Binc’s Qualifying Events Explained

A qualifying event can often be easily explained. It’s easy to understand how a serious medical could create an overwhelming financial hardship for a bookseller. Some of the other qualifying events are more complex. In a series of blog posts (with accompanying downloadable posters) we will dig deeper into a number of qualifying events to explore the many ways Binc can help booksellers in times of need.

Loss of Household Income Downloadable Poster

Loss of Household Income

Easily the most complex of Binc’s qualifying events is the Loss of Household Income category. This category encompasses a variety of personal events that can lead to household financial hardship, preventing the bookseller from being able to pay essential expenses. Let’s explore examples of unexpected situations that could lead a bookseller to apply for assistance under Loss of Household Income.Childcare or Eldercare

  • A bookseller is the parent or legal guardian of a child or the primary caregiver for a parent or relative in their household.
  • An emergency need arose for child or elder care (i.e. weather-related school closing, illness of child or elder).
  • 50% or more of the bookseller’s scheduled weekly income was lost due to the emergency.

Death in the household

  • A bookseller experiences the sudden death of a wage earner residing in their household.

Disability

  • The bookseller or another wage earner in the household experiences illness or injury that requires them to be off work for a prolonged period of time.

Disruption of business

  • A store is forced to close unexpectedly due to disaster or severe weather.
  • 50% or more of the bookseller’s scheduled weekly income was lost due to the emergency.

Divorce or separation

  • A bookseller’s spouse or partner leaves the household and does not provide financial support due to divorce or separation.
  • A bookseller experiences the loss of court-mandated child support.
  • In some circumstances, the unexpected loss of a roommate can qualify for assistance.

Job loss of partner or spouse

  • A bookseller’s spouse or partner loses their job through no fault of their own.
  • The bookseller has a second job and it is lost through no fault of their own.
    • The loss of a bookseller’s job at the bookstore does not qualify.

For any application to the Binc Foundation the following criteria apply:

  • The declared loss of income must cause the bookseller to be financially unable to pay essential household expenses.
  • In many instances, up to three months essential expenses may be provided if there is sufficient evidence that financial equilibrium can be achieved during that time.

If you are still wondering if your circumstances apply – call or email. Binc 866-733-9064 or help@bincfoundation.org

Shop Local Live Local ALL YEAR LONG

Remember last year’s Shop Local Live Local campaign, where AdventureKEEN supported booksellers across the country by donating all of their profits from the month of June to Binc? We do! Because of AdventureKEEN’s donation, we were able to help four booksellers through one of the most trying years in the foundation’s history.

Richard from AdventureKEEN joined then-supporter-now-board-member Chuck Robinson on Chuck’s Big Ride Redux to personally deliver the funds AdventureKEEN raised with the original Shop Local Live Local Campaign.

After the rousing success of Shop Local Live Local, AdventureKEEN is once again stepping up to help booksellers thrive. For 2018, AdventureKEEN is taking the Shop Local Live Local spirit and spreading it across the year with SHOP LOCAL LIVE LOCAL ALL YEAR LONG. This new campaign means AdventureKEEN is offering a three percent rebate to stores and a matching three percent donation to Binc based on 2018 purchases of all AdventureKEEN titles via PGW/IPS

One of the best parts about this offer is that AdventureKEEN is willing to count all sales from the beginning of 2018, but only for those store that sign up for the program before March 31, which is why we are taking to our humble blog in the hopes of getting the word out before it is too late.

If you’re not familiar with AdventureKEEN’s offerings, they make a great addition to your Local Interest section. AdventureKEEN provides region and state-specific titles to help people get the most out of the outdoors in their community, from hiking, stargazing and birdwatching guides to books to inspire a love of nature in young readers. Shop Local Live Local began with the idea of encouraging people to foster a deeper connection to their community through their local bookstore as well as their local parks, trails and backyards: we’re so excited to see it expand to a year-round mission.

Chuck’s Ride interview with Stirling Books and Brew

 

Chuck Robinson, of Village Books and Paper Dreams, and Richard Hunt, of AdventureKEEN, recently visited Staci and Jim Stuart, owners of Stirling Books & Brew in Albion, MI. They stopped to talk about how Binc and the Albion community came to Jim and Staci’s aid after Staci suffered a spinal injury just days before the store was set to open. You can join Chuck and Richard in supporting Binc, click here. You can also join in helping Staci with her recovery here.

 

 

Helping booksellers after the unexpected from Binc Foundation on Vimeo.

Carla Gray Memorial Scholarship Announced

Please join us in launching a new fund to support emerging booksellers and their efforts in community building, in honor of Carla Gray.

The Carla Gray Memorial Scholarship for Emerging Bookseller-Activists will be managed by the Book Industry Charitable (Binc) Foundation.

Carla Gray believed that books could change people and that people change the world. This memorial fund in her honor connects on both fronts, at the intersection of books and activism.

The Carla Gray Memorial Scholarship will be given annually to a single bookseller with fewer than five years of experience, working at a store with less than $500k in revenue. The bookseller will be given a scholarship for professional development, including attendance at a key industry trade show, one of Carla’s favorite activities. The bookseller will have the opportunity to connect with booksellers, publishers, and authors and to establish the kind of long-term relationships Carla held dear and that keep this business thriving. The bookseller will also be given a stipend (amount TBD) to support a community outreach project of his/her own creation. This scholarship and its recipients will celebrate and honor Carla’s boundless enthusiasm for the books themselves, her delight in pairing the right book with the right reader, and her faith in the bookselling community.

