We may know a little more about Britney Spears’ financial situation.

On Wednesday it was revealed that her dad, Jamie, who has power of attorney, is starting to sell off assets such as her Studio City, Calif., home.

But I can also tell you that Britney’s ailing personal economy is reflected in the just-filed tax statement of her charitable foundation for 2006.

This most recent filing, which just became available, shows that Spears’ foundation finished 2006 in the red with a deficit of $195,000 and listed assets of $159,000.

And where the year before the Britney Spears Foundation gave away nearly $600,000 in grants — including $30,000 to Madonna’s Kabbalah-based Spirituality for Kids — 2006 was much different. It lists “0,” or zero, as the amount paid in grants.

Curiously, the foundation — whose return was signed by Britney’s brother Bryan — noted $178,000 went to unspecified groups, $50,000 went to a final year of Spears’ children’s camp and another $87,000 to two salaries.

But charity begins at home, and Spears’ situation could only have gotten worse in fiscal 2007. Legal bills, rehab stays, massive doses of shopping and partying, not to mention auto repair and miscellaneous posse expenses cost her dearly.

On top of that, Spears’ income no doubt was diminished in 2007 by poor sales of her “Blackout” album, no tour and little airplay of her now-outdated novelty songs such as “Oops I Did it Again” and “Toxic.”

We’re surprised she had enough money to fly home on Wednesday to Kentwood, La., to be with her unmarried, pregnant teenage sister, due any day now.

(source)

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