"Closing the achievement gap" (i.e. reducing differences in performance across racial and ethnic groups) has been the rallying cry and holy grail for reform efforts in American education for some time. In addition to influences associated with school and teacher factors, researchers have now turned their attention to characteristics in family backgrounds that may create or correlate with variation in academic and social outcomes at school. Previous research suggests that community capital, with its financial, human, and social features, is associated with school performance. In the present study, we examined relationships between community capital, student composition of schools, and student academic achievement measured by state standardized tests. Strongest associations were evident for community capital and academic outcomes. We discuss our findings in the context of equal educational opportunity, cultural and linguistic diversity, and the dream of achievement representing what you do at school more than where to go to do it.