Donations to Archewell, Prince Harry and Meghan Markle’s foundation, fell off a cliff last year, with the couple’s charitable vehicle raising just $2 million, compared to $13 million the year before.
The figures on the form 990 obtained by the BBC came as the couple released their annual report, along with a brief film highlighting their work over the past year.
The foundation recorded a loss of $674,485 on costs of $2.67 million.
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It made grants of $1.2 million, including $100,000 for the Halo Trust, a mine-clearing charity made famous by Princess Diana.
The returns show that the foundation still had $8.5 million in remaining funding at the end of 2022.
Sources close to the couple told The Daily Beast that the “numbers reflect a healthy foundation” seeking “intentional, paced growth.” The source said that Archewell currently has over $11 million in the bank, and is “on track to continue to have millions in the bank each year for philanthropic purposes.”
They added it was “not unusual for high-profile foundations to receive a significant influx of funding in their first year, which is then used over the course of several years as part of a financial plan to build their philanthropic work.”
It has been widely rumored that Harry and Meghan donated several million personally to Archewell to get it off the ground in its first year.
Executive director James Holt, who moved to California from London with the couple and is considered their most trusted aide, saw his income go from $59,846 to $227,405, according to the newly released tax filing.
The “impact report” highlighted numerous initiatives Archewell has contributed to in the past year including a program at the Georgetown Center on Gender Justice and Opportunity which aims to “educate” judges to rethink “harmful gender stereotypes, especially those affecting Black women and girls.”
Archewell has also contributed to the building of a playground at the site of the Uvalde school shooting, an immigrant welcome program, and anti-disinformation initiatives. The report did not say how much they had contributed to each program.
The report said: “At the Archewell Foundation, we believe in striving for greater interconnectedness and its ability to transcend division. We believe in the pursuit of finding purpose, belonging, and joy, and are dedicated to helping as many people as possible to achieve it. We are committed to a simple but profound mission—to show up and do good.”
Archewell has been approached for comment on the reason behind the dramatic fall in income.
