School funding in Michigan is inadequate and inequitable. Michigan does not provide a sufficient base per-pupil amount, nor does the state properly address the cost of educating students with additional needs, especially students with disabilities, English learners, and low-income students. It would cost $4.5 billion to bring districts to funding adequacy based on estimates updated from the 2018 Michigan School Finance Research Collaborative (SFRC) adequacy study. This cost includes an estimated $1.6 billion to introduce universal, no-cost preschool. This report emphasizes the importance of the SFRC's adequacy recommendations by highlighting the following current needs and potential benefits from the SFRC adequacy study: (1) Most Michigan districts need substantial increases in revenue to reach adequate funding; and (2) Certain districts, especially those serving significant numbers of low-income students, are more severely under-resourced.