The Mayor of the Town Council says the council will have to wait until the outcome of the garda investigation is completed to find out what happened to the building.
The fire at the old sacred heart school building in Ballyshannon happened on Saturday evening and three units of the fire service were called out to the blaze at around 9 pm.
The Garda technical team have carried out a forensic examination of the scene
A Garda spokesperson says that all lines of enquiry are being investigated-with arson not being ruled out
FG Cllr John Meehan says that while nothing has been confirmed-he would be very concerned if the fire was started maliciously.