This report examines whether levels of state funding for higher education are associated with college graduation rates, particularly among underrepresented racial and ethnic groups. The assessment is based on an analysis of state appropriations and the six-year graduation rates of all students as well as the graduation rates of three subgroups, including Black, Latinx, and White students. Using a 12-year panel dataset of entering freshman cohorts at most public four-year institutions in the nation, the analyses show how graduation rates can be expected to change as a function of varying levels of state appropriations revenue both between and within institutions. The first analysis examined the average effect of appropriations on graduation rates within institutions over the 12-year period. The results indicated that a 10% increase in appropriations would yield a modest percentage point increase in graduation rates. While state appropriation levels have a positive effect on graduation rates on average, the second analysis demonstrated that the effect on graduation rates varies by institution. The third analysis estimated the association between appropriations and graduation rates by examining change within and between institutions over time (rather than only within institutions). This analysis provided the expected percentage point difference in graduation rates between institutions if one has 10% greater appropriations. [For the summary brief, "Linking State Appropriations and College Completion among Diverse Students. Research Brief," see ED623571.]