Impact measurement for social enterprises: Social return on investment and subjective well-being valuation in the United States

Effective impact measurement is critical for social enterprises seeking to allocate resources and funding toward products and services that advance social justice. Yet many small, underresourced, or early-stage organizations struggle to quantify their impact, especially when it comes to intangible outcomes like well-being. Unlike some countries, the United States lacks standardized tools to consistently value well-being, making it harder to capture the full scope of social impact. This study responds to that gap by introducing U.S.-specific well-being valuations using the Wellbeing-Adjusted Life Year (WELLBY) framework and nationally representative data. The results offer actionable guidance for practitioners, policy makers, and funders seeking to include subjective well-being in impact analysis, funding, and decision-making processes to bring U.S. practices closer in line with global standards. This is the first U.S. study to use WELLBY, equipping social enterprises with tools to incorporate intangible well-being outcomes into impact measurement and aligning U.S. practices with international standards.