This study aims to answer the following research question: How are Nevada’s school funds distributed to elementary schools across the state, and what are the effects of various funding sources on student outcomes? This study is important as legislative changes in education introduce new sets of questions, expectations, and realities for students in Nevada. This report involves a comprehensive analysis of the state’s funding formula, including additional federal and community contributions, and assesses the perceptions of stakeholders on the equity and effectiveness of these funding mechanisms.