Britney’s Foundation Down $200,000




Britney and deficit seem to go hand in hand nowadays. Not only is she losing money paying an ample amount for lawyer, child support, and conservator fees, but now her foundation, The Britney Spears Foundation, is negative $195,000+ for 2006. According to FoxNews.com, the Foundation's Form 900 tax filing arrived, and claims the foundation made $148,614 in 06, but spent $344,063, making a loss of nearly $200,000. If you're bad with numbers like me, let's just say they lost a hell of a lot of money. But where's the money going? This is where things start to get a little shady...

Corina O. Biggar, who runs the foundation from her home in Massachusetts, is one employee who makes an estimated $20,000 a year from the project. Along with Biggar, is John McMahon, a former New York City cop, who according to the Wall Street Journal, "was involved in a scandal concerning the Spears fund and the Boston-based Giving Back Fund, the umbrella group managing her donor-advised charity" back in 2002. They continue, "the Giving Back Fund alleged that the agent for Ms. Spears threatened to move the pop star's charity giving to another firm if the fund manager refused to hire her friend John McMahon, a former New York City police officer. The dispute was concluded with a settlement." It gets better.

According to that same Form 900 tax file, $50,000 dollars was listed as "a contribution for Britney's summer camp for kids." There has been no recent record of any camp, where it took place, or what kids attended, if any. When a call was placed to the Tennessee CPA's office about where the money for the camp was going, no explanation was given.

$214,930 dollars was listed as "miscellaneous grants," none of which were recorded or specified. "In 2005, the Spears Foundation gave away nearly $600,000 to a variety of arts and AIDS groups and New Orleans relief efforts as well as $30,000 to the Kabbalah Center in Los Angeles." But where is 2006's money? Wait, it gets even better.

Fox News continues, "the 2006 tax return is signed by an accountant in Tennessee. Britney's older brother Bryan, age 30, signed the return in his role as president on Dec. 1, 2007." So Bryan signed a tax return for money that was never used? How many years do people get put away for when convicted of fraud?

Poor Britney, it's bad enough she's taken advantage of by lawyers and ex-husbands who try to squeeze every penny out of her. Now her own charity? Come to think of it, I bought a membership for the official Britney Spears Fan Club last year - never received the gift package. Hmmmm...