What term is used to describe when a person dedicates their time to assist others without financial compensation?

The term that best describes when a person dedicates their time to assist others without financial compensation is volunteering. Volunteering specifically refers to the act of offering one's time and skills to help others, typically in a community setting, without expectation of payment. This can occur in various contexts, such as working at a food bank, participating in community clean-up events, or assisting in local charities.

Community service, while related, often has a formal requirement or component tied to educational institutions or legal obligations, rather than being purely about voluntary assistance. Charity work is a broader term that encompasses activities aimed at providing help to those in need, but it may sometimes involve paid positions or organized fundraising efforts. Philanthropy usually refers to larger-scale charitable giving or actions, often by individuals or organizations, focusing on long-term social change rather than direct, hands-on volunteer activity. Thus, volunteering is the most accurate term for the scenario given in the question.