Endowment:Meetings/July 17, 2025
Agenda
5:00 – 5:10 PM Welcome (Board Chair, Annette Campbell-White)
5:10 – 6:40 PM Committee Updates and Actions
Governance Committee (Chair, Doron Weber)
- Discussion and vote on Endowment Board Candidates
- Discussion of the Board Effectiveness Survey
Community & Grantmaking Committee (Chair, Phoebe Ayers)
- Acknowledgement of FY24-25 grants dispersal
- Discussion of event opportunities for Wikipedia 25 celebration
- Timeline of 100&Change decision
Finance Committee (Chair, Mayree Clark)
- Historical review of FY24/25
- Discuss policy updates
- Present FY25/26 budget
- Audit Committee Update (Chair, Kevin Bonebrake)
- Discussion about timing and process of past and future audits.
6:40 – 7:00 PM Fundraising Update
- Fundraising report and contribution summary
7:00 – 7:30 PM Foundation Update and General Q and A
7:30 PM Adjourn
Minutes
Endowment Board Meeting Minutes
Thursday, July 17, 2025 – 5:00 PM UTC
A regular meeting of the Board of Directors of the Wikimedia Endowment, a California Nonprofit Public Benefit Corporation, was held in-person at Arcadia Fund, Fifth Floor, 40 Villiers Street, London WC2N 6NJ and virtually (via web conference) on July 17, 2025 at 5:00 PM UTC.
The following members of the Board of Directors were present at the meeting: Phoebe Ayers, Annette Campbell-White, Mayree Clark, Laura Duchâtelet, Alex Farman-Farmaian, Lisa Lewin, Patricio Lorente, Jimmy Wales, and Doron Weber.
Also present at the meeting were: Jayde Antonio, Lisa Seitz Gruwell, Dhaval Patel, Chuck Roslof, Erica Viegas.
Phoebe Ayers, Lisa Lewin, Erica Viegas, and Doron Weber attended virtually. All others attended in-person.
Annette Campbell-White acted as Chair of the meeting. Chuck Roslof acted as Secretary of the meeting. The meeting was called to order, and based on the number of directors in attendance at the meeting, the Secretary determined that a quorum was present and determined that the meeting could proceed.
Summary of Actions
Welcome (Board Chair, Annette Campbell-White)
- Greetings of in-person and virtual attendees
- Approved minutes from January 30, 2024
- Based on a motion by Annette Campbell-White, seconded by Patricio Lorente, the Board members present unanimously approved the following resolution:
- Resolved, that the Board of Directors approves the minutes from the January 30, 2024 meeting.
- Based on a motion by Annette Campbell-White, seconded by Patricio Lorente, the Board members present unanimously approved the following resolution:
Committee Updates and Actions
- Governance Committee (Chair, Doron Weber)
- Discussion and vote on Endowment Board Candidates Kevin Bonebrake and Ike Kier
- Resolved, that the Wikimedia Endowment Board appoints Kevin Bonebrake to the Endowment Board, for a term beginning on 18 July 2025 and continuing until 31 July 2028, or until the Endowment Board appoints a replacement for their respective seat, whichever comes first.
- Resolved, that the Wikimedia Endowment Board appoints Ike Kier to the Endowment Board, for a term beginning on 18 July 2025 and continuing until 31 July 2028, or until the Endowment Board appoints a replacement for their respective seat, whichever comes first.
- Discussion of Board Effectiveness Survey (Secretary, Chuck Roslof)
- Discussion and vote on Endowment Board Candidates Kevin Bonebrake and Ike Kier
- Community & Grantmaking Committee (Chair, Phoebe Ayers)
- Acknowledgement of FY24-25 grants dispersal
- Next steps will be looking at grant reports, community outreach, communications, and look into next year’s round of grants
- Discussion of event opportunities for Wikipedia 25 celebration
- Timeline of 100&Change decision
- Acknowledgement of FY24-25 grants dispersal
- Finance Committee (Chair, Annette Campbell-White)
- Historical review of FY24/25
- Discuss updates to Spending Policy
- Present FY25/26 budget
- Based on a motion by Annette Campbell-White, seconded by Jimmy Wales, the Board members present unanimously approved the following resolutions:
- Spending Policy:
- Based on a motion by Annette Campbell-White, seconded by Jimmy Wales, the Board members present unanimously approved the following resolutions:
- Resolved, that the Board of Directors adopts the Endowment’s Spending Policy and approves the proposed annual spend rate of 2.5%-4.0% of the rolling three-year average of the ending portfolio value of the previous three years;
- Resolved, that if management anticipates a material change in the spend rate below 2.5% or above 4.0%, the Board directs management to consult the Chair of the Finance Committee promptly.
- Based on a motion by Annette Campbell-White, seconded by Alex Farman-Farmaian, the Board members present unanimously approved the following resolutions:
- FY 2025–26 Budget:
- Resolved, that the Board of Directors approves the proposed annual budget for the 2025–2026 fiscal year, consisting of $12.3M in forecast net revenue and $5.7M in forecast expense.
- Resolved, that during the fiscal year, if management anticipates the change in revenue and expense will differ materially from the plan, the Board directs management to consult the Finance Committee promptly.
- Discuss updates to Investment Policy, approved by Finance Committee
- Audit Committee (Chair, Kevin Bonebrake)
- Discussion about timing and process of past and future audits.
Fundraising Update
- Fundraising report and contribution summary
Foundation Update and General Q&A
- The next board meeting will be focused around grants.
Adjourn
There being no other business to consider, the meeting was adjourned at 7:51 PM UTC.