How do I become a member?
Print and fill out the membership form and mail it to our office with your membership fee ($5 - $10 sliding fee). We will mail you your initial Hours and will e-mail you with your account info for this website.
What gives Madison Hours value?
The same thing that gives U.S. dollars value: the faith and support of the people who use them. Madison Hours have a much smaller geographic and economic base than dollars, but the principle is the same. The more people there are who see them as useful, the more useful they will be.
Where does the idea for Madison Hours come from?
The first Hours-based currency system was created in 1991 in Ithaca, New York. The Ithaca Hours system now has over 2000 individual and 300 business participants, the equivalent of about $70,000 in circulation, and about $2 million in transactions generated to date. Ithaca Hours serves as a model for Madison Hours and for the dozens of similar local currencies established over the last decade around the United States.
Whats the point of creating a local currency like Madison Hours?
As Susan Witt of the E.F. Schumacher Society explains, By favoring regionally based economies, local currencies are a tool for bringing a human face and sense of place back into our economic transactions... This interweaving helps bring the community together in all its mutuality - ecological, economic, social, and cultural. Local currencies are a practical way to act locally in the face of globalization.
How do I handle accounting for Madison Hours?
Treat Madison Hours just as you would cash. Since the government views local currencies as a cash equivalent, no special accounting procedure is needed. However, because Madison Hours are not yet accepted for deposit at any area banks, you will need to total them separately from your U.S. currency.
Are Madison Hours legal?
Absolutely. Both the Federal Reserve Board and the Internal Revenue Service have been quoted as stating that local barter currencies are legal. Madison Hours has been in operation since 1996, and similar currency systems thrive in over 30 communities around the United States.
Are Madison Hours taxable?
Yes. Since the federal government considers them to be a cash equivalent, you must pay taxes on Hours income just as you would on cash income.