Charities are concerned that the recent downturn on Wall Street may have a negative impact on fund raising, reports The New York Sun.

How big the impact will be won’t be known until the end of the year. But some charity experts say a decrease is likely. Richard Jolly, chairman of the GivingUSA Foundation, says, “If the current volatility were to continue or if the markets were over the course of the year or end of the year to be in a down position, philanthropic giving is going to react in a similar way.”

He adds: “What we’re likely to see is an overall decline with some exceptions at organizations where the need is well articulated.”

Some charities are gearing up for such a decline by diversifying investments and keeping lists of their most loyal donors. Grant makers are increasing the amount of their grants to nonprofit organizations to help them cope with losses in individual giving.

Still, fund raisers are worried. Says Naomi Levine, the executive director of New York University’s George Heyman Center for Philanthropy and Fundraising: “I would follow the market and I would try to persuade myself that it’s going to settle and it will be all right. But at night when I go to sleep, I’d be worrying.”