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 suggests 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.
This move coincided with the Princess of Wales sharing her own video featuring her children at a baby bank.
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