Assessing the Return on Investment in Watershed Conservation applies a return on investment (ROI) framework to a watershed conservation project in Santa Catarina, Brazil. The framework involves quantification of the relationships between 1) intervention, 2) ecosystem structure, 3) ecosystem function, 4) ecosystem service, 5) benefit, and 6) values and program cost. The report illustrates that restoring source watersheds is a cost-effective way to reduce drinking water treatment costs, improve water supply resilience, and protect biodiversity. The ecosystem services quantified in the study include sediment concentrations at water treatment intake, which when reduced can lead to avoided peak season water loss, avoided use of chemicals, avoided dry sludge landfilling, and avoided pumping. The report also includes costs for landowner engagement and interventions, as well as land rentals.