Is Harry and Meghan’s Star Power Fading? Archewell Reports $2.6M Loss as Donations Decline
Apart from the recent financial dilemma, Archewell Philanthropies has reportedly also fired 60% of its workforce.
Prince Harry and Meghan Markle’s Archewell Foundation, named after their firstborn son, Prince Archie, was established shortly after the couple stepped back from their royal duties. The charity was positioned as the Sussexes’ way of continuing public service outside the monarchy, seemingly aimed at uplifting communities while still retaining their royal legacy. Last week, the Foundation, however, underwent a rebrand. Is the Sussexes' star power fading?
Well, according to reports cited by The Express, the Sussexes’ charity has recorded a staggering loss of approximately $2.6 million. Recent financial filings reveal that the Foundation raised roughly $2.7 million during the reporting period, while expenditures soared to an eye-watering $5.2 million, triggering fresh scrutiny of its financial management. The charity reported receiving donations of around $2 million, while distributing approximately $1.19 million in grants. Despite the losses, Archewell retained net assets totaling about $7.9 million. These figures were disclosed in the foundation’s annual informational return, known as a Form 990, which was made public on Friday.
The documents further show that Archewell posted a “revenue less expenses” deficit of roughly $2.5 million, a sharp reversal from the previous year, when the Foundation reported a surplus of approximately $2.4 million. The dramatic swing has raised new questions about the sustainability of the charity’s operations as it enters its latest chapter under a rebranded name. Markle and Harry's spokesperson defended the couple's expense planning and asserted that all expenditures were well-executed and intended.
"This was an intentional, missing-aligned decision demonstrating Archewell’s commitment to putting dollars to work in the world and maximizing social return on past fundraising efforts," the representative said. They added, "The $2.5million in-year difference simply reflects the Foundation drawing on existing reserves to fund impact, rather than stockpiling funds."
They insisted that the Foundation did not lose money but was raising funds for its intended purposes. "The Foundation did not lose money – it used previously raised funds for their intended purpose," they stated. As per the spokesperson, the couple's annual fluctuations are not out of the ordinary and are "expected and responsible" in philanthropy. "The Archewell Foundation’s approach is to raise funds for specific projects and deploy them as those projects reach key stages of implementation," they explained.
Apart from the recent financial dilemma, Archewell Philanthropies has also repotedly fired 60% of their workforce, and it includes three staff members as per Page Six. A spokesperson in a conversation revealed to the outlet that the staff members who got fired were redundant. “This move does mean that some staff redundancies are inevitable, particularly with junior admin roles. Currently, the same full team remains in place,” they explained. The official statement further stated, “We will not be discussing these personnel details further, other than to say that we are honored to have worked with incredibly talented and caring people who dedicate themselves to helping others."
