A large body of literature examines disparities in school funding across districts. Berne and Stiefel (1984) developed the standard framework for measuring school finance equity, and the measures catalogued there have been applied extensively to assess funding disparities across districts. Much of this literature has focused on measures of dispersion in district spending, the disparity in funding between high-wealth and low-wealth districts, or the link between family income and the spending in a student's district. The role that school finance reforms that redistribute funding across districts might play in addressing black-white achievement gaps has received less attention. This article attempts to address this gap in the literature in two ways. First, the author examines how one might develop informative measures of black-white funding disparities across districts and clarify key challenges to developing useful measures. Second, using measures that can be calculated with readily available data, he develops several estimates of the variation in black-white funding disparities across states and over time. (Contains 5 tables.)