[Wikimedia-l] Re: WMF financial statements for 2021-2022 published

2022-11-09 Thread Andreas Kolbe
Ad,

According to the WMF's FAQ:[1]

"During this audit period, some of the Foundation's cash was invested in
mortgage backed securities, U.S. Treasury securities, corporate bonds, and
stocks (Note 3)."[1]

So it appears your information is outdated.

See also page 11 of the financial statements (page 13 in the pdf).[2] This
shows a table titled "Fair Value of Investments" which is over my head, but
which you and others may be able to make sense of.

Among "long-term investments", this does include a figure of about $25
million for "Stocks."

So, what does this mean?

Andreas

[1]
https://meta.wikimedia.org/wiki/Wikimedia_Foundation_reports/Financial/Audits/2021-2022_-_frequently_asked_questions
[2]
https://foundation.wikimedia.org/w/index.php?title=File%3AWikimedia_Foundation_FY2021-2022_Audit_Report.pdf&page=13

On Wed, Nov 9, 2022 at 9:08 PM Ad Huikeshoven 
wrote:

> The WMF does not invest in stocks, only in bonds.
>
> Op wo 9 nov. 2022 21:51 schreef Andreas Kolbe :
>
>> Dear Steven,
>>
>> Thank you for your explanation. I had naively assumed the investment
>> income in the "Support and revenue" section of the financial statements was
>> only for income *from* investments (i.e. dividend payments etc.),
>> without tracking changes in the value *of* investments as well. So what
>> you say makes sense.
>>
>> There is still something odd though. The US stock market dropped in
>> 2019–2020 as well, as a result of Covid. The Dow Jones Index went from
>> about 26,600 at the end of June 2019 to about 25,000 by the end of June
>> 2020, having fallen below 20,000 in the spring. But even so, the WMF had a
>> positive investment income of $5.5 million that year.[1]
>>
>> The following year, 2020–2021, the stock market *rose* very
>> substantially, with the DJI going from the said 25,000 to 34,500 by the end
>> of June 2021 – an increase of almost 10,000 points. Yet WMF investment
>> income was $1 million *less* than the year prior: just $4.4 million.[1]
>>
>> In the 2021–2022 year, as you say, the stock market went down again, the
>> DJI dropping from the said 34,500 to 31,100 at the end of June 2022. So
>> that drop is indeed twice as large as the drop in 2019–2020, but to go from
>> a $5.5 million *gain* in a year where the DJI dropped by 1,600 points to
>> a $12 million *loss* in a year where the DJI dropped by 3,400 points
>> struck me as odd.
>>
>> And I still don't quite understand why the Q3 tuning session forecast a
>> $26 million surplus,[2] while the actual surplus turned out to be just $8
>> million. I guess the fact that most of the drop in the markets occurred
>> from April onwards could explain part of it.
>>
>> Andreas
>>
>> [1]
>> https://foundation.wikimedia.org/w/index.php?title=File%3AWikimedia_Foundation_FY2020-2021_Audit_Report.pdf&page=5
>> [2]
>> https://commons.wikimedia.org/w/index.php?title=File%3AF%26A_Tuning_Session_FY21-22_Q3.pdf&page=5
>>
>> On Wed, Nov 9, 2022 at 7:36 PM Steven Walling 
>> wrote:
>>
>>>
>>>
>>> On Wed, Nov 9, 2022 at 10:37 AM Andreas Kolbe 
>>> wrote:
>>>
 Dear WMF Finance staff,

 I inquired over a week ago on Meta-Wiki why the WMF is reporting a
 negative investment income (–$12 million). There has been no answer to
 date.[1]

 I am a layperson, but how can an investment income be negative? Would
 you mind sharing what this is about?

>>>
>>> You probably didn't get a prompt answer because "how can investment
>>> income be negative" is something you could have Googled before asking the
>>> finance team.
>>>
>>> Investments can lose value.* The US stock market has lost a tremendous
>>> amount of value over the last year, so it would not be surprising that most
>>> investments would have a negative return recently.
>>>
>>> * https://www.investopedia.com/terms/n/negative-return.asp
>>> https://www.finra.org/investors/investing/investing-basics/risk
>>>
>>> I was also surprised to find that the reported increase in net assets
 for the 2021–2022 financial year was "only" $8.2 million. The third-quarter
 F&A tuning session published in May (based on data as of March 31) forecast
 a far higher surplus, with an increase in net assets of $25.9 million.[2]

 Would you mind sharing what happened in the fourth quarter to reduce
 the surplus by so much?

 Best wishes,
 Andreas

 [1]
 https://meta.wikimedia.org/wiki/Talk:Wikimedia_Foundation_reports/Financial/Audits/2021-2022_-_frequently_asked_questions
 [2]
 https://commons.wikimedia.org/w/index.php?title=File%3AF%26A_Tuning_Session_FY21-22_Q3.pdf&page=5

 On Tue, Nov 1, 2022 at 3:45 PM Andreas Kolbe 
 wrote:

> Dear all,
>
> The WMF's audited financial statements are now available here:
>
>
> https://upload.wikimedia.org/wikipedia/foundation/2/26/Wikimedia_Foundation_FY2021-2022_Audit_Report.pdf
>
> Some key figures from the page numbered 4 (page 6 in the pdf):
>
> – Net invest in

[Wikimedia-l] Re: WMF financial statements for 2021-2022 published

2022-11-09 Thread The Cunctator
Did WMF sell bonds at a loss?

