In the United States, K-12 school finance is largely controlled by the states. Every year, hundreds of billions of dollars in public funds are distributed based on 51 different configurations of formulas, rules, and regulations to over 13,000 districts that vary in terms of the students they serve, their ability to raise revenue locally, and many other characteristics. In this seventh edition of this annual report of the School Finance Indicators Database (SFID) project, the authors evaluate the K-12 school finance systems of all 50 states and the District of Columbia. The report presents the latest results from three key measures included in the project's State Indicators Database: effort, statewide adequacy, and equal opportunity. The latest year of data presented is the 2021-22 school year.