News

Time Banks for small businesses

On 06/04/13 7:09 AM, Elizabeth wrote:
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Hi Tony! Do you know much about legal/tax issues for small (sole proprietor) businesses participating in time banks? Are any Mahoning Valley businesses doing this, to your knowledge? Thanks!
Liz

Hi Elizabeth,
Please know that I’m not a lawyer. The founder of TimeBanks USA is a lawyer and his writing is here: http://actionhub.timebanks.org/content/tax-issues

Basically the rule is that community service non-paid work time is documented as a time credit in an account when non-paid community service work is performed. There is no relation of any time unit to any Federal money unit so there is no tax.

Time Bank Mahoning Watershed is a 501 c(3), see our purpose at https://tbmw.org/about-tbmw/timebank-mahoning-watershed-our-vision-mission-values-statement

There is no fee and or no requirement to use our data base program. We do ask for yearly in kind work services or financial contributions from participating individuals, groups, for-profits and non-profits. Currently there are no Mahoning Valley business in our time bank. I love to talk about Time Banking,  See https://tbmw.org/contact-us/schedule-a-timebank-presentation-with-your-group-program-or-organization

Hope that the above helps,
Best Wishes,
TonyBudak@TBMW.org

No Bartering in Time Banks

Often one of the first reflections a new person has to Time Banking is, oh, Time Banking is just like a barter exchange. No. A barter is a one to one direct exchange while time banking is not. Barter is synchronous (directly face to face at the same time) while time banking  is asynchronous and not linked to a direct concurrent moment in time, and occurs independent of a face to face direct exchange and will occur at any time over time with any one [members only])

A Better Local Economy

We know that low income and middle income need cash in this tight economy. So how about a currency that is a compliment to cash, similar to a discount coupon, or digital credit, or a low carbon credit.  Can you imagine several kinds of money that flow around the Mahoning Valley and never leave but stay circulating in our local economy? A currency that connects producers with customers, labor with need, giving with receiving.

Federal money is designed to be scarce and leave town to trickle up or out to go off shore. We can do better by creating our own local means of exchange. Members of the Time Bank Mahoning Valley are now trading in a better currency, exchanging time among a community membership is simply better money and a wise time investment. Do you want better currency?

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Photos

Click a photo for a gallery.

Links to More  Photos for TBMW.ORG:

Do you have a photo of a Timebank Mahoning Watershed Event that you would like to share? Do you want to be included in the members gallery? Please complete the  Photo Release Form and submit it to coordinator Tony Budak at any Timebank gathering.  Please email your photos to [ TonyBudak(insert the at sign)TBMW.org ]

Special thanks goes to  Robert Coggeshall for Photographs of Millcreek Park and to Debra-Lynn B. Hook  for Kent, Ohio TimeBank Photos.

Learn More

Building

There is so much to learn about TimeBanking, Service Exchange Communities, the ideas and the people that have led the way.

If you are interested in learning more you have come to the right place!

This “learn more”  menu will start you on your way….

Video “How to Use Time & Talent” software

Introduction Starts here

Basic information here

Edgar’s book; “No More Throw Away People”

Timebanks USA, network

hOurworld, network

Background and context

FROM Hackney Shares

Whether you are a business, an individual or a charity, Time Banking is a way for you to get as much as possible from yourself, your organization and the wealth of resources in the community around you.

A Time Bank network is simple tool that unlocks the value in the expertise, resources and assets that you have, enabling you to trade them for what you really need to progress as an organization or individual, saving money and achieving more in the process.

For every hour of resources a member trades within the Time Bank network they receive one credit which can then be spent on one hour of resources, expertise or assets offered up by network members.

This means that identifying and unlocking dormant resource that you can afford to share (a meeting space? mini bus? staff time?), you’re able to buy in resources that you really need (business mentor ship? accountancy? maintenance work?) at no cash expenditure.

So, Time Banking can help you to

  • Increase your organization’s capacity
  • Save money
  • Build new and fruitful relationships
  • Raise your profile
  • Create local champions for the work you do
  • Open new areas of business and win new clients

We network businesses, schools, arts organizations, corporates, charities, leisure centers and religious groups. All sorts. And all for Time Banking credits