A growing issue in school finance adequacy relates to the condition of school facilities and the role that the condition of those facilities plays in student learning. Using the results of standardized test scores from Wyoming students and a detailed assessment of every school building in the state of Wyoming, it can be concluded that there is essentially no relationship between the quality of school facilities and student performance when other factors known to impact student performance are accounted for. This does not suggest investments in school facilities are not important-all children are entitled to attend school in safe, clean, and appropriate educational environments. However, policymakers should be aware that investments in facilities by themselves are unlikely to improve student learning.