2025-05-13T08:45:12-04:00 2024-06-30 PwC US Tax LLP 655 NEW YORK AVE NW STE 1100 WASHINGTON DC 20001 990 2023-07-01 020222174 PHILLIPS EXETER ACADEMY % SAMANTHA K SLINEY PHIL 6037724311 20 MAIN STREET EXETER NH 038332460 MARIJKA BEAUCHESNE CFO 6037773211 2025-05-12 true true TRAVIS L PATTON P00369623 2024141000 2025-05-08 2023 2025-03-06 01:10:19Z WILLIAM RAWSON 20 MAIN STREET EXETER NH 038332460 604677847 false X WWW.EXETER.EDU X 1781 NH SEE SCHEDULE O. 23 22 1254 4244 -97456 0 37964153 18954636 72411939 76281596 41463581 90935806 1746364 1107110 153586037 187279148 26555038 26783813 0 0 71579617 75083387 0 0 8954928 55033557 56321018 153168212 158188218 417825 29090930 2002825149 2078494595 191873185 193261045 1810951964 1885233550 X SEE SCHEDULE O. false false 129784893 25899400 69715807 SEE SCHEDULE O. 5345663 711637 6806653 SEE SCHEDULE O. 783492 172776 1316342 AUXILIARY ENTERPRISES INCLUDE STUDENT GRILL, FACILITY RENTALS, AND THE CHILDREN'S CENTER WHICH SERVICE THE ACADEMY DURING 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false ROBERT AM STERN ARCHITECTS LLP ONE PARK AVENUE NEW YORK NY 10016 CONTRACT SERVICES 1835086 MARTINI NORTHERN LLC PO BOX 164 NEWFIELDS NH 03856 CONTRACT SERVICES 7839586 UKG INC 2250 N COMMERCE PARKWAY WESTON FL 33326 IT CONSULTING SVCS 862270 BEYER BLINDER BELLE ARCHITECTS PL 120 BROADWAY 20TH FL NEW YORK NY 10271 ARCHITECT CONSULTING 1793800 HARVEY CONSTRUCTION CORP 10 HARVEY ROAD BEDFORD NH 03110 CONTRACT SERVICES 10430551 45 18954636 761730 18954636 STUDENT TUITION & FEES 611710 68472710 68472710 AUX.& SUMMER PROGRAMS 611710 7808886 7808886 76281596 9784425 916461 -1058898 9926862 0 0 511596 511596 0 511596 314109 197487 497870570 416719189 81151381 81151381 763955 80387426 0 0 0 0 0 0 888773 679510 209263 209263 TUITION REFUND INSURANCE 611710 37794 37794 APPLICATION FEES 611710 150250 150250 BOOKSTORE COMMISSIONS 611710 59615 59615 138592 138592 386251 187279148 77838802 -97456 90583166 0 26783813 26783813 0 0 1080890 390513 560206 130171 0 53477180 44026064 4417544 5033572 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79964492 191873185 193261045 X 513703171 527502839 1297248793 1357730711 1810951964 1885233550 2002825149 2078494595 X 29090930 40783217 4407439 X false true X true false X 19526643 50175585 55133970 37964153 18954636 181754987 0 0 19526643 50175585 55133970 37964153 18954636 181754987 15188520 166566467 7260804 6374696 3082238 17288192 10296020 44301950 0 618059 175161 673439 967616 948388 3382663 229439600 344113965 0.72597 0.73190 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 111427 111427 false LOBBYING ACTIVITIES SCHEDULE C, PART II-B, LINE 1I PHILLIPS EXETER ACADEMY IS A MEMBER OF A NUMBER OF PROFESSIONAL AND EDUCATIONAL ASSOCIATIONS BENEFITTING BUSINESS OPERATIONS, EDUCATIONAL EXPERIENCES, AND STUDENT LIFE THAT MAY USE A PORTION OF MEMBERSHIP DUES TO LOBBY ON BEHALF OF THEIR MEMBERS. TOTAL MEMBERSHIP DUES PAID BETWEEN 7/1/23 AND 6/30/24 WAS $111,427. THE PORTION OF MEMBERSHIP DUES ALLOCATED TO LOBBYING ACTIVITIES BY THESE ASSOCIATIONS IS NOT DETERMINABLE. 