On Wed, Nov 9, 2022, 4:08 PM Ad Huikeshoven 
wrote:

> The WMF does not invest in stocks, only in bonds.
>
> Op wo 9 nov. 2022 21:51 schreef Andreas Kolbe :
>
>> Dear Steven,
>>
>> Thank you for your explanation. I had naively assumed the investment
>> income in the "Support and revenue" section of the financial statements was
>> only for income *from* investments (i.e. dividend payments etc.),
>> without tracking changes in the value *of* investments as well. So what
>> you say makes sense.
>>
>> There is still something odd though. The US stock market dropped in
>> 2019–2020 as well, as a result of Covid. The Dow Jones Index went from
>> about 26,600 at the end of June 2019 to about 25,000 by the end of June
>> 2020, having fallen below 20,000 in the spring. But even so, the WMF had a
>> positive investment income of $5.5 million that year.[1]
>>
>> The following year, 2020–2021, the stock market *rose* very
>> substantially, with the DJI going from the said 25,000 to 34,500 by the end
>> of June 2021 – an increase of almost 10,000 points. Yet WMF investment
>> income was $1 million *less* than the year prior: just $4.4 million.[1]
>>
>> In the 2021–2022 year, as you say, the stock market went down again, the
>> DJI dropping from the said 34,500 to 31,100 at the end of June 2022. So
>> that drop is indeed twice as large as the drop in 2019–2020, but to go from
>> a $5.5 million *gain* in a year where the DJI dropped by 1,600 points to
>> a $12 million *loss* in a year where the DJI dropped by 3,400 points
>> struck me as odd.
>>
>> And I still don't quite understand why the Q3 tuning session forecast a
>> $26 million surplus,[2] while the actual surplus turned out to be just $8
>> million. I guess the fact that most of the drop in the markets occurred
>> from April onwards could explain part of it.
>>
>> Andreas
>>
>> [1]
>> https://foundation.wikimedia.org/w/index.php?title=File%3AWikimedia_Foundation_FY2020-2021_Audit_Report.pdf&page=5
>> [2]
>> https://commons.wikimedia.org/w/index.php?title=File%3AF%26A_Tuning_Session_FY21-22_Q3.pdf&page=5
>>
>> On Wed, Nov 9, 2022 at 7:36 PM Steven Walling 
>> wrote:
>>
>>>
>>>
>>> On Wed, Nov 9, 2022 at 10:37 AM Andreas Kolbe 
>>> wrote:
>>>
 Dear WMF Finance staff,

 I inquired over a week ago on Meta-Wiki why the WMF is reporting a
 negative investment income (–$12 million). There has been no answer to
 date.[1]

 I am a layperson, but how can an investment income be negative? Would
 you mind sharing what this is about?

>>>
>>> You probably didn't get a prompt answer because "how can investment
>>> income be negative" is something you could have Googled before asking the
>>> finance team.
>>>
>>> Investments can lose value.* The US stock market has lost a tremendous
>>> amount of value over the last year, so it would not be surprising that most
>>> investments would have a negative return recently.
>>>
>>> * https://www.investopedia.com/terms/n/negative-return.asp
>>> https://www.finra.org/investors/investing/investing-basics/risk
>>>
>>> I was also surprised to find that the reported increase in net assets
 for the 2021–2022 financial year was "only" $8.2 million. The third-quarter
 F&A tuning session published in May (based on data as of March 31) forecast
 a far higher surplus, with an increase in net assets of $25.9 million.[2]

 Would you mind sharing what happened in the fourth quarter to reduce
 the surplus by so much?

 Best wishes,
 Andreas

 [1]
 https://meta.wikimedia.org/wiki/Talk:Wikimedia_Foundation_reports/Financial/Audits/2021-2022_-_frequently_asked_questions
 [2]
 https://commons.wikimedia.org/w/index.php?title=File%3AF%26A_Tuning_Session_FY21-22_Q3.pdf&page=5

 On Tue, Nov 1, 2022 at 3:45 PM Andreas Kolbe 
 wrote:

> Dear all,
>
> The WMF's audited financial statements are now available here:
>
>
> https://upload.wikimedia.org/wikipedia/foundation/2/26/Wikimedia_Foundation_FY2021-2022_Audit_Report.pdf
>
> Some key figures from the page numbered 4 (page 6 in the pdf):
>
> – Net invest income was negative: –$12M (down $16M)
> – Total support and revenue was $155M (down $8M due to that negative
> investment income)
> – Total expenses were $146M (up $34M)
> – Salaries and wages were $88M (up $20M)
> – Net assets at end of year increased by $8M
>
> For reference, the end-of-year increase in net assets forecast in the
> third-quarter Finance & Administration tuning session deck published in 
> May
> 2022 was $25.9M:
>
>
> https://commons.wikimedia.org/w/index.php?title=File%3AF%26A_Tuning_Session_FY21-22_Q3.pdf&page=5
>
> Best,
> Andreas
>
> ___
 Wikimedia-l mailing list -- wikimedia-l@lists.wikimedia.org,
 guidelines at: https://meta.wikimedia.org/wik

[Wikimedia-l] Re: WMF financial statements for 2021-2022 published

2022-11-09 Thread The Cunctator
That's negative investment value, not investment income.

