Currently, there is nothing preventing WMF from drawing down the endowment arbitrarily, effectively making it a checking account, not an endowment.
This is less a complaint about fundraising (we get it, nonprofits need money) but accountability. Its one thing to ask for donations. Its another to use loaded language (ironically in violation of the Wikipedia Manual of Style) that implies the site will go dead in a year unless you contribute money to the dark pool of cash with almost no oversight.
"We should make spending transparent, publish a detailed account of what the money is being spent on and answer any reasonable questions asking for more details. We should limit spending increases to no more than inflation plus some percentage (adjusted for any increases in page views), build up our endowment, and structure the endowment so that the WMF cannot legally dip into the principal when times get bad."
https://en.wikipedia.org/wiki/User:Guy_Macon/Wikipedia_has_C...