No, where is the money, exactly?

Ah, so they're still doing the treasury thing.

Oh dude, let's do some math. The first donator tier is 10BTC, the second is 50BTC.
Let's say each of them have 50 people.

Before you do math, do some research:
https://bitcointalk.org/donate.html

Quote

"Donated funds are managed by theymos."