Additionally, Archewell Foundation has just unveiled a new key program which was inspired from the Duchess of Sussex's days as a royal member back in the U.K.
- Dec 13, 2023
AceShowbiz - Meghan Markle and Prince Harry's charity organization Archewell Foundation is not in a dire situation. After it was said that the organization suffered $11 million loss in 2022, a new report stated that the claim was misleading.
A source pointed out to TMZ that the Duke and Duchess of Sussex's philanthropy org is not a corporation, meaning that there's no such things as profit and loss. The informant further added that Archewell Foundation, which was launched back in 2020, is working just fine and concludes the year with $8 million in the bank.
The source also commented on the drastic decrease in donations between 2021-2022, saying that it is actually common for donations to go down following a debut year. The informant also clarified the alleged increase of Archewell's CEO James Holt's salary, going from $59K in 2021 to $227K in 2022. According to the informant, the 2021 number was only a partial year of James' pay, though his full annual salary wasn't stated.
Further proving that everything works well, Archewell has just unveiled a new key program which was inspired from Meghan's days as a royal member back in the U.K. Called The Welcome Project, the program supports “women-led programming for recently resettled Afghan women to help build more inclusive and connected communities." The project will help "foster a sense of belonging" through activities including sewing, art, hiking, swimming, photography, storytelling and cooking.
Archewell Foundation was previously said to have financial trouble after its tax filings for 2022 revealed that donations went from $13 million in 2021 to just about $2 million in 2022. The document also noted that the organization suffered a $674K loss due to the shortfall in donations.
In response to the claim, Archewell said in a statement that it wasn't out of the ordinary for foundations to receive a huge influx of funding in its first year to be used over a long period. "It is most fiscally responsible not to continue to raise large sums of money with millions still in reserve," it said. "In 2022, (we) focused on building out original programming that successfully launched in 2023. The Archewell Foundation is grateful for such a successful year and looks forward to continued growth in 2024."
