Why did they not donate to Wayback Machine instead? Wikimedia is doing just fine and their fund raising is mostly for advertising and marketing. The site is at zero risk of running out of operating funds. Personally, I'd rather see money go to historic records than revisionist, popular encyclopedia.
Source: http://strategy.wikimedia.org/wiki/Strategic_Plan/Movement_P...
Last financial report: http://wikimediafoundation.org/wiki/Financial_Reports/Financ...