You can earn credits by giving your time to help someone and then spending those earned credits receiving help in return. More TimeBanks = saving money and saving lives.
The work you do accrues a real, tangible payment — banked time you can use to get the help you need. This is the foundation of a TimeBank. Put simply, it’s a way to exchange most services (sometimes goods) using time instead of money.
TimeBanking is for everyone - that includes local residents, youth groups, students, caregivers, businesses, agencies, non-profits, churches, villages, governments, networks, and associations.
Most TimeBanks are place-based and focus on connecting members of the community into networks of giving and receiving.
TimeBanking has a set of principles we live by. There are five of them, acting together as a framework that calls for providers of services first, not to step forward with a fix-it mentality.
There are two premises in mind: The first is that when we act on our strengths, we grow stronger. The second is that as humans we all need to be needed.
TimeBanks vary from place to place and mission to mission but, like every great journey, starting a TimeBank begins with a single step. And like all great journeys, it calls for planning, preparation, and commitment.
TimeBanks differ in size. Many TimeBanks have no more than 25 members while others support thousands of members. Other TimeBanks can span whole organizations, networks, countries, and regions. They can be managed by multiple coordinators working together to support a common goal. Some TimeBanks connect with other TimeBanks to connect to a larger community and keep their TimeBank fairly small.
The answer to this question depends upon each country's tax laws and how they are applied.
In the United States, for example, the IRS ruled that barter exchanges are taxable but TimeBanking is not. *
* The rulings also stated that they may not be used or cited as precedents.
