Building a more accurate, reliable and consistent method of analyzing how states fund public education starts with a critical question: What is fair school funding? In this report, "fair" school funding is defined as a state finance system that ensures equal educational opportunity by providing a sufficient level of funding distributed to districts within the state to account for additional needs generated by student poverty. This report presents a National Report Card on Fair School Funding that measures the fairness of the school finance systems in all 50 states, as defined above. The central purpose of the Report Card is to evaluate the extent to which state systems ensure equality of educational opportunity for all children, regardless of background, family income, where they live, or where they attend school. As noted, equal educational opportunity means that all children (and the public schools that serve them) have access to those resources, inputs, and services necessary to provide the "opportunity to learn"--that is, the opportunity to achieve established outcome goals. Appendices include: (1) National Child and Student Poverty Rates; (2) NCES State and Local Revenues per Pupil by State; (3) "Education Week" Rankings (2007); (4) Education Trust Rankings (2006); (5) A Better Measure for Student Poverty; and (6) State Funding Distribution with Title I. (Contains 16 figures, 6 tables and 32 footnotes.)