This paper analyzed the equity of resources at the elementary school level in Korea using hierarchical linear modeling (HLM). The data included 2,327 Korean public elementary schools in 101 Local Governments within five Local Educational Offices (LEOs). This study found that schools in low property tax per resident areas receive fewer grants, showing a possible, positive relationship between wealth and educational resources. HLM analyses found that schools with higher percentages of free lunch students received more educational resources, indicating vertical equity. However, schools with higher percentages of special students received fewer resources, indicating inequity. These findings suggest recalibrating the school funding formula so that schools with high percentages of special students and with fewer grants from Local Governments could receive more funds from LEOs. (Contains 8 tables and 6 footnotes.)