Frequently Asked Questions
Who joins the TimeBank?
While most members live on Cape Ann, we also have members from Beverly, Danvers and Salem. In fact, no matter where they live, because of technology’s ability to connect us, anyone can join.
How many members are there?
Our membership varies over the course of a year but averages around 125 people.
What is the membership fee? And why IS there a fee?
We have a self-determined sliding scale. The suggested amounts range from $25- $150.
Even though our trades are about no money, we do need some dollars to run the TimeBank. Our main expense is a 10-hour per week coordinator. We also pay an annual fee for the website that keeps us connected, insurance for the Board of Directors and a few incidental expenses.
Why should I join?
In addition to getting services without having to spend money, the TimeBank creates opportunities for you to meet new people and expand your network. It allows you to give to others and get something back.
As many of us deal with the realities of a tight economy, having an alternative way to get services can be a big help.
What kinds of services can I give and receive?
To learn more about what kinds of trades/services are available through the Cape Ann TimeBank, please check out our Trades page.
What if I don't have the time?
You decide how many hours to offer and receive. At times you can do a service such as cooking, child care or dog walking as you are doing those things for yourself. The TimeBank may not necessitate lots of extra time. Plus you may be able to find someone to do one or two of the tasks that are making you so busy to take a bit of pressure off you.
Do we have to pay taxes on the value of our exchanges?
No. Since our services are not based on dollars per hour but are based on our time, the IRS does not consider our trades to be taxable.
What else can the TimeBank offer?
How do I know I can trust the person I’d like to trade with?
We have been trading with each other since 2006. Through the orientation process we meet each new member to get a sense of who they are. We also encourage you to review the member’s profile page biography and even ask for references. Ask the person questions as you would if you were having a contractor come to your home. The TimeBank also has a Service Concern policy in place if you are not satisfied with how a trade has gone.