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Today's Value of Volunteer Time
Independent Sector announces that the 2004 estimate for the value of a volunteer hour has reached $17.55 per hour. This is a tool that can be used to help organizations quantify the enormous value volunteers provide. This year's estimate increased from $17.19 per hour in 2003.
Nationally Independent Sector estimates in 2004 the total value of hours volunteered was equivalent to approximately $272 billion of contributed service, 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 Diana Aviv, president and CEO of Independent Sector. "Nevertheless, this yearly estimate helps us all focus on the enormous contribution of our nation's volunteer corps."
The hourly value of volunteer time is based on the average hourly wage for all non-management, nonagriculture workers as determined by the Bureau of Labor Statistics, with a 12% increase to estimate for fringe benefits.
Article reprinted from Independent Sector, a nonprofit, nonpartisan coalition of approximately 500 national organizations, foundations, and corporate philanthropy programs, collectively representing tens of thousands of charitable groups in every state across the nation. Its mission is to advance the common good by leading, strengthening, and mobilizing the independent sector.
More Information on Volunteers
Finding Volunteers. This Indiana Arts Commission Resource Links to different state and national websites for finding and maintaining your volunteers.
A historical look at volunteering and its estimated dollar value. According to the Financial Accounting Standards Board, the value of volunteer services can also be used on financial statements - including statements for internal and external purposes, grant proposals, and annual reports - only if a volunteer is performing a specialized skill for a nonprofit.
Edited by Robyn Kelly, Web Publications Manager: rkelly@iac.in.gov.
The IAC, a public catalyst, partner, and investor in the arts, serves the citizens of Indiana by funding, promoting, and expanding the arts. Funding is provided by the State of Indiana and the National Endowment for the Arts.
April 1 - IAP Advisory Panel (Music)
April 3 - IAP Grant Advisory Panel (Crafts)
April 4 - Regional Arts Partners - Regional Block Grant Meeting
April 11 - Regional Arts Partners - Quarterly Reports Due