This report explores some of the most financially disadvantaged school districts in the country and identifies a typology of conditions that have created or reinforced their disadvantage. This report looks at why this happens--and what can be done about it. First, this report lays out a typology of conditions that lead to severe fiscal disadvantage for local public school systems. It then provides examples of states, state policy conditions, and specific local public school districts identified as being severely financially disadvantaged. The report concludes by providing policy recommendations. Appended to the report are the following: (1) Methodological Appendix; (2) General Findings by State; and (3) Complete Lists.