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Funding alone does not improve student outcomes (Rebell, Lindseth, & Hanushek, 2009), but are there models of school funding that do? This exploratory study seeks to examine if state school funding models demonstrate a significant relationship to student performance. Specifically, this study aims to understand if different categorical funding models employed by states, predict different outcomes in student performance on the National Assessment of Educational Progress (NAEP). This study also considers the use of student weights and adequacy targets influence student performance within school funding models. and if the ability to access local revenue sources is predictive of more significant gaps in achievement.