And a quote from one of the folks at Equal: "My name is Deneene Brockington and I am the Director of Equal Dollars Community Currency. We are very excited to be featured in this article alongside other community/alternative currencies. Thank you Kelly Phillips Erb.
Equal Dollars has been operating since 1995 and we have instituted formal accounting and bookkeeping practices to track and maintain records of our currency. For every business that participates in our system and receives Equal Dollars as income, we collect W-9 forms, issue 1099B forms and report all business or sole proprietary income to the IRS. We use a web-based trading system to track all online transactions and member accounts. Our members can receive Equal Dollars as pay (which they are obligated to pay US Dollar taxes on) and we track that in our online system. We also allow our members to receive an optional Equal Dollars gratuity or “thank you” for community service projects, which is not a payment for service and cannot be “earned.”
The US Dollar currency system is debt based and profit driven and is not designed to address many of the social issues that plague our underserved communities. If a profit cannot be made off my labor, I am unemployed. If the wholesale food distributor or farmer for whatever reason can’t sell and make a profit off the food, it goes into the waste stream. If someone can’t make a profit from the unoccupied land, it sits vacant. We’re saying: Wait just because you don’t generate a profit for someone, doesn’t mean you or it doesn’t have value. Our members can opt to be thanked in Equal Dollars for doing community service for nonprofits throughout the city. They participate in street clean-ups, volunteer at their churches, clean vacant lots, help members of their community, and feed each other all through the exchange of Equal Dollars.
We welcome you to visit our website: www.equaldollars.org to learn more or to contact us with any questions or comments:
[email protected]."