Will Smith and his wife Jada Pinkett Smith are winding down their charity after seeing a massive drop in revenue in recent years.

The 55-year-old Oscar winner and the 52-year-old Red Table Talk host have opted to close the Will and Jada Smith Family Foundation after major donors fled in the wake of Will’s shocking Oscars slap at the 2022 ceremony, according to Variety.

Tax records reviewed by the publication — via ProPublica — show a significant drop in revenue for the non-profit in 2022, just after the infamous slap.

DailyMail.com has reached out to representatives for Will and Jada Pinkett Smith for comment.

Much of the lost revenue appears to have been due to major corporate donors opting not to contribute in the wake of Will’s controversial assault of Oscars presenter Chris Rock.

Will Smith, 55, and Jada Pinkett Smith, 52, are closing down their charity, the Will and Jada Smith Family Foundation, according to Variety; seen at the 2022 Oscars

Tax records indicate that major corporate donors fled the foundation after Will slapped Chris Rock at the 2022 Academy Awards (pictured)

The foundation, which was founded in 1996, indicated that it brought in $1,760,000 in 2020 and $2,138,660 for 2021, but its 2022 revenue was only $365,870, marking an 83 percent decrease from the previous year.

Among the major donors opting to stop donating were American Airlines, which gave $76,160 for 2021, and the talent agency CAA, which donated $100,000 the same year.

A source close to the foundation claimed to Variety that Will and Jada had intended to close down the foundation prior to the shocking Academy Awards display.

In its place, they allegedly planned to donate a similar amount of money, but as private individuals.

As evidence of the couple’s plans to close the foundation, the source cited that the payment to two staff members in 2021 were decreased compared to the previous year, while there were no paid staff listed for 2022.

There foundation also had a surprising $3,304 in bank overdraft fees, though it’s unclear why that account would have been overdrawn.

Two donations in 2022 accounting for a relatively small portion of the foundations funds were to two mental health charities that appeared to not be operating.

Rebecoming, which describes itself as being ‘dedicated to understanding and unlocking the healing potential of non-ordinary states of consciousness through clinical research into the mechanism-of-action behind trauma release,’ didn’t respond to Variety’s attempts to contact it.

The organization’s website was reportedly not updated since 2020, but it has filed taxes through 2022, and the Smiths’ charity donated $15,000 that year via their charity.

Another mental health organization, World Rebirth Foundation Inc., received $10,000 in 2022 from the Will and Jada Smith Family Foundation.

World Rebirth Foundation Inc. is reportedly based in Oxnard, California, but has a Beverly Hills P.O. Box address.

The foundation earned $365K in revenue for 2022, which was an 83 percent decrease from 2021’s $2.1M haul; seen in March 2022 in LA

Records indicate small but unusual donations of $15K and $10K to two mental health charities that appear to be defunct; seen in 2016 in Pasadena

The Smiths’ charity also had over $3K in overdraft fees. A source close to the foundation claimed they began winding it down prior to the 2022 Oscars slap; seen March 27, 2022

Its website was reportedly no longer up and running, but a Facebook page for the foundation had been updated last in July 2023, which noted that it was focused on ‘gun violence, mental health and financial literacy,’ though the page was riddled with spelling errors.

World Rebirth Foundation’s phone number was connected to a voicemail for Platinum City Entertainment & Films, and it had reportedly not filed taxes since 2021, even though the Smiths donated to it in 2022.

A source close to the Will and Jada’s foundation claimed that the $10,000 it donated was for a celebrity’s charity event, though that was not confirmed with the celebrity, who was not named.

The Will and Jada Smith Family Foundation’s 2023 tax return may include more details about its namesakes plans to wind it down, though it will not be available for several more months.