The Archewell Foundation, spearheaded by Meghan Markle and her husband Prince Harry, witnessed a significant drop in donations last year.
According to recently obtained figures from its form 990, the foundation, known for its philanthropic endeavors, saw its fundraising plummet from $13 million the previous year to a mere $2 million.
The financial setback is reflected in the foundation’s annual report, including a brief film highlighting the couple’s charitable work throughout the year.
The reported loss amounted to $674,485 against total costs of $2.67 million. Despite making grants totaling $1.2 million, with notable contributions to charities like the Halo Trust, the foundation ended the year with $8.5 million in remaining funding.
However, according to the Daily Beast, insiders close to Meghan Markle and her husband argue that the figures portray a “healthy foundation” pursuing intentional and measured growth.
The source disclosed that Archewell presently holds over $11 million and is poised to maintain substantial funds for philanthropic purposes each year.
The downturn in donations is suggested to be part of a common trajectory for high-profile foundations, which often experience a significant initial influx of funds.
Rumors abound that the royal couple themselves contributed several million dollars to Archewell during its inaugural year to support its launch.
The foundation’s executive director, James Holt, witnessed a notable increase in income from $59,846 to $227,405, as revealed in the recently released tax filing.
The foundation’s “impact report” highlighted various initiatives undertaken in the past year, including support for a program at the Georgetown Center on Gender Justice and Opportunity.
This program aims to educate judges on rethinking harmful gender stereotypes, particularly those affecting Black women and girls.
Archewell has also contributed to projects such as a playground at the Uvalde school shooting site, an immigrant welcome program, and initiatives combating disinformation.
Despite the financial setback, Archewell remains committed to its mission of fostering interconnectedness, transcending division, and promoting purpose, belonging, and joy.
