Frequently Asked Questions
Q: Do I have to live in a certain neighborhood to join?
A: No. You can join if you live in Dane County or even if you live in a different county but spend enough time in Dane County to earn and spend TimeBank Hours here. If you live far from other members your exchanges might start slowly. But we are adding new members all the time. And you can help AND earn TimeBank Hours by hosting a house party to recruit your neighbors!
Q: What are TimeBank Hours?
A: TimeBank Hours represent the amount of time one TimeBank member has spent helping other members. When you spend an hour helping another TimeBank member, one TimeBank Hour gets added to your account and subtracted from the account of the member who received your service. You can record half- and quarter-hours too. TimeBank Hours can be exchanged at the one TimeBank Hour per hour rate for anything being offered by someone in the network, provided the person is willing and available.
Q: How many dollars is a TimeBank Hour worth? Does a TimeBank Hour have a monetary value?
A: No, a TimeBank Hour never has a monetary value. TimeBank Hours just track services (and sometimes goods) people provide for each other.
Q: Are TimeBank Hours taxable?
A: No. TimeBank Hours have been ruled tax exempt by the IRS because an hour is always valued at one hour. There is no legal responsibility on anyone's part to redeem a TimeBank Hour, and the purpose of TimeBank Hours is charitable. Read the IRS rulings here.
Q: Are there units smaller than one hour, or one TimeBank Hour?
A: The Dane County TimeBank uses units as small as 1/4 TimeBank Hour or 1/4 hour. And we always round up.
Q: What's the difference between TimeBank Hours and Madison HOURS?
A: TimeBanks are mutual credit systems where people join a network and trade credits back and forth. People can spend before they earn and don't need to get ahold of any currency first. Madison HOURS are a paper currency where one HOUR equals ten federal dollars. Madison HOURS are taxable just like cash transactions. TimeBank Hours, on the other hand, have no monetary equivalent. They have been deemed tax exempt by the IRS.
To exchange TimeBank Hours you must be a member of the TimeBank. anyone can exchange Madison HOURS, whether or not they are Madison HOURS members. TimeBanks have coordinators and actively facilitate exchanges among members whereas Madison HOURS is more self-directed. Madison HOURS may be exchanged at negotiable rates (someone can charge 3 HOURS for one hour of service) whereas TimeBank Hours are always exchanged at the rate of one TimeBank Hour per hour.
Q: What about liability?
A: The Dane County TimeBank has purchased volunteer liability insurance through CIMA. Many TimeBanks have volunteer liability insurance to covers problem that can occur during a service exchange. But in the decades that TimeBanking has been around no claims have ever been filed against it. TimeBanking is based on trust and reciprocity. Background checks are carried out for each new member and there is no anonymity in the system; all strong deterrents to misuse.
Q: What about safety?
A: All TimeBank applicants are screened. The Dane County TimeBank Coordinator does a criminal background check through CCAP and asks for at least one personal reference. Individuals with criminal records are not excluded. But, depending on the offense and recommendations of supervisors, they may be limited to certain types of participation such as group events and supervised activities. If a member has a violent criminal history that threatens the safety of other members that person will not be given access to the online listings of names and addresses and will only work under supervision.
Not everyone is guaranteed a TimeBank membership, but the TimeBank strives to accommodate as many people with as many different backgrounds as possible.
The criminal background checks we perform should not be expected to be completely comprehensive (they only cover Wisconsin Circuit Court records and National Sex Offender Registry) and no background check is a substitute for due diligence. TimeBank members are encouraged to exercise caution, use your intuition, meet in public places at first and look out for your own safety and comfort. That said, timebanking builds bridges and trust between people and we don't tend to have many problems with untrustworthiness.
Screening guidelines
Screening and levels of participation
Criminal Charges to be considered
For more member policies visit the Member Policy Page
A: No. You can join if you live in Dane County or even if you live in a different county but spend enough time in Dane County to earn and spend TimeBank Hours here. If you live far from other members your exchanges might start slowly. But we are adding new members all the time. And you can help AND earn TimeBank Hours by hosting a house party to recruit your neighbors!
Q: What are TimeBank Hours?
A: TimeBank Hours represent the amount of time one TimeBank member has spent helping other members. When you spend an hour helping another TimeBank member, one TimeBank Hour gets added to your account and subtracted from the account of the member who received your service. You can record half- and quarter-hours too. TimeBank Hours can be exchanged at the one TimeBank Hour per hour rate for anything being offered by someone in the network, provided the person is willing and available.
Q: How many dollars is a TimeBank Hour worth? Does a TimeBank Hour have a monetary value?
A: No, a TimeBank Hour never has a monetary value. TimeBank Hours just track services (and sometimes goods) people provide for each other.
Q: Are TimeBank Hours taxable?
A: No. TimeBank Hours have been ruled tax exempt by the IRS because an hour is always valued at one hour. There is no legal responsibility on anyone's part to redeem a TimeBank Hour, and the purpose of TimeBank Hours is charitable. Read the IRS rulings here.
Q: Are there units smaller than one hour, or one TimeBank Hour?
A: The Dane County TimeBank uses units as small as 1/4 TimeBank Hour or 1/4 hour. And we always round up.
Q: What's the difference between TimeBank Hours and Madison HOURS?
A: TimeBanks are mutual credit systems where people join a network and trade credits back and forth. People can spend before they earn and don't need to get ahold of any currency first. Madison HOURS are a paper currency where one HOUR equals ten federal dollars. Madison HOURS are taxable just like cash transactions. TimeBank Hours, on the other hand, have no monetary equivalent. They have been deemed tax exempt by the IRS.
To exchange TimeBank Hours you must be a member of the TimeBank. anyone can exchange Madison HOURS, whether or not they are Madison HOURS members. TimeBanks have coordinators and actively facilitate exchanges among members whereas Madison HOURS is more self-directed. Madison HOURS may be exchanged at negotiable rates (someone can charge 3 HOURS for one hour of service) whereas TimeBank Hours are always exchanged at the rate of one TimeBank Hour per hour.
Q: What about liability?
A: The Dane County TimeBank has purchased volunteer liability insurance through CIMA. Many TimeBanks have volunteer liability insurance to covers problem that can occur during a service exchange. But in the decades that TimeBanking has been around no claims have ever been filed against it. TimeBanking is based on trust and reciprocity. Background checks are carried out for each new member and there is no anonymity in the system; all strong deterrents to misuse.
Q: What about safety?
A: All TimeBank applicants are screened. The Dane County TimeBank Coordinator does a criminal background check through CCAP and asks for at least one personal reference. Individuals with criminal records are not excluded. But, depending on the offense and recommendations of supervisors, they may be limited to certain types of participation such as group events and supervised activities. If a member has a violent criminal history that threatens the safety of other members that person will not be given access to the online listings of names and addresses and will only work under supervision.
Not everyone is guaranteed a TimeBank membership, but the TimeBank strives to accommodate as many people with as many different backgrounds as possible.
The criminal background checks we perform should not be expected to be completely comprehensive (they only cover Wisconsin Circuit Court records and National Sex Offender Registry) and no background check is a substitute for due diligence. TimeBank members are encouraged to exercise caution, use your intuition, meet in public places at first and look out for your own safety and comfort. That said, timebanking builds bridges and trust between people and we don't tend to have many problems with untrustworthiness.
Screening guidelines
Screening and levels of participation
Criminal Charges to be considered
For more member policies visit the Member Policy Page