On Wed, Nov 9, 2022, 2:36 PM Steven Walling 
wrote:

>
>
> On Wed, Nov 9, 2022 at 10:37 AM Andreas Kolbe  wrote:
>
>> Dear WMF Finance staff,
>>
>> I inquired over a week ago on Meta-Wiki why the WMF is reporting a
>> negative investment income (–$12 million). There has been no answer to
>> date.[1]
>>
>> I am a layperson, but how can an investment income be negative? Would you
>> mind sharing what this is about?
>>
>
> You probably didn't get a prompt answer because "how can investment income
> be negative" is something you could have Googled before asking the finance
> team.
>
> Investments can lose value.* The US stock market has lost a tremendous
> amount of value over the last year, so it would not be surprising that most
> investments would have a negative return recently.
>
> * https://www.investopedia.com/terms/n/negative-return.asp
> https://www.finra.org/investors/investing/investing-basics/risk
>
> I was also surprised to find that the reported increase in net assets for
>> the 2021–2022 financial year was "only" $8.2 million. The third-quarter F&A
>> tuning session published in May (based on data as of March 31) forecast a
>> far higher surplus, with an increase in net assets of $25.9 million.[2]
>>
>> Would you mind sharing what happened in the fourth quarter to reduce the
>> surplus by so much?
>>
>> Best wishes,
>> Andreas
>>
>> [1]
>> https://meta.wikimedia.org/wiki/Talk:Wikimedia_Foundation_reports/Financial/Audits/2021-2022_-_frequently_asked_questions
>> [2]
>> https://commons.wikimedia.org/w/index.php?title=File%3AF%26A_Tuning_Session_FY21-22_Q3.pdf&page=5
>>
>> On Tue, Nov 1, 2022 at 3:45 PM Andreas Kolbe  wrote:
>>
>>> Dear all,
>>>
>>> The WMF's audited financial statements are now available here:
>>>
>>>
>>> https://upload.wikimedia.org/wikipedia/foundation/2/26/Wikimedia_Foundation_FY2021-2022_Audit_Report.pdf
>>>
>>> Some key figures from the page numbered 4 (page 6 in the pdf):
>>>
>>> – Net invest income was negative: –$12M (down $16M)
>>> – Total support and revenue was $155M (down $8M due to that negative
>>> investment income)
>>> – Total expenses were $146M (up $34M)
>>> – Salaries and wages were $88M (up $20M)
>>> – Net assets at end of year increased by $8M
>>>
>>> For reference, the end-of-year increase in net assets forecast in the
>>> third-quarter Finance & Administration tuning session deck published in May
>>> 2022 was $25.9M:
>>>
>>>
>>> https://commons.wikimedia.org/w/index.php?title=File%3AF%26A_Tuning_Session_FY21-22_Q3.pdf&page=5
>>>
>>> Best,
>>> Andreas
>>>
>>> ___
>> Wikimedia-l mailing list -- wikimedia-l@lists.wikimedia.org, guidelines
>> at: https://meta.wikimedia.org/wiki/Mailing_lists/Guidelines and
>> https://meta.wikimedia.org/wiki/Wikimedia-l
>> Public archives at
>> https://lists.wikimedia.org/hyperkitty/list/wikimedia-l@lists.wikimedia.org/message/5M36VZBWLE6P4XCDAVL7L3FEPGNSSQNX/
>> To unsubscribe send an email to wikimedia-l-le...@lists.wikimedia.org
>
> ___
> Wikimedia-l mailing list -- wikimedia-l@lists.wikimedia.org, guidelines
> at: https://meta.wikimedia.org/wiki/Mailing_lists/Guidelines and
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[Wikimedia-l] Re: WMF financial statements for 2021-2022 published

2022-11-09 Thread Ad Huikeshoven
The WMF does not invest in stocks, only in bonds.

Op wo 9 nov. 2022 21:51 schreef Andreas Kolbe :

