TIMEBANKIT: MODEL NO 7

TIME BANK MODEL: TIME NETWORK

Theory

• A flat (closed) credit system, with credits originating from the 'bank'
• All local service providers, voluntary and statutory use time banking as their currency to recognise and reward community involvement.

Practice

• The time bank is based within an existing time centre but delvelops to incorporate service providers in the wider area
• Requires an initial time audit
• Creates local consistency so that local residents see their contribution valued in the same way no matter which activity or service they are interacting with.

Factors for success

• Time is required to embed the time banking tool with local service providers
• A broad understanding and acceptance of the time banking principles, particularly of 'give and take' is necessary across all service providers

Potential problems

• Important that the use of and accounting for time credits is standardised across all agencies otherwise consistency is threatened.

Examples

Blangarw Working Mens Hall: This community centre based in the Welsh valleys is extending its time centre in order to link in with all local service providers.

TIMEBANKIT: Model No. 6

TIMEBANK MODEL : TIME CENTRE

Theory

• A fiat (closed) credit system, with credits originating from the 'bank'
• The time banking tool addresses problems of under capacity and ensures that those people taking part are actively involved.

Practice

• The time bank is based withing an existing community centre
• Requires an initial time audit of centre and all activities that take place.
• Centre is able to introduce a dual finance system with people able to pay in time credits or cash for activities that they take part in (e.g. music concerts, theatre)
• Community members are encouraged to earn time credits in a variety of ways including assisting with the running and management of existing activities or developing their own community building projects.
• Value assigned to activities is based on number of hours they take (e.g. theatrical performance is 2 hours long so costs 2 credits)

Factors for success

• This model helps to establish local community centres as true community resources
• Can assist in building attendance for activities that are currently underused

Potential problems

• Requires an existing community centre
• Requires the buy in of existing community users (both individuals and projects)

Examples

Blangarw Working Mens Hall: This community centre based in the Welsh valleys host a variety of weekly and one-off activities all of which can be paid for with cash or time credits.