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Scott Jagow: The subprime mess is spilling over everywhere. Case in point: the non-profit world. Ashley Milne-Tyte has more.

Ashley Milne-Tyte: It’s too early for non-profits to see a direct impact from the turmoil in the markets, but Stacey Palmer, editor of the Chronicle of Philanthropy says whenever there’s economic uncertainty, people reassess how to spend their discretionary income.

And year-end is coming up fast.

Stacey Palmer: The last quarter of the year is when most charities do their serious fundraising and most donors think about giving away a lot of money, so the timing of this is what has many non-profits especially worried, because what’s gonna come in the months ahead could be pretty grim.

Palmer says the smaller a non-profit is, the less likely it is to have a cushion of cash to fall back on.

But large institutions like museums and universities also have cause to worry: They receive plenty of funding from people who’ve made money in the stock market.

This summer’s market malaise has taken a big bite out of many investors’ portfolios. She says non-profits are just hoping this downturn doesn’t turn into anything bigger.

I’m Ashley Milne-Tyte for Marketplace.