The downturn in the economy is making development officers at business schools increasingly nervous about the prospects of raising money from financially stretched donors.

While most business school fundraisers say that large capital gifts – those of more than $100,000 (£55,000, €70,000) – will probably be unaffected by the economic slump, they predict a softening in rates of alumni participation and a decline in giving from young alumni who make smaller gifts of about $1,000.