Prince Harry and Meghan Markle’s Archewell Foundation has suffered a major drop in donations.
Established by the couple in 2020, the non-profit organisation aims to create dynamic and impactful programming to serve communities in need.
The charity’s annual report was recently released alongside a promotional film that showcased it’s good works over the course of the year.
Prince Harry and Meghan Markle, The Duke and Duchess of Sussex’s Archewell Foundation has released their Impact Report for the 2022-2023 year.#Archewell pic.twitter.com/D6nqtaZ7mQ
— Alexis is sowing discord in the West (@ArchewellBaby) December 12, 2023
The one-minute clip shows people and causes the foundation has helped throughout 2023.
However, an income tax return filed in the US on Tuesday, revealed that in 2022 donations were down to just over $2million (£1.6m), down again from $12.9million (£10.3m) in 2021 – an astonishing drop of $11million (£8.7m).
According to MailOnline, 2021’s profit of $9million (£7.1m) evaporated due to a lack of donations.
The Archewell Foundation recorded a loss of $674,485 (£536,357) for last year as it’s revenue was $2million but costs were $2.67million.
Last year there were only two major donors giving around $1million (£795,210) each.
The year before an unidentified wealthy donor gave them $10million but there was no repeat in 2022.
Harry and Meghan did not take a salary, however the foundation who employs five people, spent $640,441 (£509,285) on salaries.
The charity’s Executive Director James Holt, was paid $227,405-a-year (£180,835), including a $20,000 (£15,904) bonus.
Despite the foundation’s losses in 2022, the tax return file reported that it still holds around $8.3 milllion (£6.6m) in cash and assets.
