CAA are among the list of critical donors who contributed in 2021. The airline juggernaut gave the company $76,160, while the latter gave $100,000. Both companies have since cut their ties to the company.

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In 2022, the company gave $100,000 to the American Film Institute and $2,500 to Big Brothers Big Sisters.

That year, they also donated to smaller organizations, including Rebecoming with a $15,000 donation and the World Rebirth Foundation with a $10,00 donation.

Though no paid staff were employed at the organization in 2022, other expenses that year included office equipment, computers, and $3,304 in "bank overdrawn" fees.

According to the outlet, the Oscars controversy isn't the only reason the business is seeing its last days. An insider said the Smiths have been seeking to phase out the company a move toward a discreet model for philanthropic opportunities.

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