Volunteers are more valuable to your nonprofit than ever before—literally and figuratively. The Independent Sector has updated their estimated dollar value of volunteer time to an average of $20.25 per hour for 2008 ($19.29 for Michigan).
Keep track of volunteer hours and multiply them by $19.29 to learn the value of volunteer labor to your organization. Include the value as part of in-kind contributions in your budget. And, consider what it would cost your NP in real dollars should you need to purchase the services and expertise your volunteers currently provide.
Value of Volunteer Time