Current:Home > ContactPrince Harry and Meghan Markle's Archewell Foundation sees $11 million drop in donations -ForexStream
Prince Harry and Meghan Markle's Archewell Foundation sees $11 million drop in donations
View
Date:2025-04-20 20:49:19
Prince Harry and Meghan Markle's charitable organization, the Archewell Foundation, suffered an $11 million decline in donations in 2022 compared to the prior year.
The foundation, started two years ago by the Duke and Duchess of Sussex to "uplift and unite communities, both local and global, online and offline," according to its website, disclosed in a tax filing on Tuesday that the non-profit organization received just over $2 million in charitable contributions in 2022, compared to $13 million in 2021.
Archewell's total expenses also exceeded its revenue last year, leaving it in the red by more than $674,000, according to the public filing. Its revenue in 2021 had exceeded $9 million.
The organization's executive director, James Holt, earned a salary of $227,405, including a $20,000 bonus, in 2022. That represents a 280% increase from his salary of less than $60,000 in 2021, the organization's first year in operation. The foundation still holds just over $8.3 million in assets and cash.
The foundation's current initiatives include The Welcome Project, launched in 2023, to help recently resettled Afghan women build community through activities like sewing and hiking. It also focuses on mental health initiatives, including supporting individuals in Turkey and Syria affected by earthquakes.
The couple also have two for-profit media production companies, Archewell Productions and Archewell Audio. The audio arm in 2020 signed what at the time was announced as a multi-year deal with music and podcast company Spotify, but the partnership unraveled after the parties collaborated on a single series.
Overall contributions to nonprofit organizations fell more than 10% in 2022, according to the Chronicle of Philanthropy, citing estimates from Giving USA. Donations by individuals, which make up the lion's share of giving to nonprofits, fell an ever steeper 13.4% amid sharply higher inflation and a decline in staffing at charitable groups.
- In:
- Prince Harry Duke of Sussex
Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News streaming to discuss her reporting.
veryGood! (7)
Related
- Gen. Mark Milley's security detail and security clearance revoked, Pentagon says
- Epilogue Books serves up chapters, churros and coffee in Chapel Hill, North Carolina
- Sandwich chain Subway will be sold to fast-food investor Roark Capital
- Slain Marine’s family plans to refile lawsuit accusing Alec Baldwin of defamation
- 'Squid Game' without subtitles? Duolingo, Netflix encourage fans to learn Korean
- Recreational fishing for greater amberjack closes in Gulf as catch limits are met
- Biden policy that has allowed 200,000 migrants to enter the U.S. in 10 months faces key legal test
- Abortion ban upheld by South Carolina Supreme Court in reversal of previous ruling
- EU countries double down on a halt to Syrian asylum claims but will not yet send people back
- Iowa's Noah Shannon facing year-long suspension tied to NCAA gambling investigation
Ranking
- Elon Musk's skyrocketing net worth: He's the first person with over $400 billion
- Federal judge in lawsuit over buoys in Rio Grande says politics will not affect his rulings
- Stock market today: Asian shares mostly rise after Wall Street rally
- Tim McGraw is firm in his beliefs and love of his family: 'I stand for what I stand for'
- San Francisco names street for Associated Press photographer who captured the iconic Iwo Jima photo
- Foo Fighters' Dave Grohl jams with Taylor Hawkins cover band: Watch here
- Uber raises minimum age for most California drivers to 25, saying insurance costs are too high
- USA Gymnastics doesn't know who called Simone Biles a 'gold-medal token.' That's unacceptable.
Recommendation
Taylor Swift Eras Archive site launches on singer's 35th birthday. What is it?
Indian Chandrayaan-3 moon mission makes history after landing near lunar south polar region
Takeaways from first GOP debate, Prigozhin presumed dead after plane crash: 5 Things podcast
Publix-style dog bans make it safer for service dogs and people who need them, advocates say
All That You Wanted to Know About She’s All That
What’s More Harmful to Birds in North Dakota: Oil and Gas Drilling, or Corn and Soybeans?
CIA stairwell attack among flood of sexual misconduct complaints at spy agency
India and Russia: A tale of two lunar landing attempts