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The Monetary Value of Volunteer Time
Determining an economic value to assign to volunteer time is getting more and more attention.
- Website for monetary
value in the US - Independent Sector. Most current figure (announced in 2012 for 2011): $21.79/hour
for monetary value in the UK -
- Material on valuing volunteering in the Australasian region on the OzVPM site - http://www.ozvpm.com/resourcebank/resource_monetaryvalue.htm
Articles and reports on this topic
- "Assigning Economic Value to Volunteer Activity: Eight Tools for Efficient Program Management" - 2002 guide from Nonprofits Canada (24-pg PDF)
- The Cost of a Volunteer: 2003 report by the Grantmaker Forum on Community and National Service reveals the level of infrastructure neccessary for an organization to effectively involve volunteers (24-pg PDF)
- Directory of Social Change (UK), February 2011 "Quick Survey Analysis" on the question: Which would most benefit your organisation, a £10,000 cash donation or an equivalent value in volunteers (or volunteer hours)? -- 91% chose the cash.
- The Dollar Value of Volunteer Time, by Susan J. Ellis
- A Note On Assessing Value, from BEST OF ALL: The Quick Reference Guide To Effective Volunteer Involvement by Linda Graff (2005) -[ Important points! ]
Time Is Money: How to Measure the Value of Volunteers, by Diane Knoepke, Chroncile of Philanthropy (2013).
- Tracking Volunteer Time to Boost Your Bottom Line: A Complete Accounting Guide, by Dennis Walsh for Blue Avocado (2011).
- "The Value of Volunteering" by Arden Brummell, Past Chair, Volunteer Calgary
Web sites related to this topic
Economic Impact Of Volunteers Calculator created by the Points of Light Foundation estimates the appropriate wage rate for volunteer time based on what the person does and the value of specific tasks according to market conditions as reported by the US Department of Labor. A starting point for organizations to determine the value of the time their volunteers give doing a wide variety of volunteer jobs.
The Economic Value of Volunteering
The European Volunteer Centre's compilation of efforts in Europe to measure the economic impact of volunteering.
Value Volunteer Management
2010 initiative of Volunteering England to advocate for the importance of "investing in volunteering."
Online training for individuals, organizations or corporations to work successfully with volunteers. Learn more