Meghan Markle and Prince Harry’s Archewell Foundation has demonstrated a significant philanthropic impact over the past 12 months, contributing over a million dollars to various initiatives despite experiencing a notable decline in donations, according to recently filed tax forms.
The Foundation’s generous disbursements included $200,000 to Georgetown University’s gender justice initiative and $100,000 to the Halo Trust, an organization Princess Diana famously supported.
Additionally, Archewell responded to global crises by donating $10,000 for flood relief in Nigeria and $50,000 to aid the Ukrainian crisis.
These contributions are part of the foundation’s broader effort to support diverse projects worldwide.
The charity’s annual report also revealed a substantial decrease in donations, with the foundation receiving donations in 2022 of just over $2 million, a stark $11million decline from the $12.9 million received in 2021. This decrease resulted in a loss of $674,485 for the year, as the Foundation’s expenses exceeded its revenue.
However, despite the financial challenges, Archewell still holds substantial assets, with around $8.3 million in cash and other assets which suggest that the Foundation is utilizing funds accumulated in their first year to tide them over into future years, a common practice in high-profile foundations.
The Foundation also paid out substantial salaries to its staff; James Holt, the executive director and a key figure for the Sussexes since their departure from royal duties, received a significant salary of $227,405 in 2022, including a $20,000 bonus.
This figure marks a considerable increase from his initial salary of $59,846, however it is important to note that Holt’s 2021 salary did not reflect a full year of work, as he joined the Foundation mid-year.
In total, Archewell employed five individuals, with combined salaries amounting to $640,441 for the year. Notably, Prince Harry and Meghan did not draw any salary from the Foundation.
The Foundation’s financial health showed signs of strain, with donations plummeting by $11 million in the past year.
The total donations received in 2022 were just over $2 million, a stark decline from the $12.9 million received in 2021. This decrease resulted in a loss of $674,485 for the year, as the Foundation’s expenses exceeded its revenue.
The previous year had seen two major donors contribute approximately $1 million each, but such substantial donations were absent in 2022.
Despite the financial challenges, Archewell still holds substantial assets, with around $8.3 million in cash and other assets.
Amidst these financial disclosures, Harry and Meghan released a video highlighting Archewell’s impact throughout 2023. The Sussexes‘ clip, which is a departure from their usual practice of sharing such updates in January, showcases the people and causes positively impacted by their foundation’s work throughout the year.
