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.
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