Prince Harry and Meghan Markle's charitable foundation has taken an $11 million loss, according to a new report.
The Archewell Foundation launched two years ago with $13 million in donations but just $2 million the next year.
Get Woke, Go Broke: Donations to Harry and Meghan’s Charity Collapse by $11 Million https://t.co/4r0iFY3Arl
— Stenafo Dimera (@StenafoD) December 13, 2023
"Some $8.2 million in funds are still held in the Archewell Foundation accounts, however, as the 28-page report details the charitable work the foundation has undertaken during 2023," Breitbart News reported.
The report states: “We are committed to a simple but profound mission: Show Up, Do Good.”
Prince Harry and Meghan’s Archewell Foundation suffers $11 million donations drop https://t.co/lDr72J2Mao pic.twitter.com/GfNi1weKX4
— New York Post (@nypost) December 12, 2023
"The Archewell Foundation — which Harry and Meghan launched when they decamped from the UK to California and stepped down as senior royals in 2021 — received two $1 million donations from unnamed individual donors in 2022, the nonprofit’s tax returns revealed Tuesday," the New York Post reported.
"The paltry donations were a far cry from the previous year, when Archewell enjoyed $13 million in contributions — including on hefty $10 million check from an undisclosed individual, the filings indicated," it continued.
Prince Harry and Meghan's Archewell Foundation posts tax forms showing $11million drop in donations in the past year and loss of $674,000 https://t.co/lUarb0RwVA pic.twitter.com/Va1sesqQnh
— Daily Mail Online (@MailOnline) December 12, 2023
"The spokesperson said the accounts showed the charity was doing well and managed its finances aptly and would likely have millions to spend each year," the Daily Mail reported.
"High-profile foundations sometimes receive a large amount of funding in the first year which is then used over the course of several years. If a foundation already has a large amount of money in the bank this may lead them to reduce future fundraising," the report noted.
The report also comes with some concerns over pay raises to the foundation's leaders. Its executive director James Holt received a $170,000 pay increase last year.
Prince Harry and Markle do not receive income from the foundation, according to the filing. Its past giving includes support of events by the NAACP.
The controversial report comes as a surprise to many, though some speculation has grown about the couple's financial power after they have now spent four years no longer serving as royals and Prince Harry moved to the U.S. where they have started their family and continued their charitable efforts spanning the globe.
