"Making the Grade analyzes the condition of public school funding in all 50 states and the District of Columbia. The current report presents a picture of school funding in 2020-2021, the first full school year of the COVID-19 pandemic and the most recent data available. The report ranks and grades each state on three measures to answer the key question: how fair is school funding in your state? The three fairness measures are: (1) Funding Level -- cost-adjusted, per-pupil revenue from state and local sources; (2) Funding Distribution -- the extent to which additional funds are distributed to school districts with high levels of student poverty; and (3) Funding Effort -- funding allocated to support PK-12 public education as a percentage of the state's economic activity (GDP). The state rankings and grades on these measures provide crucial data to inform advocates, policymakers, business and community leaders, teachers, parents, and students about the equity and adequacy of public school funding in their state. Making the Grade is designed to assist residents working to improve the level and distribution of funding for public school students.