> Dear Steven,
>
> Thank you for your explanation. I had naively assumed the investment
> income in the "Support and revenue" section of the financial statements was
> only for income *from* investments (i.e. dividend payments etc.), without
> tracking changes in the value *of* investments as well. So what you say
> makes sense.
>
> There is still something odd though. The US stock market dropped in
> 2019–2020 as well, as a result of Covid. The Dow Jones Index went from
> about 26,600 at the end of June 2019 to about 25,000 by the end of June
> 2020, having fallen below 20,000 in the spring. But even so, the WMF had a
> positive investment income of $5.5 million that year.[1]
>
> The following year, 2020–2021, the stock market *rose* very
> substantially, with the DJI going from the said 25,000 to 34,500 by the end
> of June 2021 – an increase of almost 10,000 points. Yet WMF investment
> income was $1 million *less* than the year prior: just $4.4 million.[1]
>
> In the 2021–2022 year, as you say, the stock market went down again, the
> DJI dropping from the said 34,500 to 31,100 at the end of June 2022. So
> that drop is indeed twice as large as the drop in 2019–2020, but to go from
> a $5.5 million *gain* in a year where the DJI dropped by 1,600 points to
> a $12 million *loss* in a year where the DJI dropped by 3,400 points
> struck me as odd.
>
> And I still don't quite understand why the Q3 tuning session forecast a
> $26 million surplus,[2] while the actual surplus turned out to be just $8
> million. I guess the fact that most of the drop in the markets occurred
> from April onwards could explain part of it.
>
> Andreas
>
> [1]
> https://foundation.wikimedia.org/w/index.php?title=File%3AWikimedia_Foundation_FY2020-2021_Audit_Report.pdf&page=5
> [2]
> https://commons.wikimedia.org/w/index.php?title=File%3AF%26A_Tuning_Session_FY21-22_Q3.pdf&page=5
>
> On Wed, Nov 9, 2022 at 7:36 PM Steven Walling 
> wrote:
>
>>
>>
>> On Wed, Nov 9, 2022 at 10:37 AM Andreas Kolbe  wrote:
>>
>>> Dear WMF Finance staff,
>>>
>>> I inquired over a week ago on Meta-Wiki why the WMF is reporting a
>>> negative investment income (–$12 million). There has been no answer to
>>> date.[1]
>>>
>>> I am a layperson, but how can an investment income be negative? Would
>>> you mind sharing what this is about?
>>>
>>
>> You probably didn't get a prompt answer because "how can investment
>> income be negative" is something you could have Googled before asking the
>> finance team.
>>
>> Investments can lose value.* The US stock market has lost a tremendous
>> amount of value over the last year, so it would not be surprising that most
>> investments would have a negative return recently.
>>
>> * https://www.investopedia.com/terms/n/negative-return.asp
>> https://www.finra.org/investors/investing/investing-basics/risk
>>
>> I was also surprised to find that the reported increase in net assets for
>>> the 2021–2022 financial year was "only" $8.2 million. The third-quarter F&A
>>> tuning session published in May (based on data as of March 31) forecast a
>>> far higher surplus, with an increase in net assets of $25.9 million.[2]
>>>
>>> Would you mind sharing what happened in the fourth quarter to reduce the
>>> surplus by so much?
>>>
>>> Best wishes,
>>> Andreas
>>>
>>> [1]
>>> https://meta.wikimedia.org/wiki/Talk:Wikimedia_Foundation_reports/Financial/Audits/2021-2022_-_frequently_asked_questions
>>> [2]
>>> https://commons.wikimedia.org/w/index.php?title=File%3AF%26A_Tuning_Session_FY21-22_Q3.pdf&page=5
>>>
>>> On Tue, Nov 1, 2022 at 3:45 PM Andreas Kolbe  wrote:
>>>
 Dear all,

 The WMF's audited financial statements are now available here:


 https://upload.wikimedia.org/wikipedia/foundation/2/26/Wikimedia_Foundation_FY2021-2022_Audit_Report.pdf

 Some key figures from the page numbered 4 (page 6 in the pdf):

 – Net invest income was negative: –$12M (down $16M)
 – Total support and revenue was $155M (down $8M due to that negative
 investment income)
 – Total expenses were $146M (up $34M)
 – Salaries and wages were $88M (up $20M)
 – Net assets at end of year increased by $8M

 For reference, the end-of-year increase in net assets forecast in the
 third-quarter Finance & Administration tuning session deck published in May
 2022 was $25.9M:


 https://commons.wikimedia.org/w/index.php?title=File%3AF%26A_Tuning_Session_FY21-22_Q3.pdf&page=5

 Best,
 Andreas

 ___
>>> Wikimedia-l mailing list -- wikimedia-l@lists.wikimedia.org, guidelines
>>> at: https://meta.wikimedia.org/wiki/Mailing_lists/Guidelines and
>>> https://meta.wikimedia.org/wiki/Wikimedia-l
>>> Public archives at
>>> https://lists.wikimedia.org/hyperkitty/list/wikimedia-l@lists.wikimedia.org/message/5M36VZBWLE6P4XCDAVL7L3FEPGNSS

[Wikimedia-l] Re: WMF financial statements for 2021-2022 published

2022-11-09 Thread Andreas Kolbe
Dear Steven,

Thank you for your explanation. I had naively assumed the investment income
in the "Support and revenue" section of the financial statements was only
for income *from* investments (i.e. dividend payments etc.), without
tracking changes in the value *of* investments as well. So what you say
makes sense.

There is still something odd though. The US stock market dropped in
2019–2020 as well, as a result of Covid. The Dow Jones Index went from
about 26,600 at the end of June 2019 to about 25,000 by the end of June
2020, having fallen below 20,000 in the spring. But even so, the WMF had a
positive investment income of $5.5 million that year.[1]

The following year, 2020–2021, the stock market *rose* very substantially,
with the DJI going from the said 25,000 to 34,500 by the end of June 2021 –
an increase of almost 10,000 points. Yet WMF investment income was $1
million *less* than the year prior: just $4.4 million.[1]

In the 2021–2022 year, as you say, the stock market went down again, the
DJI dropping from the said 34,500 to 31,100 at the end of June 2022. So
that drop is indeed twice as large as the drop in 2019–2020, but to go from
a $5.5 million *gain* in a year where the DJI dropped by 1,600 points to a
$12 million *loss* in a year where the DJI dropped by 3,400 points struck
me as odd.

And I still don't quite understand why the Q3 tuning session forecast a $26
million surplus,[2] while the actual surplus turned out to be just $8
million. I guess the fact that most of the drop in the markets occurred
from April onwards could explain part of it.

