Fiscal accountability has become an important issue with communities and school boards across the nation. Renovation of older school buildings can sometimes result in lower costs than constructing new facilities. The advantages of recycling and criteria for deciding whether to replace or repair structures are discussed. The bulletin recommends that modernization should be part of a long-range master plan. The appendix contains a case study of a successful renovation project at a Corvallis, Oregon elementary school. (Author/MLF)