The relationships among factors reported on a set of report cards developed for local school districts in Tennessee were studied. The analysis offers information about how selected factors relate to student outcome. Each year, Tennessee's State Board of Education produces a report card on each school district using data provided by the district and the Department of Education. Report cards contain information on student outcomes (achievement test scores) and district characteristics. The following research questions guided the study: (1) how district characteristics relate to academic achievement; (2) how district characteristics relate to each other; (3) how districts perform in terms of characteristics reported; (4) whether reported characteristics represent all factors that influence student achievement; and (5) how this study can inform educational policy. A profile of 139 Tennessee school districts was developed. The eight factors investigated accounted for only 26.5% of whatever related to mean student outcome (test scores). Significant positive correlations with achievement were found for five factors, and significant negative correlations were found for two factors. When schools were rank-ordered, money was not the most significant factor in district performance. It was apparent that the reported characteristics did not represent all the variables influencing outcome. Ways in which these findings can influence educational policy are discussed. There are nine tables of outcome data and a list of nine references. (SLD)