Will and Jada Pinkett Smith are closing down their charity after an abrupt decrease in donations and the absence of previous top-dollar contributors.
The celebrity couple founded their non-profit organization, the Will and Jada Smith Family Foundation in 1996. It focused on advocating for causes that the Smiths championed like mental health and wellness, arts education and sustainability — all through the lens of social impact. However, the infamous Chris Rock Oscar slap seen and heard around the world changed the Smiths' public perception.
According to Variety, after the 2022 Oscars, the Smiths' tax filings showed that high-profile donors, who had previously given to the foundation, had stopped altogether. This forced the couple to begin shutting down the nearly 30-year-old charity. Also, the tax records highlighted that the foundation's revenue dropped from $2.1 million in 2021 to a mere $365,870 in 2022. Their donations had dropped 83% with the departure of American Airlines, which donated $76,160 in 2021, and talent agency CAA, which contributed $100,000 in 2021.
However, a source told Variety that before the slap, the couple was already slowing down the foundation's operations. Instead, the couple will pivot to privately contributing to charities. A spokesperson for the Smiths declined to comment. The foundation's 2023 tax records will be released soon, Variety said.
Even though Will faced repercussions for slapping Rock at the Oscars like resigning from the Academy and being banned from the Oscars and any related Academy events for the next 10 years, Will's career has rebounded somewhat. That actor is making $25 million on the upcoming sequel “Bad Boys 4.”
