N.Y. theater fears economic fallout

NEW YORK -- To protect the Atlantic Theater Company’s budget against the turbulent U.S. economy, Managing Director Andrew Hamingson has asked some board members to write donation checks earlier than they planned.

The Manhattan theater that produced last year’s Broadway hit “Spring Awakening” isn’t having cash flow problems, but Hamingson said in a phone interview that he is being vigilant in case gifts decline in number or are delayed.

Other cultural nonprofits that rely on funding from Wall Street firms, corporations and wealthy individuals are just as worried as the U.S. stock market continues to slide and the Federal Reserve tries to ward off recession.

Cultural organizations said they are searching for new donors, convincing major supporters to contribute more, cutting costs and diversifying investment portfolios to protect their endowments.