This document begins by presenting a general summary of Iowa's current school finance law, which dates back to steps taken in 1967 by the 62nd General Assembly, and by providing a current state aid chronology, organized by year, general assembly number, session, bill, and major features. Subsequent sections provide descriptions of the following: (1) the Iowa foundation aid program; (2) school budgets; (3) the school budget review committee; (4) the area education agency; (5) sources of revenues; and (6) the general and schoolhouse fund. Four tables include the following information: (1) state cost, foundation level, and expenditures; (2) budget enrollment from 1971-72 to 1986-87; (3) the allowable growth rate from 1974-75 to 1986-87; and (4) sources, in millions, of the school dollar. (IW)