Back in 2020, Prince Harry and Meghan Markle founded Archewell Inc., a mix of for-profit and not-for-profit organizations that includes the couple’s charitable foundation, as well as their media ventures, Archewell Audio and Archewell Productions.
The organization was to serve as the launch pad for all of the Sussexes’ business and charitable efforts as they embarked on their new life in the US.
As with most new businesses, Archewell experienced some ups and downs in the first years of its existence, including the cancelation of Meghan’s Spotify podcast after just one season.
But even more troubling is the recent news about the massive drop-off in donations to the charitable wing of the Archewell organization.
According to a new report from The New York Post, the foundation’s tax returns indicate that it received only two large donations in 2022, both in the amount of $1 million, and both from unnamed donors.
That’s a far cry from the previous year, when Archewell raked in $13 million in contributions.
Making the situation even more troubling is the fact that the organization’s operating expenses ballooned to over $2.6 million in 2022.
That means the Archewell Foundation suffered losses in the neighborhood of $675,000, compared to 2021’s $9 million net revenue.
Interestingly, the organization’s board gave executive director James Holt a $170,000 raise that same year.
According to the Post, Holt raked in about $227,405 — including a $20,000 bonus — a major step up from his $59,846 salary in 2021.
But it’s not all bad news.
According to its tax filings and an impact report published this week, the Archewell Foundation still holds around $8 million in assets.
It’s also important to bear in mind that the foundation is not a for-profit corporation and therefore should not be held to the same standards.
The impact report indicates that in 2022, the organization was able to make substantial donations to the NAACP and Project Halo, the anti-landmine project that was a passion project of Harry’s mother, Princess Diana.
Today’s news caps off a rocky year for the Sussexes, but the year isn’t entirely on a sour note.
It was also revealed this week that Harry’s debut memoir, Spare, was the bestselling book of the year in the UK.
Something tells us the Duke and Duchess of Sussex will do just fine in the year to come.
And while the haters will surely continue to hate, there’s no denying that Harry and Meghan have carried out some very important work in the years since they founded Archewell.
Meghan Markle & Prince Harry’s Archewell Foundation Down $11 Million In … was originally published on The Hollywood Gossip.