This article examines and interrogates the formulas used to determine funding at both the designation and institutional levels for Minority-Serving Institutions (MSIs) and Asian American and Native American Pacific Islander-Serving Institutions (AANAPISIs), in the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Coronavirus Response and Relief Supplemental Appropriations Act (CRRSAA); as well as general annual appropriations for MSIs and AANAPISIs. In doing so, the authors aim to facilitate a greater understanding of the current AANAPISI funding landscape, while providing policy makers with new insights and implications to ensure greater equity in future appropriations for AANAPISIs and MSIs. Results indicate that AANAPISIs are severely underfunded, particularly given their large enrollment of Asian American and Pacific Islander students and high number of institutions that meet AANAPISI eligibility.