The Wall Street economic crisis will probably hit charities in New York and Boston hard, reports The Wall Street Journal and The Boston Globe.

New York nonprofit groups particularly rely on the financial industry, the Journal notes, while institutions with endowments are also expected to take a big hit to their investment portfolios, reports the Globe.

Also: Fund raisers at business schools expect gifts of $1,000 or less to decline due to the downturn in the economy, reports The Financial Times. Most business-school fund raisers say that large capital gifts of more than $100,000 will probably be unaffected.

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