The dissertation examines the Texas Foundation School Program (FSP) empirically to determine its effectiveness in meeting state constitutional requirements and legislative policy goals. Three research questions guided this study, two of which focused on the relationship between campus-level expenditures and standardized test performance, while the third analyzed the influence of a district’s property wealth designation on its respective accountability rating. Longitudinal Texas Academic Excellence Indicator System data, consisting of selected academic performance indicators and funding components, was collected from the Texas Education Agency. Approximately 7,000 campuses and 1,050 districts per year of study comprised this data. Ordinary least squares multiple regressions and multiple logistic regression analyses were conducted to identify significant predictors of campus expenditures, campus standardized testing performance, and district academic accountability ratings. After examining the FSP and its funding components empirically, evidence suggests that while campus-level funding components positively predict the ability of a campus to spend, they do not predict campus academic performance. Key campus funding components, such as compensatory education and special education, do not appear to be funded at appropriate levels to contribute to positive performance outcomes. If vertical equity is important, then the FSP appears to have the conceptual structure, but not the funding levels, in place to contribute to positive academic outcomes at the campus level. Data also suggests that a district’s wealth designation is not a significant predictor of accountability ratings. Though property wealth plays a key role in determining district revenue and expenditures, it does not appear to influence Texas accountability ratings to the same extent.