New York, NY —
The financial crisis is likely to have a direct impact on many of the city's nonprofits, which rely on corporate gifts. Fran Barrett is the executive director of Community Resource Exchange, which works with hundreds of nonprofits, including soup kitchens and housing programs. She says the economic downturn will create a great demand for social services, just as nonprofits have to lay off their own employees.
BARRETT: We've got all this talent and ability to help, and it's just so frustrating that there are people out there who need our help, but the nonprofit sector will be limping along because it won't be able to sustain itself.
REPORTER: Barrett says there are about 20,000 nonprofits in the city, and they employ more people than finance, insurance and real estate combined.