To determine whether a significant relationship exists between educational funding and pupil achievement as measured by Science Research Associates standardized test scores, the author of this study conducted a statistical analysis of the top one-third and bottom one-third of Virginia's 142 school districts. The 30 districts selected were chosen according to 3 criteria: school size, relative wealth, and pupil achievement. Spanning the period from 1973-74 through 1981-82, the study gathered pupil achievement data at the 4th, 8th, and 11th grade levels in five subject areas: (1) reading, (2) language arts, (3) mathematics, (4) social studies, and (5) science. To examine the possibility both of a correlation between pupil achievement and educational funding and of a "delay effect" in the impact of educational funding on pupil achievement, the author used a statistical technique known as linear regression. Results of the study indicate variable but significant relationships in all subject areas and at all grade levels between educational funding and pupil achievement; school divisions with higher educational expenditures tend to have higher test scores and vice-versa. The study's appendix contains a copy of the original study proposal as submitted to the Virginia State Department of Education. (JBM)