Michigan's funding system is falling short for all students, especially Michigan's most vulnerable children. This means that students who are in most need are not receiving the funding that would allow them to overcome barriers and opportunity gaps. This report outlines a set of nonpartisan, research-informed guiding principles and a framework for policymakers, families, educators, community leaders and other stakeholders to evaluate the state's current funding system. It also analyzes Michigan's current funding system and how well it is structured to serve Michigan students, schools and districts -- particularly vulnerable student groups and high poverty schools. It also provides nonpartisan recommendations -- and guideposts -- for Michigan at a crucial time for the state's public school system. Finally, it highlights lessons learned from states around the country -- including the nation's leading states on equitable school funding -- to inform the policy conversation about school funding reform in Michigan. [This report was also produced by Michigan Achieves.]