By definition it is impossible for the fed to be undercapitalized, considering they can arbitrarily make all the capital they want.
The Federal Reserve is neither. It is not Federal (part of government) and there are no reserves. Last once first. There is no gold left in Fort Knox to serve as stability for the US Dollar. That resource became unimportant after 1913 when the Fed was created. It disappeared after the US Dollar was taken off the gold standard, some 40 years ago now. The Fed was created to moderate among central banks around the US, to control the flow, but not creation, of US currency. The Fed began as a storehouse manager, but now is in charge of loaning money to and between banks, obviously at a profit. The Fed is a private corporation, and like any corporation, operates for the profit of its shareholders and executives. The Fed's major shareholders are the big bankers and international super-wealthy. One of the top Fed cronies was just made Treasury Secretary by Hussein. Maybe you can start to put the peices together now.
There is a joke (?) about what the president said after being showed the empty gold vaults. "Double the guard."