Wellington Timebank Finances

Wellington Timebank Finances

July 2018 - June 2019

General Notes:

  • Ideally we would like to have 32 hours paid coordinator time, per week. We are currently funded for 25 hours per week from our core funder Wellington City Council.

  • We often apply for smaller pots of funding to bring these coordinator hours up. We need to move away from being to “funding dependent” for a range of reasons, including :

    • It makes it hard to retain staff or for staff to have job security when so much of their hours are funding dependent.

    • We need to be a thriving sustainable organisation and being solely reliant on grants is risky.

    • Applying for smaller “top up” grants to slightly increase coordinator hours can be very admin-heavy and take a lot of time!

  • We are minimised by what we can spend grant money on, it needs to be for specific items and it can be challenging to find grants that allow for wages

  • In the budget, “In Kind” refers to support that Newtown Community Centre (NCCC) provides. This is in the budget to shows the true costs of the organisation, although Timebank currently is not required to pay these items.  If Timebank was based elsewhere it would have these costs as part of its operational costs. 


Summary for the Financial year (July 2018 - June 2019)

 ACTUAL COSTS


Expenses

$38,073.43‬

Expenses including in-kind

$45975.43

Income

$38,584.68

Net Profit/(Loss) 

(-$7,390.75‬)

Profit/(Loss) (Including write off from “in-kind support”)

$511.25


Expenses

Administration (ie: phone line, website)

$663.52

Software Licence

$2,709.77

Salaries

$32,405.31

Support Salary

$176.00

ACC Levies

$80.33

Fundraiser

$2,038.50

Total value of In Kind Support from NCCC 

(see below for breakdown)

$7902

Total Expense

$45975.43

Expense less “In Kind” support                                                                                        $38,073.43‬           


In Kind Support from NCCC (Expenses that are covered by NCCC)

Administration (Management, 2.5hrs p/w at $26.40 x 52)

$3432

Event Support/Resources

$300 

Printing

$320

Rent per year

$3000 

Phone/Internet/I.T

$350

Supervision/Mentoring

Time credits currently

Training

$500 

Total In Kind Support from NCCC                                                                                          $7902           

Income

WCC Grant Timebank 2018-19

$26,353.23

COGS  Timebank (salary)

$4,000.00

Nikau Grant Timebank

$5,000.00

Timebanking - Membership

$352.24

Timebank - Online Donations

$115.00

Timebanking - Koha/Donation

$120.00

Timebank Fundraiser General

$553.00

Timebank - Gift Shop

$1,781.00

Timebank - Workshops

$24.00

Timebank - Interest

$286.21

Total Income                                                                                                           $38,584.68                                                                                                                           


Specific notes above expenditure/income:

  • Figures are only showing as a profit due to having some time without a coordinator - so actual wages will show as higher in the next year.

  • Some items have not been tagged very specifically, they have been adequately recorded until now, however we are reviewing this so that we are able to refine budgets further as NCCC provides a lot of “in kind” support not recorded.

  • NCCC is getting renovated in 2020 (www.newtowncommunity.org.nz/ourtownnewtown). The Timebank will office will be closed for up to one year. Timebank/NCCC also will incur extra costs over this time, whilst the centre makes less profit.

Membership Fee Information 


As you know, the Community Weaver software used by the Wellington Timebank introduced fees in late 2017. The fees are calculated by membership size and as we have such a large and lively timebank, the software now costs us approximately NZ$2,500 per year. 

We sought your feedback about ways to meet this new financial challenge while still maintaining our kaupapa and affordability for members in early 2018. The most popular response was to make our current sign up fee an annual membership fee. We hope this  annual fee can contribute to the Timebank becoming more self-sustainable and less reliant on fundraising and grant based funding.

As always, you responded with sensitivity to the different socio-economic circumstances of Timebank members. Based on your feedback  and our own research we have developed the following model that we call “Pay what you can, or pay it forward”. We encourage you to pay what you can between $0 and $80, with $20 being our recommended standard fee. 

No one will be denied an opportunity to be part of our  Timebank community because they can’t afford the membership fee. Nor will special privileges be given to those who choose to contribute greater fees.

This was a trial/pilot - and we’ve been blown away by how ya’ll have responded! Thank you! 


Here’s a few stats/facts on what’s been going on this month regarding fees. We’ll be sure to make available a proper breakdown once the month has wrapped up: 


  • We had a total of 19 people request to leave the timebank. 2/3rd of this is because they had moved town/country and the rest is because they weren’t engaging for various reasons. We see this as a good opportunity to keep our membership current and active! 

  • As at writing, we’ve had a total of 124 members pay their fee, this doesn’t include those that already joined this year (they don’t have to pay until next year), those who are unable too, those that have forgotten - or those who didn’t get the memo! 

  • We have had some very generous people donate extra - including a one-off donation of $250! We had 5 timebankers pay $80 - what legends! <3 

  • So far (November 26th) a total of $3,390.2‬ has been raised in membership fees! 

 

Here’s a few answers to questions you might have


  • The timebank is about exchanging time credits, not money. Why should we have to pay to use it?


Community Weaver, the platform that we use to make offers and requests and record exchanges has started charging users of the platform. Community weaver charges start-up TimeBanks a launch fee and they receive CW3 hosting, maintenance and limited tech support for one year from the date of launch. After year one (Wellington Timebank is in Year 8), timebanks pay the regular fee twice a year (2018-2019 financial year this totalled $2,709.77) for the hosting, maintenance, security, and tech support that Community Weaver provide on an ongoing basis.


We are required to pay $2,500 a year to use the Community Weaver software. We have done a lot of research and this is the best option for us at this time. We are continually re-assessing our options, however we feel that Community Weaver meets the needs of Wellington Timebank, and for the moment we are happy to contribute to the running of this service through paying for it and we hope you are too!


  • It doesn’t seem fair that some people might pay and others won’t? 


We are a high-trust organisation. To implement mandatory fees would require administrative time and cost that is beyond our capacity as an organisation. This model has been developed with existing organisation capacity in mind. This will be a trial run of a proposed annual Love Our Timebank, Pay Your Fees! month and we welcome your feedback.


We also have people in our Timebank who may be in a difficult situation and perhaps do not have the funds to pay their fees hence the sliding scale and pay it forward option. We are hoping our members will be happy to pay what they can and support other more vulnerable Timebank members in doing so!


  • Why does Community Weaver cost so much? Its kinda hard to use a lot of the time. Couldn't we save money by using a different type of software?


Community Weaver was built by volunteer developers and offered as a free service to timebanks for many years. We benefited from this generosity for the first 6 years of being a timebank. Unfortunately this became unsustainable for them. Charging fees allows Community Weaver to upgrade the software and provide a better service to timebanks across the world.

Community weaver charges start-up TimeBanks a launch fee and they receive CW3 hosting, maintenance and limited tech support for one year from the date of launch. After year one (Wellington Timebank is in Year 8), timebanks pay the regular biannual fee (twice a year) for the hosting, maintenance, security, and tech support that Community Weaver provide on an ongoing basis. 

We have done a lot of research and this is the best option for us at this time. 

 

We are continually re-assessing our options, however we feel that Community Weaver meets the needs of Wellington Timebank, and for the moment we are happy to contribute to the running of this service through paying for it and we hope you are too!