Report June 30, 2015
Contracted to support fifteen students for our 2015-2016 cohort and Invested $82,680.00 in those students.
Made final payments of $33,458.91 for members of Cohort 2014-2015.
Second Quarter total investments in students was $116,138.91
Raised $148,000 from investors as we approached the end of our initial $750,000.00 funding goal.
Operationally we opened a new banking relationship with American Chartered Bank of Downers Grove, Illinois. American Chartered specializes in banking privately owned Chicago area business. They will make available to us the ACH system. ACH is the banking industry protocol that will allow us to efficiently collect our investment returns from our students after they enter the workforce.
In the first quarter we reported that we were engaged with two institutional investors that were considering investing in EEI. As of now one of those investors has pulled out of discussions and one is moving forward. It is our goal to close that Institutional investment of $500,000.00 in the third quarter.
As the 2014-2015 academic year came to an end in the second quarter five of our students graduated in Cambridge, Massachusetts. Four earned Masters Degrees from Harvard Graduate School of Education and one from MIT’s Sloan School of Management. Two more will graduate from Columbia University in August. This combined with our previous graduates from Dominican University and MIT will bring our first year cohort results to 9 of 10 graduated. The tenth student is enrolled in a longer term PhD program at the University of Illinois at Chicago. That program allows candidates to work full time while in school and enter repayment in the second year of school.
By the end of the third quarter our goal is to be able to report strong placement results for all of our first year cohort members.
Finally we ask that you “hold the date” October 28th for a 5:00 to 7:00 reception in Chicago for all of our partners. Invitees will include students we have funded, investors, friends, vendors and counsel. The purpose will be simply to get to know one another and to better understand what each of the parties brings to and gains from working with Education Equity, Inc.