BRATTLEBORO — Brattleboro Time Trade, which helps facilitate the exchange of goods and services for the benefit of the community, announces it has earned vital status as an independent, nonprofit charitable organization.
Organizers say the group's IRS 501(c)(3) status marks a huge step toward achieving long-term financial stability.
Brattleboro Time Trade is now eligible for many more grants, stipends, and low-cost office materials, such as a more efficient bookkeeping program.
Moreover, it no longer needs to pay sales tax, and donations to the group are now tax-deductible.
When Brattleboro Time Trade began as a pilot program in 2009, it received sponsorship through Post Oil Solutions. Throughout much of last year, dedicated members researched, wrote, consulted, and re-wrote an extensive application that was mailed to the IRS in August 2013.
Last month, they announced in a recent press release, they were notified by phone that their application had been approved - and back-dated to May 13.
Brattleboro Time Trade says it wishes to thank everyone involved in the application process, including Alan Baker, Shana Frank, Steven K-Brooks, Liz Kenton, Beth McKinney, Abby Mnookin, and Kip Tewksbury.
The group said it particularly wanted to thank Cece Bozetarnik, an accountant and legal advisor who reviewed an online version of the application.
The 2013 and 2014 board of directors also was continually supportive and motivating, organizers said.
Brattleboro Time Trade allows for the exchange of time credits, a type of community currency that anyone can earn by using their time, resources, skills, or energy to help others.
In creating a system that connects unmet needs with untapped resources, and in promoting the skills and knowledge of each member and enabling reciprocity, the organization says it empowers all to share their wealth of experience, thereby enriching the local economy.