Will Smith and Jada Pinkett Smith have decided to scale back their charitable efforts due to a significant decline in revenue over the past few years.

The 52-year-old Red Table Talk host and the 55-year-old Oscar winner decided to shut down the Will and Jada Smith Family Foundation after significant funders withdrew following Will's startling Oscars slap at the 2022 event.

Revenue Plunge for Will and Jada Smith Charity

A thorough examination of tax documents by ProPublica found a substantial drop in revenue for the nonprofit organization during the entire year of 2022, subsequent to the widely reported incident.

The DailyMail.com has reached out to representatives of Will and Jada Pinkett Smith to obtain their response.

It seems that some of the decrease in income can be attributed to major corporate sponsors opting to withdraw their financial support from Will following the controversy surrounding his physical altercation with Chris Rock at the Oscars.

The charity, founded in 1996, reported profits of $1,760,000 in 2020 and $2,138,660 in 2021. However, in 2022, there was a significant drop in its income, dropping by 83 percent to $365,870 compared to the previous year.

Partly to blame for this decline may be the passing of donors like American Airlines, who contributed $76,160 in 2021, and the talent agency CAA, which donated a $100,000 guarantee in the same year.

According to insiders familiar with the foundation's operations, Variety reports that both of them had considered closing down the organization before the Oscars incident. Their plan was to redirect their charitable efforts through private channels.

The Debbie Allen Dance Academy, Big Brothers Big Sisters, and the American Film Institute are among the organizations that received funding from the Will and Jada Smith Family Foundation.

Will Smith expressed his desire to make a positive difference in a statement on the foundation's website: "I want to do good. I want the world to be better because I was here."

Read Also: Woman With No Terminal Illness is Eligible for Assisted Suicide, Canadian Judge Rules

Will Smith's Oscars Fallout

After the Oscars mishap, Smith decided to step down from the Academy, which led to his removal from the organization for a period of ten years.

Meanwhile, individuals who called the phone number listed on the World Rebirth Foundation website were directed to the voicemail of Platinum City Entertainment & Films. The organization's tax filings, available to the public on the IRS website, date back to 2021. 

In 2022, the World Rebirth Foundation received a generous $10,000 donation from the Will and Jada Smith Family Foundation, despite any challenges they may have faced. According to an insider from the Smith foundation, funds were allocated for a humanitarian project involving a well-known figure. However, Variety was unable to obtain official confirmation from the star's representatives.

In 2022, the Will and Jada Smith Family Foundation allocated more than half of their budget towards computer equipment and office supplies. One big bill was the $3,304 in overdraft fees charged by the bank.

A person who knows the situation said that the family's reduced involvement with the organization is evident through a decline in the number of employees, despite the financial investments made. In 2021, the salaries of the two employees were reduced, and by 2022, there were no longer any employees remaining.

The foundation states on its website that it is dedicated to using substantial resources for helping individuals and communities. The website displays a copyright notice that has been recently updated to 2024, while the Instagram account hasn't been refreshed since late 2022. The Facebook page received updates in June 2023.

Smith remains an influential person in Hollywood, continuing to negotiate lucrative contracts for his upcoming projects, despite facing criticism for his behavior at the Oscars.

The tax disclosures for the Will and Jada Smith Family Foundation for 2023 are expected to be released in the upcoming months, Variety reported.

Related Article: Robert F. Kennedy Jr Officially Announces His Presidential Running Mate