This comparative study examines the functioning of Indiana school districts that are placed under control of the state school property tax review board for the purpose of emergency relief. The study sought to determine the fiscal status on selected criteria of seven such "controlled school corporations" (CSCs) for the 1985 budget year by comparing the CSCs with seven fiscally-matching non-controlled school corporations (non-CSCs). Unlike non-CSCs, which have balanced budgets, school corporations with controlled status may shift moneys from other funds into the general fund. The CSCs and the non-CSCs were matched on the basis of average daily membership and assessed valuation per student. Data regarding students, teachers, and assessed valuation were compared. The findings indicate that, for school corporations with an average daily membership of less than 5,000, CSCs compare favorably with the matched group in ability to sustain educational offerings. Among CSCs, teacher employment increased and student enrollment decreased. Compared with the non-CSCs, the CSC average student-teacher ratio was lower and teachers received larger salary increases. Taxpayers fared better in the CSCs in terms of assessed valuation per student and a lower total school tax rate. Controlled status has permitted several school corporations to maintain, if not increase, educational standards as measured by fiscal expenditures. Four tables of comparative data are provided (CJH)