Through an analysis of recent quantitative data on equity and school funding in South Africa, this article aims to explicate the patterns and typology of inequality in post-apartheid South Africa, and to deepen our understanding of the construct of equity. It also aims to understand the application of equity in the context of public schooling through a disaggregated school-level analysis of a key equity indicator, per capita expenditure. This approach quantifies inequity and progress towards equality, and establishes a broader set of variables and correlates by which to understand school finance equity. It also analyses the impact of private contributions on formal basic schooling. The significance of this study lies in its contribution to the quantification of finance equity and inequity through a better understanding of finance input data analyses that go beyond race-based analyses.