1871 announced Friday the release of its 2016 Annual Report and a separate, voluntary disclosure of its financial performance in Fiscal Year 2016, which included nearly $600,000 in net operating income and about $7.5 million in revenue for the year.
The Annual Report -- which is full of statistics, case studies and information about 1871’s efforts in calendar year 2016 -- shows the progress the organization has made toward building upon its four main values: Innovation and Technology; Education and Inspiration; Diversity and Inclusion; and Job Creation and Economic Growth, as well as the mission-critical objective of self-sustainability. The financial information, which is an addendum to the Annual Report, covers 1871’s own internal audited financial figures.
“1871’s Annual Report is a powerful reminder of how our enterprise is advancing the Chicago tech ecosystem and impacting the economy on a daily basis,” said 1871 CEO Howard A. Tullman. “We believe this entire package is a reflection of our commitment to our values and desire to be transparent as a nonprofit organization.”
The release of 1871’s financials shows the organization continues to mature as a business. In FY2016 -- which ran from July 1, 2015 through June 30, 2016 -- 1871 was entirely self-sufficient, relying on no government grants and producing revenue well in excess of expenses.
“We are proud to celebrate the continued growth and success of the Chicagoland Entrepreneurial Center and 1871 as the cornerstone of Chicago tech,” said 1871 Board Chair Jim O’Connor, Jr. “The strong community 1871 has built in just five years is impressive, and the results presented in this year’s Annual Report reflect incredible commitment and hard work.”
The 1871 Annual Report contains many examples of how the organization continues to fulfill its mission to support entrepreneurs, foster a diverse ecosystem and create jobs. Highlights of the report include:
- A pullout map detailing 1871’s 3.0 expansion, a 41,000 square-foot space that is home to a number of venture capital firms, corporate partners, educational programs, advanced startups and larger tenant companies.
- A landscape of 1871’s 80-plus corporate sponsors and partners.
- New information on the results of the 1871/Illinois Hispanic Chamber of Commerce joint incubator, which saw cohort participants raise more than $1,000,000 in funding and pitch at a showcase that drew a record crowd of community members.
- Updated results of 1871’s WiSTEM program, which has graduated more than 50 companies and which held two cohorts in 2016.
- Data that demonstrates 1871’s efforts toward diversity and inclusion are effective and innovative, including awarding 40 diversity scholarships, spending $10,000 a month on catering from women and minority-owned food vendors, encouraging diverse hiring practices through its recruiting program and increasing the number of women in its membership over the last year.
“1871 has built a financially strong organization that consistently stays true to its mission of supporting entrepreneurs,” said 1871 Board Member and SVP National Head of Treasury and Payment Solutions at BMO Harris Bank Leslie Anderson. “The organization had another impressive year in 2016, and I am confident we will see more great results in 2017.”
Reporters wishing to speak to 1871 leadership regarding information in the Annual Report or accompanying financial information can contact [email protected].