It couldn’t have come at a worse time. Public broadcasters were scheduling or into their pledge drives; service organizations, libraries and museums were planning their holiday and year-end direct mail campaigns; candidates were out looking for that last influx of cash before Election Day.

The credit crunch and resulting financial crisis has devalued people’s homes and their 401(k)s. And the resulting economic morass has put a lot of good people out of work.

These problems must certainly affect philanthropy. How much remains to be seen. It will be a product of the many uncontrollable factors of the market that keep hedge fund managers and development directors up at night. But it will also be the result of how each organization itself reacts to the tough times.

Will they be tempted to cut and run? To cancel well-thought out fundraising plans already in place? To pull back on outreach and appeals? What will they do to keep current donors engaged and what will they do to prove their enduring value and importance even in times of diminished prosperity to new donors and prospects?

It will be challenging to weather the storm in the short-term to be sure, but equally challenging will be making sure not to position oneself for long term revenue loss by cutting back or out important fundraising efforts today that will handicap fundraising efforts 3 or 5 or more years down the line when the economy has rebounded and other organizations are getting back on their feet and roaring ahead.

Corporate, foundation and government support will certainly be down as they simply have less to spend because of decreased sales, fallen stock prices and lower tax revenues. So the job will fall to those in individual giving programs to continue their important outreach to loyal, committed members and donors whose smaller gifts will be affected less by big shifts in the economy.

The first thing to remember is not to assume that donors can’t or won’t be able to give. They may cut back on some things, but that doesn’t mean they need to cut back on you. Giving may grow more slowly, but it still grows. So don’t be afraid or feel guilty to ask for support.

Americans are the most generous people on the planet. In 2007 we gave $229.03 billion to charity. Corporations gave $15.69 billion and foundations threw in $38.52 billion more. If decisions do have to be made, donors will stick with the organizations and causes that are most important to them.

After all, in September – in the midst of the unfolding crisis – Democratic Presidential candidate Barack Obama raised $150 million, mostly from supporters who gave less than $200 each. The message? Be and sound important. And be there and ask. After all, with the election over, there will be a lot more altruistic money back in play!

Stick to the basics. Sure, it’s bad now, but who knows where it’s going? It could get a lot worse before it gets better. But don’t fundraise for a bad economy by linking appeals to bad financial news. Instead, stress the value of your organization and its good work – just like you would in good times. If possible, consider positioning your organization as giving the most value (bang for the buck) when giving choices have to be made.

And don’t change the tried and true methods you’ve grown and carefully tested into. Chasing after easy money by reverting to transactional donors only – event attendees, heavy premium usage, pledge drives (or telethons) – creates a weakened, less engaged donor pool. Having a diversified, integrated program is still the best strategy. It’s hard work and will require great patience, but staying the course means relying on decades of proven methods and techniques and constant innovation.

Invariably, the first thing many organizations will think of dropping is direct mail. That would be a big mistake. Donor acquisition is key to long-term financial success. It’s very hard to recover from a decline in acquisition. Cutting your acquisition budget in half now could result in raising only half of your total revenue in just 5 years; canceling it entirely could be worse. Remember, acquisition is about the donors, not money. Do everything to renew support from those just acquired. A large base of support is more stable especially if each individual donor has to cut back a little; the resulting drop in revenue won’t be as painful.

The trick is to be more efficient. Direct mail is still the best way to target the largest number of likely prospects. But not all direct mail has to be expensive. A reasonable cost per new donor a year ago might no longer be acceptable. Explore different formats and techniques. Use email and voicemail to lift response. Use the internet as a way to get more attention for your organization and cause and to transact donations. Cut back on your weakest appeals while mailing to your core list of supporters more often.

Above all else, do an analysis of your list strategy. Do you continually mail into areas that have horrible response? Are you dropping marginally performing lists that still do well in profitable zips? Most organizations could cut their costs dramatically while not adversely affecting their number of donors by taking a hard look at the numbers or having someone do it for them. Mailing smarter is the goal; not mailing less.

Finally, don’t force your donors into your mold or require them to give a certain way. Maybe some donors will have to down-grade for a while. Encourage gifts at any level; tell you donors to “give whatever you can.” Use installment options for convenience. Keep them giving. Give your donors freedom of action. Allow them to respond to each campaign online or on the phone – or whenever and however they want. And keep in mind: someone who lapsed this year may only be doing so temporarily because of their immediate economic condition. It is probably a good idea to treat them a little differently when times improve.

Tough times call for tough action. Stay aggressive. Stay engaged. Keep fundraising. And be patient. Continue to use what you know.