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Britney Spears, welcome to the world of philanthropy. In the grand tradition of Andrew Carnegie and J.P. Morgan, the 20-year-old singer late last year formed the Britney Spears Foundation to "raise funds to benefit various and diverse charitable causes." According to her group's inaugural tax return--which was just filed and covers the final quarter of 2001--Spears personally gave her group $500,000, while raising another $365,654 earmarked for the Twin Towers Fund, a charity benefiting the families of cops and firemen killed on September 11. While the Spears return lists no donations, the group did report $4571 in expenses connected to her "summer camp for underprivileged children." Along with her mother and older brother, Spears is joined on the foundation's board by sister Jamie Lynn, who, at 11 years old, is probably one of philanthropy's youngest guns. (7 pages)
And Britney could've used the bucks to fix her cans.