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The BGCA Team is committed to maintaining the integrity of the BNote, and each of us takes this responsibility very seriously.

Backing Funds
First series (2011) BNotes are backed by the U.S. dollar, and every dollar exchanged for BNotes is deposited into an account at a small, local bank specifically set up for this purpose and discrete from our operational account. No money has ever been released from this backing fund, and our reserve rate – the percentage of BNotes in circulation that are backed by money in this account – exceeds 95%. Reserve rates at dollar-based banks are much lower, ranging from an already low 10% (one dollar on account for every ten in circulation) for the largest institutions down to 0% for institutions with less than $10.7 Million in transaction (checking) accounts. That’s right, the smallest banks are not even required to keep on hand any of the money they say they have. We are keeping as near as is practical to full, 100% backing for this system, to ensure that anyone requiring dollars for their BNotes can exchange freely at any time.

Unbacked BNotes
Part of the current circulation consists of BNotes that have been issued by BGCA as awards in our 2010 Design Contest, Kickstarter rewards issued in March 2011 as we raised money to print the first series, and ones presented ceremonially to notable figures such as our designer Richard Winchell and Mayor Stephanie Rawlings-Blake or given out at events. The number of unbacked BNotes represents the difference between the number of notes supported by the backing fund and the total number of notes issued to date.

Current Financial Information as of February 18th, 2015:
$ 28,961  cash on account, including dollars held at cambios for exchange
31,857  backed BNotes in circulation (backed by cash on account at BN11 per $10)
………795  unbacked BNotes in circulation
32,652  total BNote circulation

Operational Funds
The money that BGCA uses to hold events, print promotional and merchant materials, and pay for administrative expenses comes from grants, donations, and the sale of BGCA merchandise. Fusion Partnerships, our non-profit Sponsor, holds these funds and only releases them to pay approved and invoiced BGCA expenses.

Looking Forward
Any local currency needs to both enable the basic commerce that supports its community and provide a stable store of value. As the BNote network grows, our system dynamics and stewardship will continue to evolve in order to carry out these coexisting imperatives.