This report presents a history of the primary objectives, events, personalities, and consequences of the School Finance Study in Rhode Island. The study committee was commissioned with the task of developing a school finance plan that would provide equal educational opportunities to all pupils with similar characteristics and needs, achieve fiscal neutrality in the collection of revenues, and maintain all decisionmaking authority at the lowest level of management able to resolve the questions. The committee later undertook the task of developing a capital improvement finance plan as well. The paper describes the general and educational setting of Rhode Island, the various personalities who play a role in the school finance reform movement, and the development of the reform movement into a proposal for full State funding. A critique and analysis of the School Finance Study is also included. It is expected that this report will be of use to those who may want to analyze the factors operative in the finance study sequence, determine the cost of the study, or to speculate on future events in this area. (Pages 101-106, 115-123, 128, and 132 may reproduce poorly.) (Author/DN)