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THESE COLLECTIONS ARE PROTECTED AND PRESERVED FOR PUBLIC EXHIBITION, EDUCATION, RESEARCH, AND FURTHERANCE OF PUBLIC SERVICE. THE COLLECTIONS, WHICH WERE ACQUIRED THROUGH PURCHASES AND CONTRIBUTIONS SINCE THE ACADEMY'S INCEPTION, ARE NOT RECOGNIZED AS ASSETS IN THE STATEMENT OF FINANCIAL POSITION OR CONTRIBUTIONS IN THE STATEMENT OF ACTIVITIES. PROCEEDS FROM DEACCESSIONS OR INSURANCE RECOVERIES ARE REFLECTED AS INCREASES IN THE APPROPRIATE NET ASSET CLASSES. THE COLLECTIONS ARE SUBJECT TO A POLICY THAT REQUIRES PROCEEDS FROM THEIR DEACCESSIONS OR INSURANCE RECOVERIES TO BE USED TO ACQUIRE OTHER ITEMS FOR COLLECTIONS. FORM 990, SCHEDULE D, PART III, LINE 4 THE ACADEMY HAS BOOKS, PAINTINGS AND OTHER ITEMS WITH HISTORICAL SIGNIFICANCE THAT ARE HELD FOR STUDY AND OBSERVATION BY OUR STUDENTS AND FACULTY. THESE OBJECTS ARE PRESERVED SO THAT THEY MAY PROVIDE EDUCATIONAL EXPERIENCE TO FUTURE GENERATIONS OF STUDENTS AND ADULTS IN THE CAMPUS COMMUNITY. FORM 990, SCHEDULE D, PART V, LINE 4 PHILLIPS EXETER ACADEMY'S ENDOWED FUNDS ARE INVESTED INTO PERPETUITY AND THE INCOME IS USED TO FUND ACADEMY PROGRAMS. THE FUNDS ARE INVESTED FOR LONG TERM GROWTH SO THAT CURRENT AND FUTURE GENERATIONS OF STUDENTS WILL RECEIVE BENEFIT FROM THE FUNDS. FORM 990, SCHEDULE D, PART X - FIN 48 THE ACADEMY IS A TAX-EXEMPT ORGANIZATION ACCORDING TO SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC); HOWEVER, THE ACADEMY IS SUBJECT TO FEDERAL INCOME TAXES ON UNRELATED BUSINESS INCOME RELATED TO CERTAIN INVESTMENTS. DURING THE YEARS ENDED JUNE 30, 2024 AND 2023, THE ACADEMY EVALUATED ITS TAX POSITIONS AND CONCLUDED IT DID NOT HAVE ANY MATERIAL UNCERTAIN TAX POSITIONS. FORM 990, SCHEDULE D, PART XI, LINE 2D AMOUNTS INCLUDED ON LINE 1, BUT NOT FORM 990, PART VIII, LINE 12: COS NETTED AGAINST GROSS REVENUE 679,510 ASSET RETIREMENT OBLIGATION ADJUSTMENT -67,053 CHANGE IN VALUE OF FUNDS FOR DEFERRED GIVING 2,252,609 PV ADJUSTMENTS FOR PHASED RETIREMENT PLAN 435,000 OTHER PLANT RELATED CHANGES -185,126 TRANSFERS FROM ENDOWMENT TO PLANT 21,366,504 __________ TOTAL 24,481,444 FORM 990, SCHEDULE D, PART XI, LINE 4B AMOUNTS INCLUDED ON FORM 990, PART VIII, LINE 12, BUT NOT ON LINE 1: SUMMER FINANCIAL AID NETTED AGAINST TUITION 711,637 __________ TOTAL 711,637 FORM 990, SCHEDULE D, PART XII, LINE 2D AMOUNTS INCLUDED ON LINE 1, BUT NOT ON FORM 990, PART IX, LINE 25 OTHER COMPONENTS OF NET PERIODIC PENSION COST 367,000 INTEREST RATE SWAP ADJUSTMENT (2,698,373) PENSION RELATED CHANGES OTHER THAN NET PERIODIC PENSION COSTS 1,509,261 OTHER PLANT RELATED (185,127) TRANSFERS TO/FROM ENDOWMENT 20,401,732 ___________ TOTAL 19,394,493 FORM 990, SCHEDULE D, PART XII, LINE 4B AMOUNTS INCLUDED ON PART IX, LINE 25, BUT NOT ON LINE 1: SUMMER