Foundation protector system

A foundation protection system for the exterior surface of a foundation wall has a membrane of plastic material on the exterior surface of the foundation wall, the membrane having a marginal edge portion, and a support strip extending along the entire marginal edge portion of the membrane. The membrane and the securement member have interengaged projecting and recessed portions, with fasteners penetrating through the support strip and the membrane into the foundation wall and thereby securing the support strip and the membrane to the foundation wall. The support strip may have a flexible flange in sealing contact with the foundation wall upwardly beyond the marginal edge portion of the membrane along the entire length of the marginal edge portion of the membrane. A slot-shaped recess extends along the support strip for temporarily holding nails or screws during installation.