It's the culture at the very top of the WMF that has allowed this "sketchy" fund to come about. It's even worse with the Wikimedia Endowment at the Tides Foundation. That's over $100 million in donations collected over a period of 6.5 years without a single Form 990 disclosure, without a single audited financial statement ever published:

https://en.wikipedia.org/wiki/Wikipedia:Wikipedia_Signpost/2...

Transparency is being reduced more and more; stopping publication of the quarterly reviews is just another symptom.