According to About.com:

Why Composting is Important:

"There are actually a few different reasons composting is good, and it’s good for just about everyone. Adults feel good because they are limiting their daily impact on the environment, children can learn about nature’s processes and develop a respect for the planet, and the whole world will be living better with less waste added to landfills each day.

By the Numbers:

"You can rest assured that the planet will slowly become a better place to live as individuals begin and continue to recycle their food and yard waste. If you want proof, the numbers don’t lie. Just consider some of the statistics the EPA has released concerning home composting:

* In 2006, US residents, businesses, and institutions produced more than 251 million tons of public solid waste, which is approximately 4.6 pounds of waste per person per day.

* Before recycling, yard trimmings and food scraps totaled 25%, or 63.5 million tons, of the United States’ yearly waste in 2006.

* In 2006, 32.5% of yard and food waste was recovered for recycling or composting, while 12.5% was burned at combustion facilities, and 55% ended up in landfills.

* In 2006, the national recycling rate of 32.5 percent (or 82 million tons) of organic waste prevented the release of approximately 49.7 million metric tons of carbon into the air—about the same amount emitted annually by 39 million cars!"
Source(s):
http://greenliving.about.com/od/gardenlandscaping/a/Composting101_2.htm

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I don't know about the "community", because compost materials break down pretty easily whether or not they are in a landfill.

However, if you have a lawn or a garden and don't compost your really being short sighted. If you take all your lawn clippings, leaves, and food waste(Minus meat, you can do meat but it stinks and brings in critters.) you can probably skip buying any fertilizer you may have needed for your lawn or garden.

By not using chemical fertilizers you avoid it running of and damaging the ecosystem.

Good Luck with your answers!
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