(2021-05-04) Wikipedia Is Swimming In Money - why Is It Begging People To Donate?

Wikipedia is swimming in money—why is it begging people to donate? The Wikimedia Foundation (WMF), the non-profit that owns Wikipedia and other volunteer-written websites, is about to reach its 10-year goal of creating a $100 million endowment five years earlier than it planned. Its total funds, which have risen by about $200 million over the past five years, now stand at around $300 million

But keeping Wikipedia online is a task that the WMF could comfortably manage on $10 million a year, according to a casual 2013 estimate by Erik Möller, its VP of engineering and product development at the time

It’s noteworthy that money donated to the endowment is not included in the WMF’s reported net assets ($180 million as of last June) or annual revenue ($130 million). Money the WMF pays into the endowment, however, is recorded under expenditures (“Awards and Grants”). These two facts disguise that the WMF has effectively operated with a far larger surplus for the past five years than its financial statements indicate—they “only” show a $100 million increase in net assets over that time period. In reality, the WMF’s total funds have increased by twice as much.

In 2007 the organization had 11 employees and expenses of $2 million.

Fast forward to 2021, and the WMF’s job advertisement looking for a successor to CEO Katherine Maher—who left in April—says the WMF employs a team of over 500. Top-tier managers earn $300,000 – $400,000 a year. Over 40 people work exclusively on fundraising.