Wikimedia Endowment/Updates/2021-22 Q4 Update
In September 2021, the Foundation announced that the Wikimedia Endowment had reached its initial $100 million goal and that the process of moving the Wikimedia Endowment to its own, independent nonprofit by obtaining US 501(c)(3) tax-exempt status has been started.
We started off with establishing a new legal entity for the Endowment, which was the first step towards its independence. The Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, was then filed with the Internal Revenue Service (IRS) in late 2021. The IRS has posted an advisory1 that tax-exempt application processing is delayed. Our submitted application has not yet been assigned to an Exempt Organizations specialist for review, and we do not have an expected date for its processing to be completed. The Endowment continues to be under the management of the Tides Foundation.
Since its incorporation, administrative and regulatory controls have been a key point of focus to ensure the Endowment’s smooth transition from a managed fund to an independent entity. The Endowment Board has established bylaws that define the duties and purpose of the Wikimedia Endowment, the Wikimedia Endowment Board, and Wikimedia Foundation staff working to support the Endowment. The Endowment’s policies regulate activities of the Endowment Board and staff members. Bylaws and policies will be posted to Meta after minutes are approved at July 2022’s board meeting.
All this work helps us to guarantee that the Endowment will support our movement in the best possible way, ensure that the future of Wikipedia and the Wikimedia projects is secured, and that our communities can thrive.