According to a Variety exclusive, Will and Jada Pinkett Smith’s foundation is set to shut its doors in the wake of declining donations following the infamous Oscars slap incident.
While there is no indication on the organization’s website of the reported closure, Variety reports, “A source close to the foundation told Variety that the couple was winding down the foundation.”
What’s Happening at the Foundation?
The foundation’s website does spell out the foundation’s mission. “Our mission is to build a first-in-class organization that stands at the intersection of philanthropy and social impact,” it reads. “Our vision is to create a world in which every person is inspired to bravely explore and discover their inner possibility.”
The power couple’s charitable endeavor, the Will and Jada Smith Family Foundation, established in 1996, once served as a beacon for causes close to their hearts, spanning mental health and wellness, arts education, and sustainability. However, the fallout from Will Smith’s public altercation with Chris Rock at the 2022 Oscars triggered a significant downturn in financial support for their foundation.
Tax filings reviewed by Variety (through ProPublica) revealed an 83 percent drop in revenue for the foundation, plummeting from $2.1 million in 2021 to just $365,870 in 2022. High-profile donors, including American Airlines and talent agency CAA, ceased their contributions, prompting the couple to initiate the closure of their nearly three-decade-old charity. American Airlines donated $76,160 in 2021, and CAA, which contributed $100,000 in 2021.
Reviewing its charitable contributions in 2022, the Will and Jada Smith Family Foundation made substantial donations to well-known organizations, such as $100,000 to the American Film Institute and $2,500 to Big Brothers Big Sisters. Additionally, the foundation provided support to two smaller organizations, World Rebirth Foundation, a California-based organization that claims to teach life and job skills. WJSFF gave the organization $10,000 in 2022.
A review of WJSFF taxes also revealed $3,304 in “bank overdrawn” fees. Over the last few years, it also cut staff as well as staff salaries. Now there seems to be no paid staff, as of 2022.
While the foundation’s decline accelerated post-Oscars, insiders indicate that the Smiths had already been scaling back operations beforehand. Instead, they plan to redirect their philanthropic efforts toward private contributions to charitable causes, a source close to the couple told Variety.
Despite inquiries, representatives for the Smiths declined to comment on the matter.
Will Smith has an estimated net worth of $350 million, while his wife’s is an estimated $50 million.
Despite the fallout from the Oscars incident, Will Smith’s career seems to be on the rebound. The actor is commanding a substantial paycheck for the upcoming sequel “Bad Boys 4,” Salon reported.
