Downeast Time Bank

Mission Statement:
The Downeast Time Bank seeks to strengthen the informal support systems of family, neighborhood and community through activities that promote a network of service exchanges among members.

How does Time Banking work?
In TimeBanking, members exchange a variety of skills and talents, including among other things: pet care, carpentry, massage, gardening, housecleaning, piano lessons, wood stacking, rides, cooking, mending, and computer help. We act as a clearinghouse for neighbor-to-neighbor exchanges. All services are valued at the rate of “an-hour-equals-an-hour� regardless of the service being performed. Members of the Time Bank receive a Time Dollar for every hour of service they provide another member or the community. Members may then “purchase� desired services with their Time Dollars from other members.
What is a Time Dollar?
A Time Dollar is a special, tax-exempt form of currency (money) that anyone can earn using their time, energy, skills, and talents to help others. You earn one Time Dollar for each hour that you spend providing a service for another participant (TimeBank member) or the community.

Why It Works?
Time Banking and member exchanges aren’t about getting paid for helping your neighbors. It’s about leveling the playing field and enabling individuals of all ages, life experience and income levels to rediscover their gifts and reinvest themselves and their communities in traditional whole living. Time Banking is about working together to build a stronger, more united community.
How is Time Banking different from Bartering?
In the barter system, two people negotiate (define) with one another over the value of the service or goods they will be trading. In a TimeBank, there is no negotiating around the value of the service or goods being traded, because in TimeBanking, the exchange is always based on time and one hour of time = (equals) 1 hour of time, regardless of the service or skill. And in TimeBanking, the exchange does not have to be returned (reciprocated) directly to the person involved in the “initial� exchange. In other words, you can give and receive services from different people.

Are Time Dollars Taxable?
No! The IRS has ruled that the service exchange of Time Dollars does not constitute a commercial transaction.

Do I need to have Time Dollars before I can spend them?
No. You can use your Time Dollars even before they have been earned. As a matter of fact, if you are in need of any service offered by your fellow TimeBank members, you are encouraged to request that exchange or ask the coordinator to assist you in making a needed exchange.
Can I share my Time Dollars?
Yes. You can always gift your earned Time Dollars to a member of your family, a friend, or someone in the community who may need help.

I don’t have any (special) skills, can I still participate?
Everyone has something to special to share within their community!  And in TimeBanking, “specialâ€?   equals “valuableâ€? which in turn means any work, knowledge or skill which supports and nurtures an individual life, the family or the community at large. This would include among other things, all tasks needed in: raising a family, acting as an informed citizen, caring for others, engaging in life-long learning and sharing your knowledge and life experience with others in the community.

How do I join?
Click here.