The Bay Area Community Exchange (BACE) is a Bay Area 501(c)3 nonprofit mutual aid network that was founded in 2009 and initially fiscally sponsored by the International Society for Ecology and Culture (ISEC) which developed currencies. The Bay Area Community Exchange created a timebank and various members were instrumental in its continued development through 2016. ISEC is now called Local Futures, and under the direction of Executive Director, Steve Gorelick, Local Futures provides BACE with its 501c(3) status. BACE is governed by volunteers who keep the timebank operational. Since 2017, AZ Zaidi and Carl Gorringe have operationally managed the BACE Timebank, and in 2018, Monica Johnston joined AZ and Carl in leading the BACE Timebank.
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: asset, redefining work, reciprocity, social networks, and respect.