The Britney Spears Foundation runs in the red – According to FOX NEWS, to be precise – US$ 200,000.The foundation’s Form 900 tax filing has just arrived, and it shows that Spears came up short $195,445 for the year 2006 – Total revenue was $148,614. But total expenses came to $344,063.

Corina O. Biggar, who runs the foundation from her home in Massachusetts and John McMahon, a former New York cop, has cost the foundation almost $40,000 in 2006 in salaries.In 2002, according to the Wall Street Journal, McMahon was involved in scandal concerning the Spears fund and the Boston-based Giving Back Fund, the umbrella group managing her donor-advised charity.According to the Journal, 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.”

Another $50,000 was listed as a contribution for Britney’s summer camp for kids — although no one seems to know what’s happened to the camp, where it is, or what kids attend it — if any.Then there’s a big chunk — $214,930 — that’s annotated as miscellaneous grants. Unfortunately, none of those grants is 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.

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.The woman who answered the phone at the Tennessee CPA’s office had no comment and couldn’t answer where Spears’ money had gone or whether the summer camp was still in business.

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