We examine how district administrators’ conceptions of equity relate to the implementation of finance reform. We use sensemaking theory and four views of equity—libertarian, liberal, democratic liberal, and transformative—to guide a case study of two districts, finding evidence of two conceptions of equity: (1) greater resources for students with greater needs and (2) equal distribution of resources for all students. One district demonstrated an organization-wide belief in the first conception, whereas the other conveyed individual-level understandings of both conceptions. These beliefs were mirrored in resource allocation decisions and informed by districts’ student demographics, organizational identities, and perceptions of adequacy.