The Academic Committee, comprised of Dr. Monica, Dr. Ray, and Cedric, will convene soon to begin their work. Nandi will provide initial benchmark data to inform the committee’s discussions.

Current Facility

SVA and AIP board members will begin meeting monthly to strengthen communication and coordination. The current lease runs through June 30, 2026, with an option to renew by January 31, 2026. Rent will continue at $3,680.25 per month, with 50% of utilities due within five business days. AIP has requested updated safety protocols, charter approval documentation, and proof of insurance. A follow-up meeting with the AIP board is scheduled for October 21 to discuss collaboration for the remainder of the lease. To support long-term planning, the SVA board requested a facility comparison and readiness document by the December board meeting.

Future Facility

The board reviewed ongoing considerations for future facility needs. The property owner has increased financial requirements, including a higher down payment and additional cost per square foot, leading the board to focus primarily on lease options. The CFO presented an affordability model to guide decision-making, and the board expressed interest in further analysis by the FRC to support the review process. The current facility is at full capacity, limiting enrollment growth, and trailers require significant updates to meet standards. Renovation cost estimates will be gathered ahead of the November meeting to weigh the financial risks of remaining in the current space versus pursuing a new facility.

Board Considerations for Future Facility Decisions

To make a fiscally responsible decision regarding a new facility, the board emphasized the need for three key items at a decision meeting: detailed facts about the prospective location, an enrollment map, and the CFO’s presence to provide financial guidance. The board requested multi-year financial projections to assess feasibility under varying enrollment scenarios and a comparison of current and potential facilities, including planning for FY27 and FY28. FRC has conducted an extensive property search, narrowing numerous options to one, and will share relevant insights to clarify limited facility availability. The CFO will provide materials and analysis to support the board’s understanding of financial risks and opportunities, and is expected to collaborate with FRC as needed to finalize the pro forma.