MILWAUKEE—With an economic crisis rocking Wall Street and Main Street, churches are nervously watching collection plates to see if the financial pain flooding the nation is flowing their way.

The concern comes as churches head into the holiday season and the end of the year, times when many donors make substantial contributions to religious organizations.

So far, donations during weekend services and to fund-raising campaigns appear to be holding steady for many churches.

Some, though, are reporting slight declines in contributions.

That’s the case for the Greater Milwaukee Synod of the Evangelical Lutheran Church in America, which has seen about a 4 percent dip in donations, said Dave Groenewold, director of finance for the synod. So far, contributions are down about $60,000 compared with last year, he said.

“We’re behind last year. Is it the economy? I’m sure it has some effect,” Groenewold said. He added that some churches told him “snowplowing put them in the hole” after they had to dig out from record amounts of snow last winter.

At Atonement Lutheran Church in Racine, Wis., giving is down about 10 percent at the ELCA congregation, said Pastor Warren Williams.

“My assumption is that it is because of the economy,” Williams said. “I don’t believe that our people have suffered by way of loss of jobs or income.”

But he said churchgoers could be holding back on donations out of fear that the economy could get worse.

He has told his flock: “We are people who operate by faith, and our center and supply is God. We should not operate out of fear. ... We should trust that God will care for us.”

The Catholic Archdiocese of Milwaukee is among those keeping an eye on the economy. It is running two major fund-raising campaigns, the $7.6 million annual Catholic Stewardship Appeal, and a more ambitious $105 million “Faith in Our Future” campaign.

“We’ve not seen a huge impact from the economy, but it could be too early to tell,” said Jerry Topczewski, Milwaukee Archbishop Timothy Dolan’s chief of staff.

The five-year “Faith in Our Future Campaign” is being run in portions, Topczewski said, and one of those fund-raising waves finished up before the economy “really tanked” and another wave is set to begin in February.

The campaign, to bolster Catholic education, improve church buildings and add programs for youths and adults, has raised $37 million so far, $12 million ahead of expectations, diocesan officials said.

The Stewardship Appeal, the annual campaign that funds programs and services, has raised $7.3 million so far and is on track to reach the $7.6 million goal, said Debra Lethlean, the diocese’s development director.

“Contributions to these appeals are more important than ever, since greater numbers of people will be turning to the church for human, social and spiritual needs,” Lethlean said.

Tough economic times don’t always translate into decreased giving to religious organizations.

A study by the Giving USA Foundation found that religion-related charitable giving is “relatively insulated from economic downturns.”