Is Wikipedia being fully honest about its fundraising needs?

Any recent visitor to Wikipedia will notice the banner with a plea from Jimmy Wales for more money to run the Wikimedia Foundation. However, a look at Wikimedia's financial statements reveals they are doing just fine. Wales is asking for $6 million.

Last year, Wikimedia raised over $5 million in contributions and donations. Their expenses were about $3.5 million (the main cost is salary: $1.15 million was paid to 23 employees, averaging $50,000; operating costs are $950,000 and hosting is $540,000). This resulted in a $1.5 million increase in net assets. At the end of the fiscal year, Wikimedia had almost $3 million in cash on hand. Furthermore, the notes reveal that Wikipedia has secured a $3 million donation from the Sloan Foundation, of which they are waiting to receive $2 million. I'm not any kind of accounting expert but they seem to be in excellent financial shape.

So this "personal appeal" from Wales seems misleading.

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