The Waterloo-based Hawkeye Chapter of the American Red Cross is facing a financial crisis after losing 73-thousand dollars in funding it was to receive from another local organization. The Cedar Valley United Way decreased its funding to the Red Cross by nearly 80-percent under a new disbursement format that targets other community needs. The money represents a 15-percent drop in the Hawkeye Chapter’s planned 2004-2005 fiscal year budget. Chapter executive director, Alan McKean says the cut comes at a bad time because the organization is already dealing with a 150-thousand dollar deficit in this year’s budget. If the Red Cross can’t find another way to raise the needed funds, McKean says staff and services will have to be cut. The Hawkeye Chapter has little time to raise the money, as the new budget kicks in on July 1st.