You should use the market value of those contributed services. Try to avoid using minimum or median wage as those figures undervalue most volunteer roles. You may want to meet with a Human Resource professional in your organization or community to determine the going market value of the services that are provided to your organization. In putting a value on volunteer jobs, you want that value to reflect what that service would cost if it was being purchased, either as a service or hourly wage. If you are basing your volunteer job value on a wage comparison, don't forget to include in that figure the costs of fringe benefits.
Employees cost an organization more than their gross wages.
No. 116 will take effect for fiscal years beginning after December 15, 1994. Your organization can put volunteer service on its financial statements sooner. Don't wait until the gathering of this required information becomes a problem. Be prepared to manage these new volunteer reporting statistics. Talk to your administration about computerizing your volunteer records.