As Wall Street Falters, Charities Seek Donors Elsewhere

Charities that traditionally find financial support from Wall Street investors, corporations, and law firms in New York are adopting a cautious attitude in response to the economic downturn, reports The New York Times.

Those charities with strong ties to the hard-hit financial industry are particularly vulnerable and are now seeking new donors as well as applying pressure to long-term supporters.

While Manhattan philanthropy has been booming over the last decade, the outlook is now decidedly more gloomy across the board.

“Corporations are cutting back because they don’t know how the rest of the year will play out, and they are nervous,” said Stephanie Astic, who organizes fund-raising events in New York.

For a series of articles on dealing with the economy’s turmoil, see “Bracing for Tough Times,” a special report from The Chronicle of Philanthropy.