The convergence of standards, accountability, and school finance policies necessitates a systematic rethinking about how state-level resource allocation policies can be created to distribute resources in a manner that provides equal educational opportunities for all students. Given the demand for policymakers to distribute adequate resources to improve schools’ capacities to increase student learning, there is a need for evidence detailing the effects of those educational resources on student achievement. Therefore, the purpose of this study was to discern the effects of educational resources on student achievement using structural equation modeling. Using data from a southeastern state in the United States, the authors offer resource allocation policy recommendations that align with the state’s constitutional obligation to provide equality of educational opportunity, particularly for students living in poverty.