The purpose of the present study was to explore the association between board functioning, the financial success of school systems and the quality of education measured through national standardized tests (SIMCE). A correlational design was employed complemented with semi-structured interviews to gain a better understanding of the findings. Twenty four out of 51 non-profit municipal corporations that manage schools in the country were represented in the sample. Three variables were associated with financial performance: frequency of board meetings, the longevity of superintendent in the job and the relative leanness of the clerical staff of the school systems under the budgets approved by the boards. However, financial performance of the school systems was not associated to quality of education as measured by SIMCE.