The relationship between educational finance and organizational effectiveness or "health" in 50 Connecticut high schools was examined. Data were collected using existing organizational health questionnaires and archival data. A sample was randomly selected from the population of public high schools in Connecticut. Seven "organizational health" characteristics were used, including leadership, cohesiveness, resource utilization, adaptiveness, optimum power equalization, morale, and planning. Financial variables included mean class size, percent of teachers with master's degree, minimum teacher salary, maximum teacher salary, enrollment, per pupil expenditure, instructional supply per pupil, pupil services per pupil, special instructional programs per pupil, special state aid per pupil, and federal aid per pupil. Statistical treatment was step-wise multiple regression with the seven "health" characteristics as dependent variables. Only a marginal relationship was found to exist between any of the financial and organizational variables; however, a modest relationship was found to exist between selected variables, and these findings warrant further examination with redesigned studies before policy decisions can be developed. An overview of the literature and major theorists on organizational theory relative to organizational health is given. Eighty-eight references and four tables are included. (WTH)