Earlier quoted context omitted.
I think they are doing 100M+ per year to run the servers, manage PR / legal / HR issues.
They have so much more money than they need, they're giving away donor funds to other organizations: https://lists.wikimedia.org/hyperkitty/list/wikimedia-l@list...
That said the list at, https://meta.m.wikimedia.org/wiki/Knowledge_Equity_Fund does seem a bit far afield, and personally i find the descriptions of what the money is to be used for too flowery and not concrete enough to be comfortable.