Recent reports have suggested that Meghan Markle and Prince Harry’s philanthropy organization, the Archewell Foundation, was facing financial difficulties. However, a closer look at the situation reveals a different story.
Key Takeaway
The Archewell Foundation, led by Meghan Markle and Prince Harry, maintains financial stability despite a reported decrease in donations and revenue. The organization continues its philanthropic efforts with a strategic approach to its financial management.
Financial Stability
Sources with direct knowledge have clarified that the Archewell Foundation is not in financial trouble, despite a decrease in revenue between 2021-2022. The organization, which is not a corporation, has substantial funds available, with over $8 million in the bank at the end of the year.
Donation Decrease
While it is true that the foundation’s recent tax filing showed a decrease in donations from $13 million in 2021 to about $2 million in 2022, it is important to note that this is not uncommon for charitable organizations after their debut year. The Archewell Foundation has strategically managed its funds and is still actively engaged in philanthropic efforts.
CEO’s Compensation
Reports also mentioned a significant increase in the CEO’s salary from $59k to about $227k between 2021 and 2022. However, it has been clarified that the $59k figure was for a partial year, and the full annual salary was not specified.
Future Endeavors
While the Archewell Foundation remains financially stable as a 501(c)(3) organization, there is a focus on developing new strategies to generate donations and revenue for the future.
