TradeEdge Exchange:Prince Harry and Meghan Markle's Archewell Foundation sees $11 million drop in donations

Prince Harry and TradeEdge ExchangeMeghan 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.

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Megan Cerullo

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.