Following the Board of Trustees' 2001 decision to return grades seven and eight to the Commonwealth Campus, major renovations were planned and executed. Ten new middle school classrooms were added to accommodate the returning grades, along with new science and computer laboratories and expanded administrative offices. In 2002, an endowment fund for scholarships was established, enabling a limited number of talented students who could not otherwise afford a CPS education to attend. The following summer, a new chemistry laboratory was installed in the science wing, high school classrooms were remodeled with new windows, and the library was expanded to support the middle school collection.
Improvements continued across both campuses throughout the decade. At Commonwealth, a new biology laboratory, kitchen and cafeteria serving area, fitness center, and reconstructed multipurpose theater were added. At Parkville, new doors, windows, and a covered roof over the center courtyard improved the physical environment, along with an access ramp to the second floor.
Since its inception in 2004, the Annual Giving Program has raised nearly $500,000 for facilities improvements at both campuses. The program also positioned CPS to compete for private foundation grants by demonstrating the school's ability to generate support from its own community of parents, alumni, faculty, staff, administration, and trustees. In 2006, the Board of Trustees took a naming decision to simplify the school's public identity, and CPS became commonly known as Commonwealth-Parkville School, names long established in the community.
CPS's 501(c)(3) status with the Internal Revenue Service opened additional grant opportunities. In 2007, the Edward E. Ford Foundation awarded CPS a $50,000 matching grant for professional development in digital educational programs designed to strengthen student-faculty connections in grades 9 through 12. In 2011, CPS was the only school in Puerto Rico to receive a $25,000 grant from the Benedict Foundation to support a 21st Century Global Awareness Initiative for grades 9 through 12, incorporating the Middle States Project Evaluation Accreditation Protocol and the NAIS Challenge 20/20 Initiative. The initiative focused on global awareness through teacher development, curriculum design, and coursework aligned toward a global diploma.