Nonprofit or public institutions including hospitals, universities, local governments, utilities, large cultural organizations, and place-based foundations. Anchor institutions are geographically tied to their community through their social or public-facing mission, invested capital, or clientele. Due to the scale of their operations, anchor institutions produce a significant economic impact in their surrounding community, and given their social mission and place-based focus, have a vested interest in the long-term health and well-being of their surrounding community.

A commitment to apply an institutions economic and human capital in partnership with its local community to mutually benefit the long-term well-being of both.

Individuals who have been onboarded as Rush employees and whose primary residence is in a defined anchor mission zip code.

Amount of money spent through supply chain contracts doing business with anchor mission area vendors.

Hyperlocal zip codes designated by each institution as a focus area for anchor mission work, with usually a combination of geography and economic hardship status.

A place-based network of anchor institutions that utilize an anchor mission framework in partnership with the community in order to advance economic and racial equity through increased economic opportunity, equitable economic development, and community wealth building.

A Community Development Financial Institution, which is a specialized lender that provides financial services in low-income communities and to people who lack access to financing.

A system-changing approach to community economic development that works to produce broadly shared economic prosperity, racial equity, and ecological sustainability through the reconfiguration of institutions and local economies on the basis of greater democratic ownership, participation, and control (The Democracy Collaborative).

The percentage of employees who remain employed at Rush after a period of time (namely 3 months and 6 months after their start date).

Economic development promotes economic well-being and improves the quality of life in communities by creating and retaining jobs, enhancing wealth, and providing a stable tax base. Equitable economic development is achieved when every member of a community is able to share in and benefit from economic growth (Rockefeller Foundation).

This strategy involves anchor institutions prioritizing spending with local, diverse, and high-impact (e.g., employee-owned) businesses that better reflect the socio-demographic diversity of their community to help strengthen local economies and address the racial wealth gap.

A comprehensive inclusive, local sourcing strategy includes creating connections and building capacity. “Connection strategies” focus on how health systems can intentionally link existing local, diverse businesses that employ residents from underserved neighborhoods to contracting opportunities. “Capacity strategies” aim to strengthen the local business community’s ability to meet health system supply chain needs—helping scale existing diverse businesses and develop new inclusive enterprises that can create wealth building opportunities in underserved neighborhoods for long-term residents.

This strategy involves anchor institutions committing to local and inclusive hiring and workforce development that connects individuals from nearby economically disadvantaged neighborhoods to quality jobs and career pathways.

A comprehensive inclusive, local hiring pipeline has two components: outside-in and then inside-up. Outside-in strategies prepare local residents experiencing barriers to employment to high-demand jobs at the institution through training and skills development, and then provide specific entry points for these candidates. Inside-up strategies then connect these hires, and other incumbent employees reach their full potential through accessible learning opportunities, job coaching, wraparound support, and clear pathways for career advancement within the institutions.

Geographic designation based on the service area of each hospital.

An impact investment approach that generates positive social and economic impacts in historically disinvested communities and geographies, while achieving a modest financial return, or at least preserving the principal of the investment. Place-based Investing is used interchangeably with “community investment,” geographically targeted “impact investing,” or “local investing” by some anchor institutions or collaboratives.

A process of eliminating racial disparities and improving outcomes for everyone. It is the intentional and continual practice of changing policies, practices, systems, and structures by prioritizing measurable change in the lives of people of color (Race Forward). Specific to equitable economic development, racial equity means just and fair inclusion in an economy in which all can participate, prosper, and reach their full potential. We achieve racial equity when race no longer predicts life outcomes (Federal Reserve Bank of San Francisco).

Capital that is generated as a profit from a first round of financing provided for a CDFI that is then used to re-invest into the same CDFI for the disbursement of more loans into the community.

A competitive and equitable purchasing process that encourages departments to proactively consider qualified certified businesses owned by minorities, women, persons with disabilities, and veterans for their contracting needs.

When a healthcare institution integrates its services across multiple facilities/hospitals (especially those acquired through a merger) into one system, thereby employing economies of scale to more effectively deliver care and act as a coordinated entity.