We are grateful to Binc for helping to commemorate our beloved friend and book champion. We are looking forward to refining the range of the award once we have a base fund established.”

Hannah Harlow, Jenna Johnson, and MaryBeth Long
Friends of the Extraordinary Carla Gray

Additional information can be found at Shelf Awareness, Publishers Weekly, and Legacy.com.

Contributions can be made here.

 

Guest Blog – Squirrel and Nest Financial Counselling: Tracking Your Spending

 

Squirrel and Nest Financial Counselling has teamed up with Binc Foundation to present ways for booksellers to build a foundation of financial literacy and move towards financial stability at any pay rate. In part two, the series continues with a discussion about how and why you should track what you spend.

If personal finance has a golden rule, it’s this: spend less than you make. If you can only follow one piece of financial advice, that’s the one. Yet, for however simple that advice seems, most people don’t actually follow it. If you’re not, you’re borrowing money and paying compound interest on the amount you borrowed. For some purchases that may make sense, like a mortgage on a house. Entering into debt should be done – if done at all – intentionally and in an informed manner. But that’s not what’s going on when we spend beyond our income, and with easy access to credit it takes no effort to do so.

How then do you begin to follow this golden rule? Track what you spend. You need to know – and understand – where your money is going and how you are using it.

This can be frightening and intimidating. We are taught to attach value to finances akin to “having money is good, and not having money is bad.” With this mentality, people in financial difficulty often judge themselves and enter a self-defeating loop. If you give into your inner negative, judging voice, you won’t be able to see your financial situation with honesty and clarity to be able to make the changes you want. The challenge you face is to detach yourself from this judgment. Cultivate an objective mind when you look at your money. This is the essential in developing a healthy financial perspective.

To track your spending, you really need to record every monetary transaction you make. This includes money coming in (paychecks, loans you take out) and going out (purchases, rent, debt repayment, etc). I personally prefer to do this manually by keeping a pen-and-paper record of all transactions in a blank book or journal. If you’re more technologically inclined, or if technology will get you to stick with your tracking exercise, use a spreadsheet. By manually entering every transaction, you are connecting with, and understanding, your money and the habits you’ve developed surrounding its use. You can tally it either as you spend or receive money, or you can keep your receipts and enter them at the end of each day, but you have to do this consistently. By each day’s end, you should know exactly how much money you have and where every cent that has gone.

If manual entry seems daunting, consider a bookkeeping app like Mint.com. This website and phone app allows you to link your bank accounts, credit cards and loans, and will let you track all of your income and spending automatically. You still have to do some work as it doesn’t always categorize transactions correctly, so you still have to go in and categorize your expenses, but you no longer need to manually enter each purchase you make. Some people find this a much easier and better system. Just keep in mind you are losing out on the advantages of writing this information down, including the immediate and very real connection to your spending habits.

After a month of this practice, you will develop a sense of what you have been doing with your money during the course of a month. Separate purchases into common categories like groceries, housing, entertainment, eating out, debt payments, books, etc. Figure out how much you’ve spent in each category and total the amounts. (Pro tip: Keep separate categories for groceries and eating/drinking out.)

At the end of the month, ask: Did you spend more or less than you made that month? What spending habits do you see when you look at these categories and receipts? Does this reflect your values / Is this how you want to spend your money? In compiling this information, you’ve created a budget template, which means you have a rough idea about what you spend in a month and can project your future spending needs. More than that, once you know how you’re using your money, you’re in a position to make conscious changes about your spending habits.

Other tools that may help you track your money include cash envelopes (more on that in this blog post), keeping a consumer spending journal, or other forms of creative journal tracking. The trick is to find the approach that works for you. Keep that in mind as you begin. Try as many different ways of tracking your money as you can and see what actually works for you. There’s a solution out there for you. You just have to be willing to try a few options.

Budgets and spending plans succeed when they are flexible. You know this already, but life can be unpredictable. You’ll find items in your expenditures that you weren’t expecting. Don’t let this throw you off course. Those exceptions happen, and as you do this month after month, you’ll come to find that they happen nearly every month in one way or another. Maybe it’s a birthday party you were invited to attend, or perhaps your car needed a repair. As you become more proficient at budgeting, add a category for those surprise expenses. Every month can be “exceptional,” but that doesn’t mean you can’t be prepared for it.

A few final points… Be sure to budget a line for savings, including building an emergency fund (Check out part one in this series to learn more about emergency funds). Building an emergency fund will keep an unexpected expense from turning into a disaster. And don’t forget to give yourself a set allowance for fun spending money that is not to be exceeded. Any budget plan with nothing set aside for fun is a plan for failure.

Make a plan, stick to it, and keep moving forward. You can do this!

(If you’re interested in seeing the startling amount of debt Americans rack up, the Federal Reserve publishes quarterly statistics about it. If you would like a meaningful discussion of debt, NerdWallet offers an accessible analysis on household debt and what it means.)

If you have any questions, feel free to email Justus Joseph at Squirrel and Nest.

If you are or know a bookseller in need of financial assistance, contact Binc at help@bincfoundation.org.