In the fourth quarter of 2015, Education Equity, Inc. (EEI) continued to invest in our classes of 2014-2015 and 2015-2016, and began the process of identifying and recruiting our third cohort, the class of 2016-2017.
In the fourth quarter, EEI made additional investments of $77,000 in our student partners. This brings our total investment to $550,000, as of December 31, 2015. We have earned about $18,000 of return from our share of employment earnings, bringing our total net investment, as of year-end 2015, to $532,000.00
All ten members of our initial class of 2014-2015 are now employed and making repayments as planned. Not only are they employed and paying us, but we are proud of the work they are doing. Eight of the ten are employed in K-12 education here in Chicago. Two are non-citizens employed in the business world. Both of the non-citizens are typical of the bright, hard-striving people who have historically made immigration such an important and valuable factor in the growth and prosperity of the United States.
Our big news for the quarter is that we were able to bring discussions with our first Institutional investor to a successful conclusion. Subsequent to the end of 2015, during the first quarter of 2016, CME Group Foundation of Chicago became our first institutional investor, and our largest investor overall. CME Group Foundation’s total commitment to EEI is $500,000. CME Group Foundation is a philanthropic arm of CME Group.
CME Group is the world’s leading and most diverse derivatives marketplace, handling 3 billion contracts worth approximately $1 quadrillion annually (on average). The company provides a marketplace for buyers and sellers, bringing together individuals, companies and institutions that need to manage risk or that want to profit by accepting risk.
In 2016, our goal is to fund at least thirty new students in an aggregate amount of about
$750,000. We will pursue this goal through further incremental increases in our current relationships. We will also pursue at least one new program in partnership with an employer.
We will also update our legal contract to reflect the latest thinking in best practices.
These will include enhancements in consumer protection that will allow us to continue to claim industry leadership in fair dealings with the students in whom we invest.