Good News Shared at Our Annual Meeting

We had lots of good news to share at Textile Center’s Annual Meeting last week, and a highlight was announcing that we ended our 2017 fiscal year on March 31 with a surplus of more than $40,000.
During the past three fiscal years, we have made a significant financial turnaround. We owe thanks to all of you who support Textile Center’s programs and fundraising initiatives. From April 2014 to March 2017, we have grown our revenue by 61%, while keeping expense increases at just 11%. The biggest gain during this time has been through our educational programs, where revenue increased by 72%.
Our Board President Margaret Anderson Kelliher also shared that we have engaged one of Minnesota’s most distinguished architects to lead the planning and design for renovations and possible expansion of Textile Center’s facilities: David Salmela. Based in Duluth, David has won numerous architectural awards. He is known for being a practical architect who creates innovative spaces affordably.
We are in the very early stages of planning. Last year we formed a Facilities Work Group and met with Guild leaders to start the conversations about how we can create better spaces for all of our programs. As we move forward, we are committed to making sure all of our stakeholders are engaged in the process.
Finally, we announced that we have a purchase agreement for the parking lot at 3018 University Ave SE on our Textile Center block. We are in the process of conducting due diligence, including environmental review. Our Board of Directors will determine later this summer if we will proceed with the purchase of this lot.
The stars are aligning for a very bright future, and we have an exciting vision to grow Textile Center into an even more vibrant hub for fiber art.

?Karl Reichert, Executive Director

Pictured: David Salmela