New York charities, long dependent on steady donations from New Yorkers who earn big salaries on Wall Street, are starting to feel the strain of the uncertain economic times, reports the Los Angeles Times.

The collapse of Bear Stearns, for example, is causing the charity Citymeals-on-Wheels to look elsewhere for the half million dollars in support it counted on last year from Bear Stearns employees, the paper reports. At the same time, the demand for assistance from such charities is on the rise.

Michael Nilsen, spokesman for the Association of Fundraising Professionals, tells the Times it is too early to know exactly how the economic downturn will affect donations. “There’s definitely a sense, particularly in the first quarter of this year, that [fundraising] is going to be challenging,” he says.

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