First of all, we here at EduMit would like to wish everyone a joyful and intimate thanksgiving! We view thanksgiving as a time to gather with the people closest to our hearts and reflect upon all of the privileges and blessings we enjoy. For me personally, I am firstly incredibly thankful for my family and my friends, who have always been there to support me and bring me joy. Secondly, I am grateful for the excellent education that I currently receive, specifically my privilege of attending Phillips Exeter Academy, the best private high school in the country. I know I am very lucky to have this opportunity, and I would love to give others this great opportunity as well.
Spreading knowledge has always been the goal of EduMit. When I founded EduMit two years ago, our whole goal was to destigmatize the high school application process and give students the agency to choose their secondary school education. In less than two years, we have reached over 800 students and also donated over $1,200 to charitable causes. The best part? This is just the beginning.
As Founder of EduMit, I could not be more excited to announce that EduMit LLC has officially incorporated as a Limited Liability Company on November 15th, 2021. I, Eric Wu, will officially be the CEO and majority stakeholder of this institution.
The reason that we have officially registered is simple: We want to make a bigger impact and help out even more students! To clarify, not much will change in the front end of EduMit's operations. We will continue to give paid courses (with financial aid available, of course) and we will also continue to give free lectures and webinars. In addition, we are also looking towards possibly starting our own video channel. Being an LLC allows us to raise capital and enter into binding agreements with parties, which better supports our growth.
Now, why did we become a LLC instead of a nonprofit if we valued your impact? Most people think of nonprofits as always more morally righteous and "nice" compared to LLCs, but I beg to differ. In a nonprofit, members of the organizations can easily claim moral justice despite using their organization's funds on a majority of personal purchases. A new phone, new computer, dinner at a fancy restaurant, could all be written off as nonprofit expenses. However, for corporations, that is much better regulated. As a corporation, EduMit can also receive investments and have legal protection, helping us grow in size and increase our reach.
In addition, we take our impact a step further. We will FOREVER commit at least HALF of our REVENUE to charitable causes (for more on that, please visit edumit.org/charity). This means that for every $2 someone spends on our courses, at least $1 is DIRECTLY donated to charity. There are no accounting tricks that can change revenue, it is simply the money that we take in before asking any questions. What happens to the other half of the revenue? We firstly pay our student-teachers. We then use much of the remaining money to reinvest in our organization, including subscriptions for managing our website, advertisement, and much more. Personally, a lot of the money I earn from EduMit will be reinvested in my passion in music.
At EduMit, we have nothing to hide. One of our values is transparency: we will post our receipts for the donations we make, we will publicly disclose our revenue, and we are always looking to better communicate with our students. We will be a LLC that is deeply rooted in goodness and impact. In essence, we will be operating similar to a B Corp.
This journey of building up EduMit has been an unforgettable experience for me, and I wish to continue building up this passion I have. I am overwhelmed with happiness and grateful for having the resources to register a legally recognized company at the age of 15. I just want to say thank you to everyone who has visited our website, attended one of our webinars, or participated in one of our courses. You guys are the reason why a 15 year old is currently fulfilling his dream of making a prominent impact upon the world. This thanksgiving, I am thankful for all of you.
Here's to everything that will come ahead.
Sincerely,
Eric Wu, CEO
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