The Bay Area Community Exchange (BACE) was founded in 2009, during Occupy Wall Street, a movement that continues to influence how our timebank operates today. BACE decided to create a timebank and secured the fiscal support of an organization that developed currencies, the International Society for Ecology and Culture (ISEC). Through 2016, various members were instrumental in developing and growing the Timebank. Since 2017, AZ Zaidi and Carl Gorringe operationally managed the BACE Timebank, and in 2018, Monica Johnston joined AZ and Carl in leading the BACE Timebank. ISEC is now called Local Futures, and it continues as our fiscal sponsor, providing the Timebank with its not-for-profit status.
In 1980, Edgar Cahn, a professor and lawyer, began timebanking in the USA. By valuing services and goods with time instead of dollars, he saw that timebanking would be an effective way to restore community and recognize and reward civic engagement. He began the Time Dollar Institute and founded Timebank USA, which is known as Timebanks.org today. Timebanks are founded on five core values: each person is an asset, redefining work, reciprocity, social networks, and respect.
