AMSTERDAM – The WeConnect Foundation has closed the 2024 financial year with a modest surplus of nearly five thousand euros, despite facing several unexpected financial challenges and a cyberattack. The foundation’s annual report highlights the significant impact of external factors on both its revenues and expenditures.
WeConnect focuses on supporting Caribbean students and young professionals in the Netherlands. Throughout 2024, the foundation continued various educational and support programs aimed at Caribbean youth. These included mentoring, coaching, and networking initiatives, often carried out in collaboration with island coordinators and external partners. Through meetings, informational sessions, and individual guidance, WeConnect worked to strengthen the position of students from Aruba, Curaçao, Sint Maarten, and other islands within the Kingdom.
Annual Report Details
The foundation was forced to write off over four thousand euros when a previously approved subsidy for the YEP project was unexpectedly withdrawn. Additionally, a correction on a grant from the Ministry of the Interior and Kingdom Relations resulted in an €800 shortfall compared to initial expectations. An earlier entry for office expenses also turned out to be misbooked.
A notable event was a phishing attack at the end of 2024. The digital breach led to the hacking of the foundation’s bank account, causing a financial loss of €4,397. This amount was reported as an extraordinary expense in the financial statements.
Despite these setbacks, WeConnect’s total assets saw a significant increase. The balance sheet total rose from just under €86,000 in 2023 to over €443,000 at the end of 2024. This surge is largely due to advance payments from subsidy providers, totaling around €350,000.
Total revenue for 2024 amounted to approximately €252,000 — slightly higher than in the previous year. Most of the foundation’s income came from subsidies provided by the Dutch ministries of Education, Culture and Science; Economic Affairs and Climate; Social Affairs and Employment; and the Interior and Kingdom Relations.
