In 2008, our employees donated nearly 92,000 hours of volunteer service. We support these activities with grants for the non-profit organizations or schools where our employees volunteer through our "AEP Connects" program. These grants totaled $122,250 in 2008. Our employees' contribution represents a direct economic value of more than $1.7 million (using the Independent Sector estimated value of volunteer time of $19.50 per hour) and an indirect contribution of much more.
In addition to serving local non-profit organizations, many AEP employees respond voluntarily to local community disasters such as ice storms, floods, hurricanes, tornados or other events. AEP Ohio partnered with the American Red Cross of Greater Columbus in 2008 to support its "Ready When the Time Comes" program that maintains a network of well-trained volunteers who can mobilize quickly in response to a disaster. More than
100 employees have undergone training.
To assist our own employees who have been adversely affected by a disaster, we support an AEP Emergency Disaster Relief Fund that grants up to $3,000 to each employee or retiree to provide food, shelter and other basic needs. In 2008, AEP employees generously gave approximately $140,000 through payroll deductions and special giving to this fund, which is administered by the Salvation Army.
AEP has a significant impact on the economic vitality of the communities we serve — from providing electric service to retaining and creating jobs to paying millions of dollars in federal, state and local taxes. Our impact is magnified by our economic development teams that partner with local, regional and state organizations to recruit and retain local businesses. The teams help to simplify the business site selection process by coordinating and providing information that businesses need about electricity costs, service availability and local infrastructure issues. In 2008, we contributed $1.2 million in economic development grants and contributions and assisted more than 360 organizations. In recognition of these efforts, AEP was named one of the top utilities in the nation in economic development by Site Selection magazine.
Some of our operating companies provide grants to local and regional economic development organizations. AEP Ohio's Economic Grant Assistance Program provides financial grants to projects that retain and create manufacturing investment and jobs. During 2008, the program provided $59,000 to 20 organizations, which in turn will support the creation of an estimated 3,200 local jobs.
Other major economic development projects in 2008 included the development of a handbook by the Public Service Company of Oklahoma to assist communities with creating economic development Web sites as a marketing tool. AEP Texas continued to facilitate and fund Economic Development Summits to bring elected officials and key community stakeholders together with state and federal agencies. Many of the communities attending these events have gone on to receive thousands of state and federal dollars as grants or low-interest loans. AEP also became a major sponsor of the International Economic Development Council's Climate Prosperity Handbook that is designed to help communities pursue sustainable development and respond to climate change.
