Despite experiencing a significant decline in donations, Meghan Markle and Prince Harry’s Archewell Foundation has demonstrated a remarkable philanthropic impact over the past year. The foundation has contributed over a million dollars to various initiatives, showcasing its commitment to diverse projects worldwide.
Archewell’s generous disbursements include $200,000 to Georgetown University’s gender justice initiative and $100,000 to the Halo Trust, an organization that was famously supported by Princess Diana. Furthermore, in response to global crises, the foundation donated $10,000 for flood relief in Nigeria and $50,000 to aid the Ukrainian crisis. These contributions reflect the Foundation’s dedication to making a positive difference in the world.
The foundation’s recently filed tax forms reveal a substantial decrease in donations, with a decline of $11 million from the previous year. In 2022, Archewell received just over $2 million in donations, resulting in a loss of $674,485 for the year as the foundation’s expenses exceeded its revenue. These financial challenges indicate the need for strategic planning to sustain the foundation’s impact.
Despite the decline in donations, Archewell still holds substantial assets, with approximately $8.3 million in cash and other assets. This suggests that the foundation is utilizing the funds accumulated in its first year to overcome the financial challenges and sustain its operations. The practice of using accumulated funds is common among high-profile foundations, ensuring their continuity in supporting meaningful causes.
Archewell paid out substantial salaries to its staff, with James Holt, the executive director and a key figure for the Sussexes since their departure from royal duties, receiving a significant salary of $227,405 in 2022, including a $20,000 bonus. 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, highlighting their commitment to philanthropy.
Amidst the financial challenges, Harry and Meghan released a video showcasing Archewell’s impact throughout the year. This departure from their usual practice of sharing updates in January demonstrates their dedication to transparently sharing the people and causes positively impacted by their foundation’s work in 2023. This video coincided with Princess Diana sharing her own video featuring her children at a baby bank, emphasizing the importance of philanthropy within the royal family.
While facing a decline in donations, Meghan Markle and Prince Harry’s Archewell Foundation have made a significant philanthropic impact over the past year. Their generous disbursements and dedication to supporting diverse projects worldwide reflect their commitment to using their platform for positive change. Despite the financial challenges, the foundation remains resilient, utilizing accumulated funds and showcasing the importance of transparency in philanthropy. By highlighting their impact, Harry and Meghan inspire others to make a difference and contribute to creating a better world.