In this study, the effectiveness of social welfare spending was measured using the Social Return on Investment (SROI) analysis, a method developed in 2000 by the Roberts Enterprise Development Fund (REDF), a social enterprise investment foundation in the United States. This method is widely used among social impact investors in the United States and Europe, particularly in the UK. The study focused on calculating the SROI for the expansion of public daycare centers, a project funded by national subsidies in the social welfare sector. The analysis revealed that the SROI for the public daycare center expansion project was 1.32 KRW for every 1 KRW invested. This value does not merely represent money but signifies the value expressed in monetary terms. In other words, the value of the public daycare center expansion project is greater than 1, indicating that it holds significant social value.