Four of us spoke with well over a hundred of you in the LOVE Booth about how LOVE:Bank accounts work just like your online bank – except that no money changes hands. All exchanges are accounted in local currency. Our Mutual Credit Mix and Match found several matches between people who offered and wanted caregiving, gardening, pet-sitting and pressure-washing exchanges. Un(der)employed people of all ages responded to our signage: got skills? got work? got needs?...

 

Everyone who stopped by got a Stretched LO-100 flier and information about opening a free LOVE:Bank account to help: “stretch your money and strengthen our community” by exchanging your skills, talents, time, needs, goods and services with LO residents without spending your money.

 

 

Given all your diverse backgrounds and interests, each conversation went differently. Overall, your responses were genuinely enthusiastic. They ranged from: “What a cool idea!” to “I’ve heard about Time Banking.” to “I’ve been looking for a local exchange and didn’t know we had one” to “Oh – it’s like Craig’s List, eBay and Angie’s List all rolled into one.”

 

Several people asked whether LOVE exchanges were barter and whether they are taxable. We answered that barter is indeed taxable, but the IRS has ruled that Time Banking programs are not “barter organizations” and that Time Dollars are not taxable. For a detailed explanation, check the LOVE Forum topic: What are the tax implications of LOVE exchanges?

 

LOVE gives you the choice to base each of your exchanges in Time-based units or Dollar-equivalent units of exchange. For more information, check the LOVE Forum topic: Why 2-types of Complementary Currency? Our objective is to strengthen LO’s social capital by giving residents, businesses and organizations the means to exchange your offers and wants without spending your scarce money during these hard economic times.

 

For example, I spoke with a Certified Caregiver and an Occupational Therapist about how the global financial crisis and Oregon’s resulting budget deficits are forcing cuts to social services that impact them and their clients. Some of our most vulnerable people: elders and people of all ages living with disabilities are finding it harder to afford the services they need to live at home in our community. As Lake Oswegans continue to age (over 34% of us are between the ages of 45-64 and growing) our seniors want to age-in-place at home in Lake Oswego. This is a challenge that touches all of our families. Our success in meeting this challenge will depend on our ability to fill the growing gaps in government services and provide the necessary resources and services to keep our elders safe at home and out of institutions.

 

I also spoke with several We Love Lake Oswego ambassadors who acknowledged the challenges our community faces to meet the growing needs of our aging LO population, one of whom asked to meet after the Festival to continue our conversation. Several people whose missions are focused on helping LO Elders, including an Assistant Pastor and the Lake Oswego Adult Community Center Manager, expressed interest in hosting LOVE presentations for their congregants and constituents.

 

The owner of a local auto repair shop said that he has wanted to do barter transactions but his mechanics were not interested. They have enough cash-based business to keep busy for now. LOVE exchanges are most important for people who are un(der)employed or just starting up a new business idea and don’t have enough money in hand to support their goals. With a free LOVE:Bank Account and Advertising Space, they can get valuable exposure and experience to find their place in the market without going into debt. Organizations can build capacity and motivate volunteers by giving them LOVE:Bank Accounts to reward their reciprocal exchanges. LOVE exchanges also make good sense for businesses and professionals who would like to monetize their excess capacity during this slack economy.

 

The only people who expressed disappointment were visitors from Dunthorpe, South Portland and West Linn, when they learned that LOVE is only open to Lake Oswego residents, but several were pleased to discover that, because they work at LO businesses or belong to LO churches and organizations, they too may participate. The others were invited to meet with us and discus how their communities may launch their own Mutual Credit & Time Banks. The Lake Oswego Value Exchange is running on Open Source software, so we can share our methods with neighboring communities to build out a regional network.

 

Now, if you found your way to this blog by following your curiosity and the CareWheels.org link on the Stretched LO-100 flier, I invite you to explore this website and consider registering for your own LOVE:Bank Account. Your participation will help stretch your money, strengthen our community and grow LOVE to tap our collective abundance for our mutual benefit!