One month ago, when we began to ask Squareholders to move the money in their CSC accounts, we didn’t know how many of the 5,200 folks with active balances would still be thinking about CSC. Or if they remembered who we were! And we certainly didn’t know what—if anything—they would do if we asked them to activate their balance.
To date, nearly 16% of Squareholders have withdrawn or donated their money, or told us they’re intentionally waiting until new campaigns come online to redeploy those funds.
You might think we’d prefer to get donations, and you are correct that they are helpful in this particular moment. However, a larger truth is that inherent in CSC’s mission is our desire to help people’s money move.
If that means moving money out of our system and back into a community, we think this is a great outcome! Because, as we like to say at CSC: money moves in the direction of life.
As we like to say at CSC: money moves in the direction of life.
Instead of representing objects or a balance in an account, we think money most elegantly represents the movement of energy; a dynamic expression of what we as individuals value. This sounds pretty lofty, but there are concrete metrics that illustrate this idea. For example, multiple studies show that a single dollar spent with a local independent business generates two to four times as much wealth as expressed in jobs and income for the community than the same dollar spent with a national chain.
So we are really excited about the movement of ~$94,000 from static account balances back to where they are a dynamic expressions of values. The beauty of community finance is that money “spent” is just energy in motion, and that the act of moving it will always serve to multiply its power.