FINANCIAL AID NETTED AGAINST TUITION 711,637 COS NETTED AGAINST GROSS REVENUE (679,510) __________ TOTAL 32,127 true true false true true true true false false false false false false false false false false true RACIALLY NONDISCRIMINATORY POLICY SCHEDULE E, PART I, LINE 3 THE POLICY IS EXPLAINED TO ALL CANDIDATES UPON APPLYING TO THE ACADEMY AND TO GUIDANCE COUNSELORS OF SCHOOLS THROUGHOUT THE COUNTRY AND FOREIGN COUNTRIES BY MEANS OF THE ACADEMY APPLICATION FORM AND WEBSITE. THE ACADEMY MEETS THE REQUIREMENTS OF SECTIONS 4.01 THROUGH 4.05 OF REV. PROC 75-50, COVERING RACIAL NONDISCRIMINATION, BECAUSE IT DRAWS A SUBSTANTIAL PERCENTAGE OF ITS STUDENTS FROM AROUND THE U.S. AND WORLD, ENROLLS STUDENTS FROM WIDE RANGING BACKGROUNDS, AND FOLLOWS A RACIALLY NONDISCRIMINATORY POLICY AS TO STUDENTS. East Asia and the Pacific 0 0 Program Services FACULTY DEVELOPMENT 6447 Central America and the Caribbean 0 0 Program Services ADMISSIONS RECRUITMENT 9691 East Asia and the Pacific 0 0 Program Services ADMISSIONS RECRUITMENT 34526 Middle East and North Africa 0 0 Program Services STUDY PROGRAMS 38667 Central America and the Caribbean 0 0 Investments 499782548 Europe (Including Iceland and Greenland) 0 0 Investments 42136707 North America 0 0 Investments 7647984 East Asia and the Pacific 0 0 Fundraising 26213 Europe (Including Iceland and Greenland) 0 0 Fundraising 21793 North America 0 0 Fundraising 347 East Asia and the Pacific 0 0 Program Services STUDY PROGRAMS 162415 Europe (Including Iceland and Greenland) 0 0 Program Services STUDY PROGRAMS 312403 Europe (Including Iceland and Greenland) 0 0 Program Services FACULTY DEVELOPMENT 7286 North America 0 0 Program Services FACULTY DEVELOPMENT 1756 South America 0 0 Program Services FACULTY DEVELOPMENT 6809 South Asia 0 0 Program Services STUDY PROGRAMS 46077 0 0 0 0 550241669 550241669 true false true true true false SCHEDULE F, PART I, LINE 3 THE ACADEMY USES THE ACCRUAL METHOD OF ACCOUNTING AND REPORTS THE TOTAL BOOK VALUE OF INVESTMENTS IN THE AGGREGATE BY REGION ON THE 990. FOREIGN TRAVEL EXPENSES ARE REPORTED ON THE 990 BASED ON THE ACCRUAL METHOD USED TO ACCOUNT FOR THEM IN THE FINANCIAL STATEMENTS. AT YEAR END THE EXPENSES ARE MANUALLY AGGREGATED BY REGION, ACTIVITY AND TYPE OF SERVICE. true REGULAR SESSION SCHOLARSHIP 491 24218340 FMV Tuition Fees/Assista REGULAR SESSION OTHER AID 491 160713 1520347 FMV Other Fin. Assist. SUMMER PROGRAM SCHOLARSHIPS 116 711637 FMV Tuition Fees/Assista AUXILIARY AID 0 172777 FMV Other Fin. Assist. MONITORING GRANT FUNDS SCHEDULE I, PART I, LINE 2 SCHOLARSHIPS AND MOST FINANCIAL ASSISTANCE CREDITS ARE NON CASH AND ARE APPLIED DIRECTLY TO STUDENT ACCOUNTS AT THE ACADEMY. ON OCCASION FINANCIAL AID STUDENTS ARE REIMBURSED FOR NECESSARY EXPENSES SUCH AS TRANSPORTATION OR THE COST OF COMPUTER EQUIPMENT. DOCUMENTATION EVIDENCING PAYMENT BY THE STUDENT IS REQUIRED BEFORE DISBURSEMENT OF CASH AID IS MADE. PHILLIPS EXETER