The Will And Jada Smith Family Foundation, founded in 1996 by Hollywood power couple Will and Jada Smith, served as an outlet for advocating for issues such as health and wellness, arts education, and sustainability. However, after Will Smith’s infamous slap of Chris Rock at the 2022 Oscars, the foundation experienced a significant decline in revenue and high-profile contributors, leading to its impending shutdown.
Tax records reviewed by Variety revealed that the foundation’s revenue plummeted from $2,138,660 in 2021 to $365,870 in 2022, representing an 83% year-over-year drop. This decline included the departure of notable contributors like American Airlines and CAA. Despite the drop in revenue, the foundation continued its charitable giving in 2022, donating to organizations such as the American Film Institute and Big Brothers Big Sisters.
Two smaller organizations, Rebecoming and World Rebirth Foundation, also received donations from the foundation in 2022. However, attempts to contact Rebecoming were unsuccessful, and World Rebirth Foundation’s official website was not live at the time. The foundation also incurred expenses such as office equipment and computers, including significant bank overdraft fees.
Despite these challenges, the foundation’s website, Facebook page, and Instagram account remained active, with the foundation stating its commitment to empowering individuals and communities. While staffing at the organization declined, Will Smith continues to command significant paydays in Hollywood, with reports indicating his involvement in upcoming projects like “Bad Boys 4” and Netflix’s “Fast and Loose.”
