The value of a volunteer hour has reached $17.55 per hour, up from $17.19 per hour in 2003, according to Independent Sector. This is a tool that can be used to help organizations quantify the enormous value volunteers provide.

Independent Sector estimates in 2004 the total value of hours volunteered nationally 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 percent increase to estimate for fringe benefits.