College and university foundations are essentially idiosyncratic, reflecting the peculiarities of individual institutional cultures, state and system contexts, and financial and political circumstances. This diversity is perhaps even greater among community colleges that tend to be more closely governed by regional and community influences. The Dickensian dichotomy is, however, worth considering. The current winter of despair could prove a spring of hope for institutions capable not just of adapting, but of finding opportunity in the current climate of change. As an important interface between public institutions and private constituents, foundations can play a vital role in facilitating institutional evolution. Unlike past fiscal crises and retrenchment, current changes in the funding of public higher education could precipitate fundamental changes in colleges and universities. Community colleges might be well positioned to thrive in such turbulent times.