After a highly publicized launch, Prince Harry and Meghan Markle’s charity raised a pitiful amount in its first year, filings have revealed.
Meghan Markle and Prince Harry raised less than $ A70,000 for their Archewell charity in their first year, the filings reveal.
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Los Sussex create the non-profit foundation in 2020 after resigning as royalty, but according to his lawyers, a bank account for the charity was not opened until January 2021. Documents presented to the IRS in the US obtained by the Daily mail show that Archewell received his first deposit the following month.
Harry and Meghan’s charity told the IRS this month that their 2020 gross income was less than $ 50,000 (AU $ 69,000), the outlet reports, despite news of their company making headlines everywhere. the world.
Sources close to the Sussexes last year said The Telegraph They had yet to “properly” launch Archewell, and they were waiting until “the time is right” due to the Covid pandemic.
Describing how a public release was “out of place” in mid-2020, a source said: “What is absolutely clear is that they want to get it right and there’s no point in rushing.
“They are settling into a new life, a new era. It’s about getting it right and making sure they can make the difference they want to make. “
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To compare it to some of the top nonprofits in the US, Johns Hopkins, Stanford, and Harvard Universities each amassed $ 1.52 billion, $ 1.28 billion, and $ 1.22 billion in 2020, respectively. according The Chronicle of Philanthropy.
The filings also reveal that the couple shell out more cash on legal fees for their charities than they raised in 2020.
Documents from the now-defunct UK charity Sussex Royal show that at least $ 77,000 was spent on lawyers that year, and filings from the UK Chamber of Companies show that it had more than $ 525,000 in its accounts in 2020.
Meghan and Harry founded the outfit in 2019 and named it the Sussex Royal, the foundation of the Duke and Duchess of Sussex.
But they were told they couldn’t negotiate their royal titles after they announced they were stepping out of court life and changed the name to MWX Foundation.
They appointed liquidators more than a year ago, and a Smith & Williamson report filed in September 2021 revealed that the concern had $ 540,714 in an account with Coutts & Co when they were called.
He said the body had a wholly owned subsidiary, Harry and Meghan’s business arm, MXH Trading Ltd, which is also being voluntarily liquidated by the couple.
The document said that $ 48,000 will go to Harbottle & Lewis for legal representation and $ 19,000 to liquidators.
Harry and Meghan have previously received criticism for spending $ 561,000 to start their Sussex Royal foundation only to resign 12 months later.
The organization spent half the money on legal and administrative fees to set it up and shut it down.
This article originally appeared on Sun and was reproduced with permission
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