The last thing on volunteers’ minds as they donate their time is money, but there is no denying the financial value that millions of volunteers provide to the organizations they help.
According to the Corporation for National and Community Service, nearly 63 million Americans who volunteered gave 7.7 billion hours of volunteer service in 2013 (the most recent year for which statistics are available).
That time was worth $173 billion to the organizations those volunteers worked with.
If forced to pay for what volunteers provide free, many charities would fold, negatively affecting the millions of people who rely on nonprofit organizations to provide services they sorely need.
But volunteering their time is not the only way volunteers have a financial impact on charitable organizations.
The CNCS notes that men and women who volunteer are twice as likely to donate to charities as nonvolunteers.
In 2013, 79.2 percent of volunteers also donated their money to charities, while just 40.4 percent of nonvolunteers made financial contributions to charities.
So while money is not foremost on the minds of volunteers as they lend their hands to nonprofit organizations or other charitable endeavors, their selflessness plays a crucial role in improving their communities and helping organizations that do so much good, to stay afloat.