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Good news for Wikipedia. It’s is getting another source of cash for its 15th birthday, expanding beyond fundraising drives that have already poured $250 million into the Internet’s leading encyclopedia.
Sources said, the additional money will come from a new endowment created for Wikipedia, whose website started on January 15, 2001, and is now overseen by the non-profit Wikimedia Foundation in San Francisco.
The Wikimedia Endowment will start with less than $1 million donated by the estate of Jim Pacha, a software engineer who died in 2014, and then build toward a goal of accumulating $100 million by 2026. Wikipedia won’t begin drawing money from the endowment after it’s fully funded.
It still plans to ask its users to donate money to keep advertising off its website. The additional income from the endowment will help insulate Wikipedia from economic turmoil and other potential threats to its survival.
Lisa Gruwell, chief advancement officer for the Wikimedia Foundation said, they have a great fundraising model right now, but things on the Internet change so it’s not something we can count on forever.
Since starting out as an experimental patchwork of information, Wikipedia has turned into indispensable tool for hundreds of millions of people looking to quickly answer questions covering everything from schlock to science.
Satisfying all that curiosity has become increasingly expensive as Wikimedia has spent more on the computers, software and other technology that keeps Wikipedia running. The foundation’s staff has also swelled from just a handful of people in its early days to about 300 employees today. Wikipedia, though, gets all its material for free from about 80,000 volunteer editors around the world. The site’s index now spans 36 million entries in 280 languages.
It’s growth has spurred criticism that its parent foundation has become bloated and doesn’t need to raise so much money. Wikimedia generated revenue of $76 million while its operating expenses totalled about $53 million in its last fiscal year ending June 30. The $23 million surplus contributed to the foundation’s cushion of about $65 million in cash and short-term investments enough to cover its projected operating expenses for all of the current fiscal year.
Wikipedia still posted notices at the top of its website throughout December asking its U.S. users to donate money in a campaign that raised another $30 million. That money will go toward Wikipedia’s future expenses.