[stingraycharles]

Keep in mind that the Wikimedia Foundation also spends about 85% of the money they raise on things other than operational costs [1] (servers + engineering).

[1] http://wikimediafoundation.org/w/index.php?title=File%3A2014...

[fjsolwmv]

Plus another 20% for product development, and some other fuzzy categories like outreach