In the last fiscal year, Prince Harry and Meghan Markle's Archewell Foundation encountered a notable decline in donations, experiencing a decrease of approximately $1 million compared to the previous year.
The foundation's tax returns for 2022 revealed two separate anonymous donations of a million each, in stark contrast to the substantial $10 million contribution from an undisclosed individual in the prior year. This dip in financial support, coupled with operational expenses exceeding $2.6 million, resulted in Archewell operating at a loss, with a net revenue deficit of minus $674,000—a significant drop from the $9 million net revenue reported in 2021.
Curiously, questions arise about the $10 million undistributed from the previous year, especially considering the foundation's decision to spend $57,000 on office expenses despite having no physical office space.
Furthermore, scrutiny is directed toward the allocation of a $20,000 bonus to James Holt, the executive director of Archewell. Holt, a British national based in Los Angeles, oversees the couple's nonprofit organization, with his annual salary rising from £47,641 to £277,000 within three years. Holt's diverse background includes previous roles in royal family communications, politics, and philanthropy.
Amidst financial inquiries, Archewell's philanthropic initiatives have included funding community relief centers in Dominica, Puerto Rico, and Mumbai, collaborating with organizations like the Loveland Foundation and the Center for Humane Technology. Despite its charitable efforts, Archewell faces an ongoing IRS investigation since October 2023.
Critics argue that the foundation serves primarily as a positive PR machine for Prince Harry and Meghan Markle, allowing them to channel paychecks into a tax-deductible organization they created. The purpose of Archewell, according to skeptics, appears more centered on enhancing the couple's public image than on serving a broader charitable mission.
