Frequently Asked Questions

 

What is a Time Dollar™ (TD)?

            A time dollar is equal to one hour of service. After the first hour is complete, time dollars may be counted in quarter hours from there on. In the event that a service lasts less than an hour, for record keeping, one entire time dollar will be credited.

                                    ≤1 hour      = 1    Time Dollar

                                    45 minutes =   .75 Time Dollar

                                    30 minutes =   .5   Time Dollar

                                    15 minutes =   .25 Time Dollar

 

How do I earn or spend Time Dollars™?

            To earn a time dollar, you must do an hour of service for another Time Bank member or member organization.

            To spend a time dollar, you must have a Time Bank member complete an hour of service for you.

 

Can I save Time Dollars™?

            Each Time Dollar is banked in your personal Time Bank account, available to be used when you want or need a service from another member. These savings are inflation proof. One Time Dollar will always equal one hour of service. However, saving time dollars without spending hurts our time banking economy as the cycle of reciprocity ends. With this in mind, we encourage you to try to complete at least 8 hours of complete exchanges per year.

 

Can I give Time Dollars™ to someone else?

            Yes. If you are aware of a need that member has to receive a service, but they are unable to earn time dollars themselves, you may donate time dollars to them. Call the office to set this up.

 

Who are the members of the Lynn Time Bank?

            The Lynn Time Bank is one of the most diverse time banks in the world. Our members are young people, senior citizens, parents, professionals, men and women across all socio-economic backgrounds, ethnicities, and ability levels. We are all joined together because we believe in the core values of the time bank which include valuing all people.

 

What services are provided?

            The services that are provided are dependent upon what our members are willing to share with each other, and therefore vary as new members join us and the availability of our members. If there is a service that you would like to see offered, please contact the office to talk to the staff about how recruitment can be done in these desired areas.

 

Can Time Bank members do service for member of my family?

            Yes and No. If the family member shares the same household as you, then yes, we consider them to be members along with you. If your family member lives in another location, we encourage him/her to apply to be a member of the time bank to receive our members’ services.

 

Can I do a service that I am not listed as offering?

            Yes. If another member requests a service that you can perform, you are encouraged to do so. If you would like to continue to offer that service, you may add a service ad on your profile on our online time banks software.

 

I need urgent help. Can I count on the Time Bank?

            Maybe. The Lynn Time Bank is not here to provide emergency services, but depending on the service, our members may still be able to help. It is always best to give as much notice as possible when requesting a service.

 

I need a service that requires tools. Who is responsible for providing these?

            The person requesting the service is responsible for providing all necessary materials. Always check with the member providing the service to confirm what is needed.

 

Should I tip a Time Bank member for good service?

            No. Money and Time dollars can never mix. Instead of giving a tip, “pay it forward” instead by giving excellent service to another member!

 

Do I have to report my service exchanges to the IRS?

            No. All of your services that you exchange through the time bank are not taxable. Also, because the Lynn Time Bank is a certified non profit, all monetary donations to our programs are tax deductable.

 

Why does the Lynn Time Bank need donations if they are a non profit?

            The Lynn Time Bank prides itself on the fact that membership is free-of-cost to all who wish to join our community. However, we still have operational costs which include things like rent, utilities, technology, postage, etc. We want to be able to ensure good service from our office staff. Also, the Lynn Time Bank would like to grow and provide new programs and opportunities for our members, which requires funding. If you have any further questions or concerns about this, please contact the office.

 

What’s the difference between Time Banking and volunteering?

            One of the core values of time banking is reciprocity, or getting something back in return. All of our members are expected to give services and receive service.

 

What’s the difference between Time Banking and bartering?

            Time banking is not bartering because:

1.      It is not tied to a cash value

2.      It is based on the currency of time, so one time dollar = 60 minutes

3.      It is not generally an exchange, like barter, between two people but between a network of people. You may not earn and spend with the same person, you might, but you might not.

4.      It is not a contractual agreement, but recognized as a friendly favor.

 

My friend wants to apply to be a Lynn Time Bank member. What does s/he need to do?

1.      Contact the Lynn Time Bank office to have an application sent. Fill out the application and send it in.

2.      The Lynn Time Bank will check the listed references and will schedule an orientation.

3.      Attend an orientation.

4.      Begin exchanging services with other members.

Please direct all questions to the Lynn Time Bank staff. When and if additional steps are necessary in the process, a time bank staff member will be able to communicate this to prospective members.

 

Does it cost anything to join the Lynn Time Bank?

            No. We do not charge any membership fees or dues to have a membership with the Lynn Time Bank. We realize that our members’ financial resources are precious and do not want to limit our community based on financial status. However, we do have operational expenses and we encourage our members to donate what they can afford and/or time to keep our operations going. If you would like more information on this, please contact the time bank office.

 

I want to be more involved with the Lynn Time Bank. How can I do this?

            Exchanging services with other members is the easiest and best way to help the time bank. If you are interested in helping the time bank in a leadership role, please contact the office. We are always looking for members to help with organizing social events, fundraising, new member intake, community ambassadors, and clerical support. Talk to the coordinator if you are interested in being apart of any of these teams and earn time dollars as you help to keep the time bank sustainable!

 

I want someone from the Lynn Time Bank to give a presentation at my community function. Who should a call?

            The Lynn Time Bank staff is happy to schedule speaking engagements when available; call the office to set a time. We are always looking for members who are willing to be ambassadors to the community and represent us at these functions and if you would like to be an ambassador, please call the office. 

 

Please contact us with questions and to join!

 

Phone: 781-479-8407

E-mail: info@lynntimebank.org

www.lynntimebank.org