Hollywood, CA (PRWEB) February 12, 2010
According to HollywoodNews.com Executive Editor, Robert W. Welkos (http://www.hollywoodnews.com), pop star Britney Spears may be riding high again after her hit Circus Tour, but the charitable foundation that bears her name has seen better times.
According to the report, the latest filing of the Britney Spears Foundation for the year 2008 finds that the American singer's charitable contributions have plummeted as her life became a living tabloid hell filled with court hearings, paparazzi chases and bizarre personal behavior.
HollywoodNews.com has taken a look at the foundation's recent IRS filings and they show that the charitable organization's only grant in 2008 was for $21,492 that went to Spears' summer camp for the performing arts for underprivileged children.
The see-sawing fortunes of Britney are starkly reflected in the foundation's tax records.
Between 2002 and 2006, the Britney Spears Foundation reported contributions of $1,306,095, according to the tax records.
But in 2007, contributions plummeted to $74. In 2008, they totaled only $2,856.
That same year, the foundation listed assets of $89,219, according to tax forms signed by Jamie Spears, Britney's sister. Britney is chairman and a director of the foundation along with her mother, Lynne Spears, and her brother, Bryan. It also listed expenses of $25,305.
By comparison, the foundation was actually in the red in 2006. That year's tax forms show that the charitable organization ran a deficit of $195,000 and listed assets of $159,000. Also that year, the foundation listed grants of $50,000 for her summer camp and $178,063 to unspecified groups. Expenses totaled $344,063.
The 2006 returns prompted Hollywood columnist Roger Friedman to ponder Britney's finances, noting the poor sales for her "Blackout" album and no tour, plus she was facing legal bills, rehab stays and massive doses of shopping and partying, not to mention auto repair and miscellaneous posse expenses.
Indeed, her foundation's 2007 tax returns seem to bear him out. IRS records showed revenue of only $74. A grant of $21,492 went to her summer school for the performing arts.
Broken down by year, the foundation listed the following contributions:
What will 2009 show? Stay tuned.
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