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This study quantifies the tangible, economic benefits of a nongovernmental organization's social forestry project to local people and analyzes the potential return from this investment in natural capital. The analysis was conducted in the Kumaun hill region of Uttaranchal, India, using participatory rapid appraisal, household survey, avoided cost method, and present value investment analysis. The annual value (based on the ecosystem service of goods provision) of the forest resource to local people was estimated at 903,337 rupees, and the total return on 8 years of investment through 2021 was projected to be 883%. Quantitative and qualitative results show that social forestry is a solid investment in natural and human capital. Overall, this study serves as one example of how ecosystem service valuation can be employed to achieve conservation and development goals. [ABSTRACT FROM AUTHOR]