This study examines the relationship between educational effectiveness, as measured by the New Jersey High School Proficiency Assessment (HSPA), and funding of school districts based on socioeconomic classification. Results indicate there is a strong relationship between performance in HSPA, socioeconomic classification, and the different sources of funding. Total cost per student for lower socioeconomic schools is not significantly different from that for higher socioeconomic schools. Higher socioeconomic status, however, leads to lower per student cost for administration, for operations, and for food services. Higher socioeconomic status also leads to higher per student cost for extracurricular activities and salaries. (Contains 6 tables and 1 note.)