As foundations and philanthropists struggle to figure how to best respond to the economic crisis, one philanthropy adviser says, “keep your powder dry.”

Richard Marker, a donor consultant in New York, says donors can play an immediate role, but should also consider taking a slow approach to the financial meltdown.

“We have learned from the experience with ‘disaster funding’ that there is merit in not being the first funding responders. Many unanticipated needs arise, or needs which are more fine tuned, 6 months, 1 year, even 2 years after,” he writes on his blog, Wise Philanthropy. “After all, no funder alone can solve this financial and societal mess so one needn’t feel guilty if one waits.”

He suggests that donors continue to support innovative ideas; consider assisting arts and cultural institutions and other non-social services; examine your missions during the crisis, but do not necessarily abandon them; and think long-term.

“These points are not to downplay the implication of diminished assets, the surge of legitimate human need, and the leadership role which private philanthropy can play,” he writes. “But it is also important to remember that one of the arguments for private philanthropy is that it, and only it, can maintain a long view when others are pressed to see only today.”

Read The Chronicle’s article about how foundations are assisting their grant recipients during the downturn. (A short-term pass or subscription is required to read the article.)

What do you think of Mr. Marker’s ideas? What do you think foundations and individuals should do during the economic downturn? Click on the comments button to share your views.