Re: "They're working on an endowment afaik", Yes. They are. which is why I have called on the WMF to "build up our endowment, and structure the endowment so that the WMF cannot legally dip into the principal when times get bad."
The danger I warn about in my essay is the WMF continuing to increase spending even if donations stop increasing. If they do that there is currently nothing stopping them from draining the endowment and spending it.
