Perm URL with updates: http://xahlee.org/w/do_not_donate_to_Wikipedia.html
I did donate $2 in 2003-12 when they were small. (User:P0lyglut) That's when the server crashes due to traffic and they needed it and they were not well known. Today, Wikipedia is a very rich and big org. Jimmy Whales is very rich. (as reported and “proved” by email, one single speaking engagement is 6 digits) By his track record, he isn't particularly a good person. He just “happened” to hit the “collective power” idea at the right time and was one of the guy who helped it.
Jim tried to erase the other co-founder; according to online reports and i verified it somewhat. He also ran porn site during the time (his company Bomis), and tried to distance himself away from the word “porn” and replace it with “glamour photography”. He also tried to create a commericial entity to get money out of Wikipedia (Wikia, among others).
Wikipedia doesn't need that much money today. Not even sure the money is used properly. I've read that the donated money is not well accounted (but haven't spent days to research it).
Wikipedia has been tremendouly helpful to me. It is the number one site i value the most, of ALL websites. I spent several hours reading it every day since about 2004. However, the wealth of Wikipedia has little to do with Wikipedia itself today. It's the internet, and YOU. Wikipedia simply lives by its fame. If Wikipedia suddenly dies tomorrow, tens of sites will compete as replacement, almost overnight and possibly even better quality. (e.g. google's knol project is declared dead due to wikipedia; similarly there's several existing encyclopedia sites, e.g. wikipedia co-founder Larry Sanger's Citizendium.)
Spread this info. Check facts. (much of the facts in this post can be checked starting at Jimmy Wales and following the citations)
Does anyone know if Wikipedia donation is being audited by a third party?