ACADEMY MAINTAINS EXTENSIVE RECORDS TO JUSTIFY BOTH AWARDS AND THE FINANCIAL NEED ELIGIBILITY OF THE RECIPIENTS. X X X true true X X X X X false true false false false false false false false JUSTIN MERRILL DIRECTOR OF INVESTMENTS 383772 0 0 0 90 0 37180 0 43479 0 464521 0 0 0 MORGAN DUDLEY DIRECTOR INSTITUTIONAL ADV. 329433 0 0 0 396 0 39600 0 35747 0 405176 0 0 0 HOLLY BARCROFT GENERAL COUNSEL 316925 0 0 0 60 0 37180 0 49590 0 403755 0 0 0 WILLIAM LEAHY DEAN OF ENROLLMENT 209791 0 0 0 258 0 25933 0 76848 0 312830 0 0 0 WILLIAM RAWSON PRINCIPAL 550489 0 0 0 106262 0 96030 0 39936 0 792717 0 0 0 MARIJKA BEAUCHESNE CFO 364997 0 0 0 60 0 37180 0 18235 0 420472 0 0 0 KATHARINA LILLY MEDICAL DIRECTOR 270028 0 0 0 24794 0 34627 0 97061 0 426510 0 0 0 SCHEDULE J, PART I, LINE 1 THE PRINCIPAL AND DEAN OF ENROLLMENT LIVE ON CAMPUS AS A CONDITION OF EMPLOYMENT AND FOR THE CONVENIENCE OF THE EMPLOYER, TO PARTICIPATE IN ACTIVITIES WITH THE STUDENTS AND TO CONDUCT BUSINESS OUTSIDE NORMAL BUSINESS HOURS. THE VALUE OF ON-CAMPUS HOUSING IS A NONTAXABLE BENEFIT REPORTED ON SCHEDULE J, PART II, COLUMN D. THE RESIDENCE OF THE PRINCIPAL IS USED THROUGHOUT THE YEAR FOR ACADEMY RELATED EVENTS. A HOUSEKEEPING SERVICE CLEANS THE RESIDENCE. THE SERVICE IS ALLOCATED BETWEEN THE PUBLIC AND PRIVATE SPACES. CLEANING OF THE PRIVATE RESIDENCE IS INCLUDED IN PRINCIPAL RAWSON'S TAXABLE COMPENSATION. FOR CALENDAR YEAR 2023, MORGAN DUDLEY AND WILLIAM RAWSON HAD SOCIAL CLUB MEMBERSHIPS IN CONNECTION WITH THE ORGANIZATION'S BUSINESS PURPOSES AND INSTITUTIONAL ADVANCEMENT. SCHEDULE J, PART I, LINE 4B THE PRINCIPAL PARTICIPATES IN A DEFERRED COMPENSATION PROGRAM. VESTING IN THIS PROGRAM IS CALCULATED AT A RATE OF 20% PER YEAR FOR EACH FULL YEAR OF SERVICE BEGINNING JULY 1, 2023, AND ENDING JUNE 30, 2028 AND WILL BE PAID OUT IN THE YEAR FOLLOWING RETIREMENT, REFERRED TO AS THE POST PRINCIPAL PERIOD. AN ACCRUAL OF $56,430 HAS BEEN INCLUDED IN SCHEDULE J, PART II, COLUMN C. A NH HEALTH & EDUCATION FACILITIES AUTHORITY 020279866 644614SZ3 2016-04-01 80000000 SEE PART VI false false false A 0 0 80130819 0 0 0 490448 0 0 29640371 50000000 0 2018 true true true A false false false false 0 0.00305 0.00305 false false false true A false true true true BNY MELLON 34.25 false false false 0 false true A true SCHEDULE K, PART I, LINE A, COLUMN F BOND PURPOSE : CAPITAL CONSTRUCTION AND REFUNDING OF 2007 BOND SCHEDULE K, PART II, LINE 3 INCLUDES INTEREST EARNED OF $130,819 X 104 761730 FMV X MUSICAL INSTRUMENT 1 0 0 false true false SCHEDULE M, PART I, COLUMN (B) THE NUMBER OF CONTRIBUTIONS ARE USED FOR REPORTING THE LIST OF NONCASH CONTRIBUTIONS. MISSION STATEMENT AND VALUES FORM 990, PART I, LINE 1 AND PART III, LINE 1 UNITE GOODNESS AND KNOWLEDGE AND INSPIRE YOUTH FROM EVERY QUARTER TO LEAD PURPOSEFUL LIVES. [TEXT IN QUOTATIONS IS TAKEN FROM THE ACADEMY'S DEED OF GIFT, DRAFTED IN 1781] KNOWLEDGE AND GOODNESS "ABOVE ALL, IT IS EXPECTED