In the Client/Server version, FundRaiser will still be installed locally, on your machine. What's different is the way you see and access your data from your workstations.  

When a user runs the program, it does not open the files directly, as it does in the Multi-User platform. Instead, the server opens the files on behalf of the client (the user at the workstation) and provides whatever data from the files that they need. When the user makes changes, their program sends those changes back to the server, which inserts it into the data files for them. This results in significantly less network traffic, and substanstial speed differences.