Earlier quoted context omitted.
Choosing this of the many similar replies to answer to: Full disclosure: I work for the Foundation in an engineering capacity. The foundation has over 500 staff members. No organization is perfectly efficient, but by and large the money does go to good use. Running a high-volume site like Wikipedia requires quite a lot of hard and soft infrastructure and supporting functions. The tech stack runs on its own bare metal…
Except the organization already has liquid assets nearing twice its annual expenses, on top of the endowment, and >20% of the revenue is simply redirected to other organizations. It's also a little ridiculous to suggest that the infrastructure is substantial, given that the costs are only I'm sure the engineering efforts to make that infrastructure operate so well would make for a fascinating blog post which the rest…
Yes, the engineering "efforts" are exciting and interesting to learn from. They're also a continuous process that requires a heavy human investment in the form of staff (and staff retention!), and those salaries and benefits are relevant to the bottom line.
On the parts about annual expenses: keep in mind this is a long-term movement and foundation with long-term aims. Being sufficiently financially stable to run another year or two isn't really a win. It still leaves a rather important institution and its projects subject to lots of short-to-medium term existential risk.