Value of volunteer time

Posted by on April 15, 2005

[emailed 3/30/2005]

The Philanthropy News Digest reported the following:
Independent Sector (<a href="http://independentsector.org/">http://independentsector.org/</a>) has announced that the value of volunteer time has reached $17.55, up 36 cents from a year earlier.

The hourly value, updated yearly, is based on the average hourly earnings of all non-agricultural workers as determined by the Bureau of Labor Statistics. To arrive at its figure, Independent Sector took the BLS number and increased it by 12% to estimate for fringe benefits. Nationally, IS estimates the total value of hours volunteered in 2004 was equivalent to approximately $272 billion of contributed services, assuming the total number of volunteer hours held constant from previous years.

"No number can adequately capture the true value volunteers bring to so many causes and communities across this country," said IS president and CEO Diana Aviv. "Nevertheless, this yearly estimate helps us all focus on the enormous contribution of our nation’s volunteer corps."