The goals of the foundation are to maintain and develop open content, wiki-based projects and to provide the full contents of those projects to the public free of charge. In addition to managing the already developed multilingual general encyclopedia Wikipedia, there is a multi-language dictionary and thesaurus named Wiktionary, an encyclopedia of quotations named Wikiquote and a collection of e-book resources aimed specifically toward students (such as textbooks and annotated public domain books) named Wikibooks. The Foundation also manages a memorial collection of articles about the Sept. 11. attacks and the operations of the largely dormant Nupedia project (which is not a wiki but is open content). The continued growth of each of the Wikimedia projects is dependent on donations. The Wikimedia Foundation aims to increase revenue by finding alternative means of financing, including grantss and sponsorship.
With the Foundation's announcement, Wales also transferred ownership of all Wikipedia, Wiktionary and Nupedia domain names to Wikimedia along with the copyrights for all materials related to these projects that were created by Bomis employees or Wales himself. The computer equipment used to run all the Wikimedia projects was also donated by Wales to the Foundation. The domain names wikimedia.org and wikimediafoundation.org were secured for the Foundation by Wikipedia contributor Daniel Mayer. As of June 2004, Wikimedia's bandwidth and power is donated to the project by Bomis.
In January 2004, Jimmy Wales appointed Tim Shell and Michael Davis to the board of the Wikimedia Foundation. In June 2004, an election was held for two user representative board members. Following one month of campaigning and two weeks of online voting, Angela Beesley and Florence Nibart-Devouard were selected to join the board.