School facilities have a direct impact on student learning, student and staff health, and school finances. But too many students attend school facilities that fall short of providing 21st century learning environments because essential maintenance and capital improvements are underfunded. In this report, the author compiled and analyzed the best available school district data about U.S. K-12 public school facilities funding. The report projects that going forward the nation will under-invest in school buildings by $46 billion annually.