Recommendations on leasing or selling a surplus school building that has been closed due to declining enrollment are offered. Questions which need to be addressed in deciding which option to pursue are presented including whether it would be better to use the building for community purposes than to lease or sell it. The advantages and disadvantages of both leasing and selling are listed. Specific steps to follow after making the decision are provided. Steps common to both leasing and selling include: getting an appraisal, setting a price, preparing a booklet describing the property, working with economic development groups, advertising the property, meeting with prospective lessees or purchasers, developing a lease or sales agreement, approving the agreement at a board meeting, and obtaining the approval of or submitting the data to the proper state agency. Steps which are specific to leasing are: reaching agreement on who is responsible for building modifications and how much the modifications will cost, and determining if a zoning change is necessary. Steps which are specific to selling are: preparing specifications and putting the property out to bid, and deciding whether or not to accept the bids. (DC)