Andreas

[1]
https://foundation.wikimedia.org/w/index.php?title=File%3AWikimedia_Foundation_FY2020-2021_Audit_Report.pdf&page=5
[2]
https://commons.wikimedia.org/w/index.php?title=File%3AF%26A_Tuning_Session_FY21-22_Q3.pdf&page=5

On Wed, Nov 9, 2022 at 7:36 PM Steven Walling 
wrote:

>
>
> On Wed, Nov 9, 2022 at 10:37 AM Andreas Kolbe  wrote:
>
>> Dear WMF Finance staff,
>>
>> I inquired over a week ago on Meta-Wiki why the WMF is reporting a
>> negative investment income (–$12 million). There has been no answer to
>> date.[1]
>>
>> I am a layperson, but how can an investment income be negative? Would you
>> mind sharing what this is about?
>>
>
> You probably didn't get a prompt answer because "how can investment income
> be negative" is something you could have Googled before asking the finance
> team.
>
> Investments can lose value.* The US stock market has lost a tremendous
> amount of value over the last year, so it would not be surprising that most
> investments would have a negative return recently.
>
> * https://www.investopedia.com/terms/n/negative-return.asp
> https://www.finra.org/investors/investing/investing-basics/risk
>
> I was also surprised to find that the reported increase in net assets for
>> the 2021–2022 financial year was "only" $8.2 million. The third-quarter F&A
>> tuning session published in May (based on data as of March 31) forecast a
>> far higher surplus, with an increase in net assets of $25.9 million.[2]
>>
>> Would you mind sharing what happened in the fourth quarter to reduce the
>> surplus by so much?
>>
>> Best wishes,
>> Andreas
>>
>> [1]
>> https://meta.wikimedia.org/wiki/Talk:Wikimedia_Foundation_reports/Financial/Audits/2021-2022_-_frequently_asked_questions
>> [2]
>> https://commons.wikimedia.org/w/index.php?title=File%3AF%26A_Tuning_Session_FY21-22_Q3.pdf&page=5
>>
>> On Tue, Nov 1, 2022 at 3:45 PM Andreas Kolbe  wrote:
>>
>>> Dear all,
>>>
>>> The WMF's audited financial statements are now available here:
>>>
>>>
>>> https://upload.wikimedia.org/wikipedia/foundation/2/26/Wikimedia_Foundation_FY2021-2022_Audit_Report.pdf
>>>
>>> Some key figures from the page numbered 4 (page 6 in the pdf):
>>>
>>> – Net invest income was negative: –$12M (down $16M)
>>> – Total support and revenue was $155M (down $8M due to that negative
>>> investment income)
>>> – Total expenses were $146M (up $34M)
>>> – Salaries and wages were $88M (up $20M)
>>> – Net assets at end of year increased by $8M
>>>
>>> For reference, the end-of-year increase in net assets forecast in the
>>> third-quarter Finance & Administration tuning session deck published in May
>>> 2022 was $25.9M:
>>>
>>>
>>> https://commons.wikimedia.org/w/index.php?title=File%3AF%26A_Tuning_Session_FY21-22_Q3.pdf&page=5
>>>
>>> Best,
>>> Andreas
>>>
>>> ___
>> Wikimedia-l mailing list -- wikimedia-l@lists.wikimedia.org, guidelines
>> at: https://meta.wikimedia.org/wiki/Mailing_lists/Guidelines and
>> https://meta.wikimedia.org/wiki/Wikimedia-l
>> Public archives at
>> https://lists.wikimedia.org/hyperkitty/list/wikimedia-l@lists.wikimedia.org/message/5M36VZBWLE6P4XCDAVL7L3FEPGNSSQNX/
>> To unsubscribe send an email to wikimedia-l-le...@lists.wikimedia.org
>
> ___
> Wikimedia-l mailing list -- wikimedia-l@lists.wikimedia.org, guidelines
> at: https://meta.wikimedia.org/wiki/Mailin

[Wikimedia-l] Re: WMF financial statements for 2021-2022 published

2022-11-09 Thread Ad Huikeshoven
The WMF has an investment policy to invest in assets which are globally
seen as low risk. Over the fiscal year investment in US Treasury securities
dropped from 73M$ to 15M$. Most likely the WMF has sold US Treasury
securities with a big loss. Interest rates have gone up in the past, which
results in lower market value for bonds, including US Treasury securities.

On Wed, Nov 9, 2022 at 8:36 PM Steven Walling 
wrote:

