I think you have those numbers reversed. According to the article (I presume its accurate), the endowment total is $300M [including funds from multiple years], and the fundraising total so far this fiscal year is $142M (I assume that's gross, fundraising has costs).

The majority of Wikimedia's money goes to software development, not keeping the lights on. I think there are definitely reasonable criticisms that could be made about WMF's priorities and efficiencies (Not to mention how its situation is conveyed in the fundraising campaign), but I struggle to see a world where WMF spends the absolute bare minimum to keep the lights on, with no further funding to new software development, and Wikipedia is still a success.

Disclaimer: used to work there, don't anymore.