Persistent budget constraints make "equitably" allocating existing resources more important than ever. Conversations regarding equitable funding typically overlook categorical programs, targeted initiatives typically focused on supporting historically underserved student groups, such as veterans, former foster youth, single parents, and first-generation students. The funding of categorical programs -- and revisions of those funding mechanisms -- present a complex intersection of tensions to consider. This article offers insights into the process by which one system has begun to assess program allocations and concludes with guiding considerations staff and policy makers might consider when interrogating the extent to which their current policies are equitable.