>
>
> On Wed, Nov 9, 2022 at 10:37 AM Andreas Kolbe  wrote:
>
>> Dear WMF Finance staff,
>>
>> I inquired over a week ago on Meta-Wiki why the WMF is reporting a
>> negative investment income (–$12 million). There has been no answer to
>> date.[1]
>>
>> I am a layperson, but how can an investment income be negative? Would you
>> mind sharing what this is about?
>>
>
> You probably didn't get a prompt answer because "how can investment income
> be negative" is something you could have Googled before asking the finance
> team.
>
> Investments can lose value.* The US stock market has lost a tremendous
> amount of value over the last year, so it would not be surprising that most
> investments would have a negative return recently.
>
> * https://www.investopedia.com/terms/n/negative-return.asp
> https://www.finra.org/investors/investing/investing-basics/risk
>
> I was also surprised to find that the reported increase in net assets for
>> the 2021–2022 financial year was "only" $8.2 million. The third-quarter F&A
>> tuning session published in May (based on data as of March 31) forecast a
>> far higher surplus, with an increase in net assets of $25.9 million.[2]
>>
>> Would you mind sharing what happened in the fourth quarter to reduce the
>> surplus by so much?
>>
>> Best wishes,
>> Andreas
>>
>> [1]
>> https://meta.wikimedia.org/wiki/Talk:Wikimedia_Foundation_reports/Financial/Audits/2021-2022_-_frequently_asked_questions
>> [2]
>> https://commons.wikimedia.org/w/index.php?title=File%3AF%26A_Tuning_Session_FY21-22_Q3.pdf&page=5
>>
>> On Tue, Nov 1, 2022 at 3:45 PM Andreas Kolbe  wrote:
>>
>>> Dear all,
>>>
>>> The WMF's audited financial statements are now available here:
>>>
>>>
>>> https://upload.wikimedia.org/wikipedia/foundation/2/26/Wikimedia_Foundation_FY2021-2022_Audit_Report.pdf
>>>
>>> Some key figures from the page numbered 4 (page 6 in the pdf):
>>>
>>> – Net invest income was negative: –$12M (down $16M)
>>> – Total support and revenue was $155M (down $8M due to that negative
>>> investment income)
>>> – Total expenses were $146M (up $34M)
>>> – Salaries and wages were $88M (up $20M)
>>> – Net assets at end of year increased by $8M
>>>
>>> For reference, the end-of-year increase in net assets forecast in the
>>> third-quarter Finance & Administration tuning session deck published in May
>>> 2022 was $25.9M:
>>>
>>>
>>> https://commons.wikimedia.org/w/index.php?title=File%3AF%26A_Tuning_Session_FY21-22_Q3.pdf&page=5
>>>
>>> Best,
>>> Andreas
>>>
>>> ___
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[Wikimedia-l] Re: WMF financial statements for 2021-2022 published

2022-11-09 Thread Steven Walling
On Wed, Nov 9, 2022 at 10:37 AM Andreas Kolbe  wrote:

> Dear WMF Finance staff,
>
> I inquired over a week ago on Meta-Wiki why the WMF is reporting a
> negative investment income (–$12 million). There has been no answer to
> date.[1]
>
> I am a layperson, but how can an investment income be negative? Would you
> mind sharing what this is about?
>

You probably didn't get a prompt answer because "how can investment income
be negative" is something you could have Googled before asking the finance
team.

Investments can lose value.* The US stock market has lost a tremendous
amount of value over the last year, so it would not be surprising that most
investments would have a negative return recently.

* https://www.investopedia.com/terms/n/negative-return.asp
https://www.finra.org/investors/investing/investing-basics/risk

I was also surprised to find that the reported increase in net assets for
> the 2021–2022 financial year was "only" $8.2 million. The third-quarter F&A
> tuning session published in May (based on data as of March 31) forecast a
> far higher surplus, with an increase in net assets of $25.9 million.[2]
>
> Would you mind sharing what happened in the fourth quarter to reduce the
> surplus by so much?
>
> Best wishes,
> Andreas
>
> [1]
> https://meta.wikimedia.org/wiki/Talk:Wikimedia_Foundation_reports/Financial/Audits/2021-2022_-_frequently_asked_questions
> [2]
> https://commons.wikimedia.org/w/index.php?title=File%3AF%26A_Tuning_Session_FY21-22_Q3.pdf&page=5
>
> On Tue, Nov 1, 2022 at 3:45 PM Andreas Kolbe  wrote:
>
>> Dear all,
>>
>> The WMF's audited financial statements are now available here:
>>
>>
>> https://upload.wikimedia.org/wikipedia/foundation/2/26/Wikimedia_Foundation_FY2021-2022_Audit_Report.pdf
>>
>> Some key figures from the page numbered 4 (page 6 in the pdf):
>>
>> – Net invest income was negative: –$12M (down $16M)
>> – Total support and revenue was $155M (down $8M due to that negative
>> investment income)
>> – Total expenses were $146M (up $34M)
>> – Salaries and wages were $88M (up $20M)
>> – Net assets at end of year increased by $8M
>>
>> For reference, the end-of-year increase in net assets forecast in the
>> third-quarter Finance & Administration tuning session deck published in May
>> 2022 was $25.9M:
>>
>>
>> https://commons.wikimedia.org/w/index.php?title=File%3AF%26A_Tuning_Session_FY21-22_Q3.pdf&page=5
>>
>> Best,
>> Andreas
>>
>> ___
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[Wikimedia-l] Re: Grants budgets

2022-11-09 Thread Andreas Kolbe
Dear Kassia,

Thank you very much. I am currently struggling to square the figures in the
reports on Meta with the figures provided in the Form 990.

For example, the Form 990 for the 2020-2021 financial year lists
grantmaking activities for various regions on pages 30–31 (with the same
figures then repeated on pages 32–35, split into grants for organisations
and individuals).

https://upload.wikimedia.org/wikipedia/foundation/e/e4/Wikimedia_Foundation_2020_Form_990.pdf#page=30


The grantmaking amounts listed there sum to $3,475,062, don't they? (That
is the total at the bottom of page 31.)

Could you tell us where we can find that same figure on Meta-Wiki?

Or, if we can't find it, what is the difference in the reporting methods
used on Meta-Wiki vs. the Form 990?

