Bob presented the building project budget.  Construction is substantially complete but the final accounting is not yet complete.  However, we are very close to a complete accounting and the news is positive - we expect to have about $425,000 of unspent budget, possibly up to $475,000.  These funds are in the project account at Boston Private Bank and will come back to the school in some form.  

There was discussion about the possibility of using some of the funds for a commissioning agent to evaluate the building envelope and systems now, at 6 months, and at 12 months to ensure that the building is functioning as it should.  The consensus was that this makes sense given the value of the asset.  Bob and the management team will work to find a commissioning agent and budget for one.

There was a discussion about the budget surplus.  There are three options: (1) add construction/improvements, (2) reduce debt, or (3) transfer surplus to the school's unrestricted funds.  Bob noted that he needs to confirm the loan documents, but believes that the school can pay down principal at any time, without penalty.  Given this, the school could decide to hold onto the surplus and still reduce debt at a later date.  It was determined that the school should do additional due diligence to confirm the loan flexibility and make a decision about how to use these surplus funds at a subsequent meeting.