Meghan Markle and Prince Harry’s Archewell Foundation has made significant strides in making a positive difference in the world. Despite facing financial challenges and experiencing a decline in donations, the foundation has contributed over a million dollars to various initiatives over the past year. This article will delve into the philanthropic impact of the Archewell Foundation and shed light on its financial state.
Generous Disbursements
One of the notable aspects of the Archewell Foundation’s philanthropy is its generous disbursements. In the past year, the foundation contributed $200,000 to Georgetown University’s gender justice initiative and $100,000 to the Halo Trust, a cause close to Princess Diana’s heart. Moreover, Archewell responded to global crises by donating $10,000 for flood relief in Nigeria and $50,000 to aid the Ukrainian crisis. These contributions showcase the foundation’s commitment to supporting diverse projects worldwide.
While the Archewell Foundation has made substantial contributions, its financial health has shown signs of strain. The foundation experienced a significant decline in donations, receiving just over $2 million in 2022 compared to $12.9 million in 2021. This decrease resulted in a loss of $674,485 for the year, as the foundation’s expenses exceeded its revenue. The absence of substantial donors who contributed approximately $1 million each in the previous year further contributed to the decline in donations.
Assets and Utilization of Funds
Despite the decline in donations, the Archewell Foundation still holds substantial assets, with around $8.3 million in cash and other assets. This suggests that the foundation is utilizing funds accumulated in its first year to tide them over into future years, which is a common practice in high-profile foundations. While the financial challenges are significant, the foundation’s strong asset base provides hope for its long-term sustainability.
Another interesting aspect of the Archewell Foundation’s financial disclosures is the significant salaries paid to its staff. James Holt, the executive director and a key figure for the Sussexes since their departure from royal duties, received a substantial salary of $227,405 in 2022, including a $20,000 bonus. This marks a considerable increase from his initial salary of $59,846, although his 2021 salary did not reflect a full year of work. In total, the foundation employed five individuals, with combined salaries amounting to $640,441 for the year. It is worth mentioning that Prince Harry and Meghan did not draw any salary from the foundation, highlighting their commitment to supporting the causes they believe in.
Amidst the financial challenges, Harry and Meghan released a video highlighting Archewell’s impact throughout 2023. This departure from their usual practice of sharing updates in January showcases the people and causes positively impacted by their foundation’s work throughout the year. The video aims to spread awareness of the positive change the Archewell Foundation brings about in the world. It is a testament to the dedication and passion of its founders and their commitment to making a difference.
Despite encountering financial challenges and facing a decline in donations, Meghan Markle and Prince Harry’s Archewell Foundation has left a significant philanthropic impact over the past year. Through generous disbursements and support for diverse projects, the foundation has exemplified its commitment to making a positive difference in the world. While financial sustainability remains a concern, the foundation’s strong assets and dedication to its causes provide hope for its future endeavors. The Archewell Foundation serves as a reminder that even in challenging times, the power to create change lies in the hands of those committed to making a difference.
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