Catholic agencies cautiously prepare for economic future

WASHINGTON (CNS)—Officials at Catholic aid agencies said it is too early to tell how the shaky economy will affect their donations and investments and noted they are cautiously preparing for the future. John F. Galbraith, president and chief executive officer of the New York-based Catholic Medical Mission Board, said nonprofit organizations tend to react more slowly to market punches than other sectors of the economy. Although “it is premature to look at our results (of donation revenue) in the past two months,” he told Catholic News Service Sept. 30, the board has “to be prudent at this point in time.” “The psychology of the stock market is just as important as the reality of the stock market; if people think they have less money we have to prepare for it—that they will give less money,” Galbraith said. “If they are on a fixed income, they will be much more diligent. We’re not going to lose them (as donors), but they will be more careful of how they allocate that portion of money they can afford to be charitable with.”