Ted Gildea, Committee Chair, warmly welcomed the Committee members, including guest Nicole DuFauchard. Nicole Dufauchard, Foundation Board Chair, expressed gratitude to the Committee and provided insights into the Foundation's discussions with Sillicon Valley Bank (SVB), the School's primary bank and Foundation's loan servicer, regarding the Circuit Street building mortgage held by the Foundation. She informed the Committee that SVB has notified that the School is in default due to its intent to surrender its Charter to the Commonwealth, effective June 30th, 2025. Furthermore, Dufauchard noted that SVB has proposed two paths forward: 1) repayment of the outstanding $2.4 million loan or 2) a forbearance agreement as a result. Dufauchard noted SVB initially offered a Forbearance Agreement that would involve punitive fees and higher interest rates, making it an unfavorable option for the Foundation and School. 

The Committee then initiated detailed discussions regarding repaying the loan, including enrollment projections, potential attrition rates, and the sale of the School Building. Cynthia Marie, CEO of Central Source, presented the School's SY25 Budget, indicating that the School's financial position would permit the repayment of the loan. Following the financial discussions of the School, the Committee decided to proceed with a recommendation to the Board to repay a $2.4 million loan.