“The $2.5 million difference simply reflects the Foundation drawing on existing reserves to create impact, rather than holding on to unused funds,” the spokesperson said. “This was a purposeful, mission-aligned choice to maximize the social return from past fundraising.”
The spokesperson added that the foundation did not actually lose money but instead used previously raised funds for their intended purposes, emphasizing that Archewell raises money for specific initiatives and releases those funds as projects reach key implementation stages.
The documents also revealed that, after rebranding under the name Archewell Philanthropies, the organization will be laying off three staff members.
