From the latest Wikimedia Foundation Annual Plan
In 2014-2015 our plan is to increase revenue to $58.5 million from a 2013-2014 projection of $52.5 million, an increase of 11%. Our revenue targets are designed to fund investments in the WMF, primarily in product development and engineering. We believe that if we chose to, we could increase revenues more than is reflected in this plan,
but we believe this target reflects and appropriate balance between funding growth while minimizing annoyance to the readers of the projects.
Money on tap. And lots of people who see the fundraising banners donate because they think Wikipedia is having an acute financial crisis and might have to pull the plug any minute now.
Page 6 has a breakdown of spending. Product / Engineering is by far the largest item – over half, if you include the requisite proportion of HR, Finance and Admin. Given how strongly the unpaid volunteer community, who actually creates most of the value in Wikipedia, has rejected major new features this money has paid for, this is an expensive disconnect.