Got Questions? We’ve got you covered.
We’ve included a collection of frequently asked questions below to help you navigate the Hudson Valley Current and our programs. Please feel free to contact us via email at firstname.lastname@example.org or by phone at (845) 663-2286 with any additional questions. We’d love to connect with you!
What are Currents?
Currents make up a complementary currency designed to keep money local. Currents are money that is backed by goods and services from members located here in the Hudson Valley. They are accepted only within the businesses that are members.
How does the Current work?
It’s money, so you can receive currents for your goods and services and in turn pay for others’ goods and services with those currents you’ve gained.
What are the benefits of joining the Hudson Valley Current?
You are able to make connections among local businesses and stimulate our economy by ensuring that money stays local. Accepting Currents is a way to ensure your business is financially secure. Unlike the USD ($), Currents are not backed by investments or interest, so they do not “crash” or “fluctuate” in value. When you need funds the most, Currents is a reliable source of financial certainty.
How can I join the Current?
There are 2 ways to join the Current. One as a business or solopreneur who offers goods or/and services. The second as an employee of a company that accepts/spends Currents. Visit https://hudsonvalleycurrent.org/join-us/ to sign up. Once you’ve signed up, our Membership Engagement Lead will walk you through all the subsequent steps to become an active member and answer any questions you may have.
How much does it cost to join the Current?
There is no cost associated with signing up or being a part of the Current.
Are you saying I should ditch the USD and live on Currents?
Not every expense can be covered in currents, such as taxes and insurance. So it would not be possible to live only on currents. Currents are meant to be used to strengthen our local businesses and economy but are NOT meant to replace dollars.
Is this legal?
Yes, the Current is officially recognized by local, state and federal governments, the IRS, and the Department of the Treasury.
How does this compare to the US Dollars (USD)?
Currents and dollars have the same value, however using currents guarantees that the wealth remains local, and in your community. Currents cannot be exchanged for dollars and vice versa.
What is the “line of trust”?
Every Current Business Member is given a ~300 Line of Trust, designed to ensure you are supported in times of need. It is there to help you begin to engage with other Current Members.
Isn’t the “line a trust” a way for me to just get into more debt?
This line of credit is interest-free, so no. However, as a member you are required to bring your balance back to zero prior to closing any account.
Will I be taxed on Currents?
Yes, Currents are a federally recognized currency and are taxed just like USD.
How does a business pay and report taxes on Currents?
The Current is accounted for and taxed in the same way as USD. Keep track of your Currents as you do your dollars and the IRS expects you to pay taxes in USD on all Currents earned. In order to decrease the amount owed, business members of the Current may offset business expenses against gross income. Members are responsible for issuing and receiving 1099s as necessary or required.
Is there some version of local currency FDIC insurance like my bank has to protect my money?
The Current is ensured with policies that cover issues of liability and covering mea culpa issues.
My bookkeeper says NO to Currents! What do I do?
Currents are about 7 years old while the USD is over 240 years old so it’s no mystery why your bookkeeper is reticent to work with them. For this reason, we do training for bookkeepers to walk them through the process of book.
Can I pay my employees in Currents?
Absolutely! This is one of the amazing ways to continue strengthening our local economy. As a reminder, all Currents earned by businesses or individuals are taxable income.
What are you doing to be inclusive of black and brown businesses?
There are multiple black-owned businesses at this time accepting Currents for their products or services.