This one-page abstract summarizes results of a final report of a federally funded project titled, "An Analysis of State Special Education Finance Formulas." Five major types of formulas were identified: flat grant, minimum foundation program, percentage equalizing, percentage matching, and full state funding of the excess cost of special education. Formula types were evaluated according to the criteria of equity, administrative efficiency, adequacy, objectivity, and flexibility. Findings indicated: the flat grant formula appears to be efficient and objective but has few advantages for the special education program unless funded at a high level; the minimum foundation program is advantageous from a general education perspective but is not sufficiently sensitive, nor provides enough flexibility nor meets the needs of smaller districts; the percentage equalizing formula has the potential for overcoming problems of the minimum foundation program if cost based and funded at a substantial state percentage; the percentage matching formula can provide flexibility, variation with need and price, and neutrality toward placement though low-fiscal capacity local agencies may be disadvantaged; and full state funding of the excess cost of special education is the most advantageous formula for special education, but may not be politically or fiscally feasible. (DB)