Bartering is also governed by specific IRS tax regulations which consider it a taxable activity. Timebanking does not use market value and has been classified by the IRS as a non-contractual communal exchange between members. Therefore it is not considered a taxable activity.
The goal of these screening procedures to impart some basic knowledge about the history and practice of timebanking, understand the motivations of new members for joining the timebank and help new members to fully understand their role in developing a diverse marketplace of skills which will allow everyone in the timebank to meet many of their needs within a reasonable radius from their home.
This fund is used to help the timebank facilitate requests for service that build the timebank or support organizational members in the timebank who may be hosting activities which are unable to fully support those activities using the existing hours in their account. Further details on membership can be located here.
By engaging in the practice of time equity through timebanking, we communicate our gratitude to other members of the community for their contribution to the social fabric and stability of our communities.
Without those contributions, we recognize that we might be less able to do the work which supports our family and household.
All of these families and households together create the social infrastructure of communities and neighborhoods.