According to reports Will Smith has quietly drained his charitable foundation down to a few thousand dollars...
From Showbiz 411
Is Will Smith getting out of the charity business? First he shut down his private school in Calabasas, California, leaving it $307,000 in the red. Now his personal foundation has been emptied out, with total assets at the end of 2012 coming to just $22,000. The numbers come from the new form 990 found on Guidestar and filed by the Will Smith Foundation for the year 2012.
Smith didn’t drain out his foundation without distributing a very robust $375,000 in 2012 to a variety of charities. Most of them are in the Philadelphia-Baltimore area and many of them are arts oriented.
Is that the end of the Will Smith Foundation? That’s unknown. But Smith hasn’t had a hit movie in a long time. This past summer his “After Earth” was a total bust. On a nice note, I can tell you that Will threw a little cocktail party the other night here in New York for his “Focus” co-star Margot Robbie before and she and her family friends headed off to the premiere of ‘The Wolf of Wall Street.”
