KOFPI(Korea Forestry Promotion Institute) is a quasi-governmental organization recognized for its excellent management performance and is recognized as an excellent example of innovation in public institutions. Based on its excellent management performance, it has obtained the comprehensive grade A for 7 consecutive years from 2015 to 2021 in the management evaluation of public institutions by the Ministry of Economy and Finance. In addition, it is evaluated as an exemplary case of public institutions as it is producing tangible results through various activities in terms of social value creation as well as economic performance. Therefore, this study examined how quasi-governmental organizations are building a social value promotion system to increase community benefits throughout society by examining the process of developing social value indicators of KOFPI. To develop social value indicators, KOFPI established a definition of social value suitable for the nature of the institution and set a promotion direction. Then, it reviewed domestic and international related regulations, identified internal stakeholder needs, benchmarked other institutions, and diagnosed internal social value levels. Through this process, strategic tasks were derived for each social value priority promotion area, and social value indicators were developed to accurately grasp the current status of social value activities. In addition, to quantitatively show the social value created, it was converted into monetary value. In this process, careful attention was paid step by step to reconcile the institutional strengths with the general requirements of social value activities. KOFPI's systematic development process for developing social value indicators could be a useful example for supplementing and developing efforts to measure social values for other institutions and related researchers making similar efforts.