Best,
Andreas

On Wed, Nov 9, 2022 at 6:23 PM Kassia Echavarri-Queen <
kechavarriqu...@wikimedia.org> wrote:

> Dear Lodewijk,
>
> Thank you for the question. We have published on meta the Funding
> Distribution report
> for
> grants allocation for the past fiscal year as well as the prior two years.
> There are further regional learnings being shared on diff,  here is the post
> from the ESEAP region
> .
> We will also soon be publishing both a regional learning sessions on
> grantee self reported programming and impact report, as well as, a report
> on the feedback from applicants and committee members from the second round
> of funding from the first year of implementation of the new funds programs
> and regional committees.
>
> Thank you,
> Kassia
>
>
>
> On Wed, Nov 9, 2022 at 9:29 AM effe iets anders 
> wrote:
>
>> Hi,
>>
>> Over the past year I've had the pleasure to serve on one of WIkimedia's
>> regional funding committees
>> . Together, these
>> committees get to allocate several millions of grant funding on behalf of
>> our movement.
>>
>> As I tried to have conversations about that, I noticed that the actual
>> amounts that each committee is allowed to allocate in their region, is not
>> published. I asked about this, and the response I get is that this is
>> "internal information" and it might make things cluttered (I don't know if
>> this is because the question got stuck in bureaucracy or because there is
>> an actual concern for clutter - I do have to admit that the grants pages
>> can be terribly confusing, but don't see how these numbers would change
>> that).
>>
>> I believe that it is important for transparency reasons, if not
>> essential, that we all know how much money in grants we are spending and
>> will be spending over the years in the various regions. Is there a stronger
>> reason to keep this information confidential/secret?
>>
>> Thanks!
>>
>> Lodewijk
>> ___
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[Wikimedia-l] Re: WMF financial statements for 2021-2022 published

2022-11-09 Thread Andreas Kolbe
Dear WMF Finance staff,

I inquired over a week ago on Meta-Wiki why the WMF is reporting a negative
investment income (–$12 million). There has been no answer to date.[1]

I am a layperson, but how can an investment income be negative? Would you
mind sharing what this is about?

I was also surprised to find that the reported increase in net assets for
the 2021–2022 financial year was "only" $8.2 million. The third-quarter F&A
tuning session published in May (based on data as of March 31) forecast a
far higher surplus, with an increase in net assets of $25.9 million.[2]

Would you mind sharing what happened in the fourth quarter to reduce the
surplus by so much?

Best wishes,
Andreas

[1]
https://meta.wikimedia.org/wiki/Talk:Wikimedia_Foundation_reports/Financial/Audits/2021-2022_-_frequently_asked_questions
[2]
https://commons.wikimedia.org/w/index.php?title=File%3AF%26A_Tuning_Session_FY21-22_Q3.pdf&page=5

On Tue, Nov 1, 2022 at 3:45 PM Andreas Kolbe  wrote:

> Dear all,
>
> The WMF's audited financial statements are now available here:
>
>
> https://upload.wikimedia.org/wikipedia/foundation/2/26/Wikimedia_Foundation_FY2021-2022_Audit_Report.pdf
>
> Some key figures from the page numbered 4 (page 6 in the pdf):
>
> – Net invest income was negative: –$12M (down $16M)
> – Total support and revenue was $155M (down $8M due to that negative
> investment income)
> – Total expenses were $146M (up $34M)
> – Salaries and wages were $88M (up $20M)
> – Net assets at end of year increased by $8M
>
> For reference, the end-of-year increase in net assets forecast in the
> third-quarter Finance & Administration tuning session deck published in May
> 2022 was $25.9M:
>
>
> https://commons.wikimedia.org/w/index.php?title=File%3AF%26A_Tuning_Session_FY21-22_Q3.pdf&page=5
>
> Best,
> Andreas
>
>
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[Wikimedia-l] Re: Grants budgets

2022-11-09 Thread Kassia Echavarri-Queen
Dear Lodewijk,

Thank you for the question. We have published on meta the Funding
Distribution report
for
grants allocation for the past fiscal year as well as the prior two years.
There are further regional learnings being shared on diff,  here is the post
from the ESEAP region
.
We will also soon be publishing both a regional learning sessions on
grantee self reported programming and impact report, as well as, a report
on the feedback from applicants and committee members from the second round
of funding from the first year of implementation of the new funds programs
and regional committees.

Thank you,
Kassia



On Wed, Nov 9, 2022 at 9:29 AM effe iets anders 
wrote:

> Hi,
>
> Over the past year I've had the pleasure to serve on one of WIkimedia's
> regional funding committees
> . Together, these
> committees get to allocate several millions of grant funding on behalf of
> our movement.
>
> As I tried to have conversations about that, I noticed that the actual
> amounts that each committee is allowed to allocate in their region, is not
> published. I asked about this, and the response I get is that this is
> "internal information" and it might make things cluttered (I don't know if
> this is because the question got stuck in bureaucracy or because there is
> an actual concern for clutter - I do have to admit that the grants pages
> can be terribly confusing, but don't see how these numbers would change
> that).
>
> I believe that it is important for transparency reasons, if not essential,
> that we all know how much money in grants we are spending and will be
> spending over the years in the various regions. Is there a stronger reason
> to keep this information confidential/secret?
>
> Thanks!
>
> Lodewijk
> ___
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> at: https://meta.wikimedia.org/wiki/Mailing_lists/Guidelines and
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[Wikimedia-l] Re: Grants budgets

2022-11-09 Thread Philip Kopetzky
Isn't the amount of money spent in each region already public based on the
fact of the budget approved in each grant?

