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The primary purpose of this study is to investigate the degree to which school revenue equity has been improved by changing the state aid funding systems of Illinois, Michigan, and Kansas from foundation systems to power equalization systems. Chapter 1 contains the general background and rationale of the study, evaluative criteria, and definitions of terms. Chapter 2 contains a review of the literature relevant to the study. Chapter 3 describes the recent development of state aid financing systems in Illinois, Michigan, and Kansas. Chapter 4 discusses the collection of the data, the organization of the data, and the statistical design of the study. Chapter 5 presents the statistical findings, a summary, conclusions, and recommendations for further research. Although there are five limitations placed on the conclusion, it was concluded that the three states did move toward various equity goals, including the goal of fiscal neutrality. (Author/IRT)