The fire was called in to 911 around 2:15 a.m.
Officials believe it was arson, as evidence of accelerant was found. Suspects are being questioned as the investigation continues.
Destroyed were the gymnasium, nine classrooms, offices, the library, computer lab and lobby and all of their contents. About 230 students attended school in the building.
The building is insured by the Farmers Insurance Company.
A press conference will be held at 4 p.m. Thursday at the Huntley Project Elementary School Biulding.
A school board meeting will be held at 6 p.m. on Thursday.
A community meeting is planned for 5 p.m. Friday, Sept. 19.
Classes will resume for all students on Monday, Sept. 22.
All athletic events will go on as scheduled, with some adjustments for events that were scheduled for the high school gym.