In 1997, the American Association of Community Colleges conducted a survey was conducted to determine the extent to which community colleges have established foundations and to identify factors that lead to foundation success. For this survey, a foundation was defined as a financial vehicle comprising multiple sources of income, such as endowments, donations, or college-related business to support the needs of an educational institution. Survey results indicated that 92% of the responding community colleges reported either having an active foundation or starting one. In fiscal year 1995-96, community college foundations provided an average of more than $226,000 for scholarships, student and program support, facilities improvement, and other related expenditures. Other highlights of the 1997 survey include the following: (1) foundation value is directly related to a college's fall student enrollment; (2) only 22% of foundations rate direct mail as very important for fund raising; (3) personal solicitation for foundation funds is considered the most important foundation activity; and (4) successful foundations interact regularly with other offices on campus. Also discussed in this research brief are revenue, sources, expenditures, structure, leadership, and activities of foundations at community colleges. (Contains seven charts and two data tables.) (AS)