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Horizon Foundation, Columbia Association Fund 'Time Banking' Initiative

(BizWeekly) -- The Horizon Foundation issued a $30,000 grant to the Columbia Association (CA) to support a “time banking” program that will cover neighborhoods throughout Columbia as well as parts of Elkridge.

Time banking is a concept through which residents help neighbors with services such as tutoring or leaf raking, thereby earning credits called “time dollars” that can be used to receive work in return. People use time dollars as an exchange system instead of money.

Rich Kreig, president and CEO of The Horizon Foundation, described the time banking initiative as “a rather extensive joint project.” The project will cover all of Columbia, he said, with a component in Elkridge as well. The time dollars will be tracked with a computer-driven banking system.

The CA and The Horizon Foundation will split the cost of the program. Time banking is a concept already in use by dozens of communities across the nation. People earn time dollars by providing services that range from sewing curtains to mowing lawns to stripping wallpaper.
The time banking concept has been around for nearly two decades. Edgar Cahn, founder of Time Banks USA, promoted trading services rather than currency in response to massive social welfare spending cuts in 1980.