Concerning the overall possible budget to spend, I'm not sure that's that
fixed to each region based on my time on the simpleAPG committee.

Best,
Philip

On Wed, 9 Nov 2022 at 17:29, effe iets anders 
wrote:

> Hi,
>
> Over the past year I've had the pleasure to serve on one of WIkimedia's
> regional funding committees
> . Together, these
> committees get to allocate several millions of grant funding on behalf of
> our movement.
>
> As I tried to have conversations about that, I noticed that the actual
> amounts that each committee is allowed to allocate in their region, is not
> published. I asked about this, and the response I get is that this is
> "internal information" and it might make things cluttered (I don't know if
> this is because the question got stuck in bureaucracy or because there is
> an actual concern for clutter - I do have to admit that the grants pages
> can be terribly confusing, but don't see how these numbers would change
> that).
>
> I believe that it is important for transparency reasons, if not essential,
> that we all know how much money in grants we are spending and will be
> spending over the years in the various regions. Is there a stronger reason
> to keep this information confidential/secret?
>
> Thanks!
>
> Lodewijk
> ___
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[Wikimedia-l] Grants budgets

2022-11-09 Thread effe iets anders
Hi,

Over the past year I've had the pleasure to serve on one of WIkimedia's
regional funding committees
. Together, these
committees get to allocate several millions of grant funding on behalf of
our movement.

As I tried to have conversations about that, I noticed that the actual
amounts that each committee is allowed to allocate in their region, is not
published. I asked about this, and the response I get is that this is
"internal information" and it might make things cluttered (I don't know if
this is because the question got stuck in bureaucracy or because there is
an actual concern for clutter - I do have to admit that the grants pages
can be terribly confusing, but don't see how these numbers would change
that).

I believe that it is important for transparency reasons, if not essential,
that we all know how much money in grants we are spending and will be
spending over the years in the various regions. Is there a stronger reason
to keep this information confidential/secret?

Thanks!

Lodewijk
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[Wikimedia-l] [Wikimedia Research Showcase] November 16

2022-11-09 Thread Emily Lescak
Hello everyone,

The next Research Showcase will be live-streamed Wednesday, November 16, at
9:30 AM PST/16:30 UTC. Find your local time here
.

YouTube stream: https://www.youtube.com/watch?v=sFanZoHjUnY

Members of the Research team will collect questions on IRC at
#wikimedia-research and YouTube.

This month's theme is 'Libraries and Wikipedia Knowledge.'

In the first talk, Laurie Bridges (Oregon State University) and Michael
David Miller (McGill University) will co-present on Wikipedia and Academic
Libraries.

Abstract: In 2021 an open-access edited book, Wikipedia and Academic
Libraries: A Global Project , was
published, featuring 20 chapters from over 50 authors. In this
presentation, Laurie Bridges, one of the co-editors, will discuss the
process for creating and publishing an OA-edited book. Michael David
Miller, one of the chapter authors, will discuss his chapter about
contributions to local Québécois LGBTQ+ content in Francophone Wikipedia.


The second talk will be on Ethical Considerations of Including Gender
Information in Open Knowledge Platforms, presented by Nerissa Lindsey (San
Diego State University).

Abstract: In recent years, galleries, libraries, archives, and museums
(GLAMs) have sought to leverage open knowledge platforms such as Wikidata
to highlight or provide more visibility for traditionally marginalized
groups and their work, collections, or contributions. Efforts like Art +
Feminism, local edit-a-thons, and, more recently, GLAM institution-led
projects have promoted open knowledge initiatives to a broader audience of
participants. One such open knowledge project, the Program for Cooperative
Cataloging (PCC) Wikidata Pilot, has brought together over seventy GLAM
organizations to contribute linked open data for individuals associated
with their institutions, collections, or archives. However, these projects
have brought up ethical concerns around including potentially sensitive
personal demographic information, such as gender identity, sexual
orientation, race, and ethnicity, in entries in an open knowledge base
about living persons. GLAM institutions are thus in a position of balancing
open access with ethical cataloging, which should include adhering to the
personal preferences of the individuals whose data is being shared. People
working in libraries and archives have been increasingly focusing their
energies on issues of diversity, equity, and inclusion in their descriptive
practices, including remediating legacy data and addressing biased
language. Moving this work into a more public sphere and scaling up in
volume creates potential risks to the individuals being described. While
adding demographic information on living people to open knowledge bases has
the potential to enhance, highlight, and celebrate diversity, it could also
potentially be used to the detriment of the subjects through surveillance
and targeting activities. In our research we investigated the changing role
of metadata and open knowledge in addressing, or not addressing, issues of
under- and misrepresentation, especially as they pertain to gender identity
as described in the sex or gender property in Wikidata. We reported our
findings from a survey investigating how organizations participating in
open knowledge projects are addressing ethical concerns around including
personal demographic information as part of their projects, including what,
if any, policies they have implemented and what implications these
activities may have for the living people being described.

You can also watch our past research showcases here:
https://www.mediawiki.org/wiki/Wikimedia_Research/Showcase

We hope you can join us!

Warm regards,

Emily, on behalf of the WMF Research team

-- 
Emily Lescak (she / her)
Senior Research Community Officer
The Wikimedia Foundation
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