This is one of those issues where you have to focus on the outcome not the method
I could raise $10 million spending $500,000 (5%) netting $9.5 million for cause
if I raise $500 million spending $150 million (30%) netting $350 million
Which approach gets more to the cause? The saying it takes money to make money rings true. Unless the article suggests that the 34% spent on fund raising is spent on non fundraising interests (Swiss bank accounts and the like) then they are misrepresenting the situation.
Chuck