The fundraising landscape has been blistered by stock-market meltdowns and a financial sector that has repeatedly erupted in flames. In turn, the environment for development has turned icy, cooled by frozen credit markets and chilly consumer confidence. It is ragged, unstable terrain. Fundraisers, the ground moving beneath them, are unsure of where to turn or how to proceed. Also unknown is the extent to which the financial crisis will affect application patterns, enrollment levels, and the demand for financial aid, all of which have a direct bearing on institutions' budgets and balance sheets. Some institutions don't yet know if families of current students will have the resources to keep their kids in school. There are, however, pockets of certitude. Every institution's investments have taken major hits in the global stock markets: 12 U.K. universities stood to lose 77 million British Pounds in the Icelandic banking collapse alone. Meanwhile, governments everywhere are boldly slashing support for education. This article discusses how to stay up in a down economy.