Last week, the board of a financially troubled Atlanta charter school learned someone was interested in giving them more than $1 million, more than enough to keep the school open. But the donation came with a condition— the resignation of the entire board.

The board of Latin Academy, a middle school in south Atlanta, had considered closing the school at the end of this year. Financial mismanagement and the alleged theft of about $600,000 had put the school in an untenable financial condition, board members said. Police have named school founder Chris Clemons a suspect in connection with the theft. Police believe Clemons has left Georgia.

Former Latin Academy principal Aja Kweliona told board members last week she had secured a donation of more than $1 million.

“The donor is not comfortable making such a large donation to the school if the money will be entrusted to the governing body that oversaw the school during the time at which the alleged misappropriation of funds occurred. In order for Latin Academy to receive this generous donation, the current board members would need to resign,” she wrote in an email.

Five days later, board chairman Kaseem Ladipo put Kweliona on paid administrative leave. The board remained in place.

“We don’t know any details about the donor,” Ladipo told The Atlanta Journal-Constitution Thursday. “We don’t just take an email and say we’ll just do whatever someone tells us to do. That’s just not responsible.”

The next day, Ladipo told the AJC board members had been in touch with the donor and continued to discuss a possible donation. The board is also in talks with other potential donors.

Ladipo declined to identify any potential donors.

“We’re trying our best not to publicize any details of the discussions that we have to honor the people who want to help us,” he said. If any donations are received, the board will make the amounts and the identities of donors public, he said.

The school is cash-strapped, treasurer Scott Harrison told parents at Thursday’s board meeting, with a deficit of more than $240,000 projected by the end of July. The board voted Thursday to cut staff salaries and other expenses in an effort to improve the school’s financial condition.

But board members told parents they were hopeful about raising the hundreds of thousands of dollars they say is necessary to keep the school open.

“We don’t feel it’s necessary to take a vote tonight on closing the school,” said board member Kathleen Mathers.

Note: This story has been updated to indicate that the school board has not rejected a potential donation.