THAT THE ATTENTION OF INSTRUCTORS TO THE DISPOSITION OF THE MINDS AND MORALS OF THE YOUTH UNDER THEIR CHARGE WILL EXCEED EVERY OTHER CARE; WELL CONSIDERING THAT THOUGH GOODNESS WITHOUT KNOWLEDGE IS WEAK AND FEEBLE, YET KNOWLEDGE WITHOUT GOODNESS IS DANGEROUS, AND THAT BOTH UNITED FORM THE NOBLEST CHARACTER, AND LAY THE SUREST FOUNDATION OF USEFULNESS TO [HU]MANKIND." EXETER TODAY CONTINUES THE COMMITMENT TO UNITE KNOWLEDGE AND GOODNESS. THE CHALLENGES THAT STUDENTS MEET AT EXETER AND THE SUPPORT THEY RECEIVE HAVE A COMMON OBJECTIVE: TO STIMULATE THEIR DEVELOPMENT AS INDIVIDUALS AND PREPARE THEM TO LEAD PURPOSEFUL LIVES. ACADEMIC EXCELLENCE ACADEMIC EXCELLENCE IS A SIGNATURE STRENGTH OF PHILLIPS EXETER ACADEMY. IN EVERY DISCIPLINE AND AT EVERY LEVEL WITHIN OUR CURRICULUM WE INSPIRE STUDENTS TO DEVELOP CRITICAL THINKING SKILLS AND SEEK COMPLEX TRUTHS. INTELLECTUAL EXPLORATION THROUGH RIGOROUS INQUIRY AND THOUGHTFUL DISCOURSE AT THE HARKNESS TABLE NURTURES INQUISITIVENESS, CREATIVITY, INSIGHT, EMPATHY, INDEPENDENT THOUGHT AND MASTERY IN OUR STUDENTS. YOUTH FROM EVERY QUARTER "THE ACADEMY SHALL EVER BE EQUALLY OPEN TO YOUTH OF REQUISITE QUALIFICATION FROM EVERY QUARTER." WE SEEK TO BUILD AN INTENTIONALLY DIVERSE COMMUNITY OF STUDENTS AND ADULTS. WE ARE COMMITTED TO TEACHING THE SKILLS, MODELING THE BEHAVIORS, PROVIDING THE RESOURCES AND CULTIVATING THE INCLUSION AND EQUITY THAT ARE REQUIRED TO UNLOCK THE RICHNESS OF THAT DIVERSITY. OUR HARKNESS PEDAGOGY IS GROUNDED IN THE BELIEF THAT WE ARE ALL BETTER EQUIPPED TO LEARN AND TO LEAD WHEN OUR THOUGHTS ARE TESTED BY OTHERS, PARTICULARLY BY THOSE WHOSE IDEAS, PERSPECTIVES, EXPERIENCES OR IDENTITIES DIFFER FROM OUR OWN. YOUTH IS THE IMPORTANT PERIOD THE "TIME OF YOUTH IS THE IMPORTANT PERIOD" TO INSTILL A LASTING CAPACITY TO NURTURE ONE'S SELF, DEVELOP A SENSE OF ONE'S OWN POTENTIAL AND CONSIDER ONE'S PLACE IN THE LARGER WHOLE. OUR RESIDENTIAL COMMUNITY ENCOURAGES STUDENTS TO EXPLORE EMERGING INTERESTS - ACADEMIC, ARTISTIC, ATHLETIC AND EXTRACURRICULAR - WITH SIMILARLY MOTIVATED PEERS AND IN THE PROCESS DEVELOP THEIR VALUES AND PASSIONS AND THE AGENCY NEEDED TO CARRY THESE FORWARD. NON SIBI NON SIBI, OR NOT FOR ONESELF, INSCRIBED ON EXETER'S SEAL, ATTESTS TO THE PHILOSOPHY THAT WISDOM GAINED HERE SHOULD BE USED FOR OTHERS AS WELL AS FOR ONESELF. EXONIANS ARE MOTIVATED BY THIS PHILOSOPHY TO FACE THE CHALLENGES OF THEIR DAY. TEACHING AND LIVING THE PRINCIPLES OF A JUST AND SUSTAINABLE SOCIETY - ENVIRONMENTALLY, ECONOMICALLY AND SOCIALLY - ARE FUNDAMENTAL TO THIS PHILOSOPHY TODAY. EXETER SEEKS TO GRADUATE YOUNG PEOPLE WHOSE AMBITIONS AND ACTIONS ARE INSPIRED BY THEIR INTEREST IN OTHERS AND THE WORLD AROUND THEM. PROGRAM SERVICE ACCOMPLISHMENTS FORM 990, PART III, LINE 4A PHILLIP EXETER ACADEMY'S PRIMARY PROGRAM SERVICE IS THE EDUCATION OF STUDENTS IN GRADES 9 THROUGH 12 IN A RESIDENTIAL BOARDING SCHOOL ENVIRONMENT. APPROXIMATELY 20% OF STUDENTS ARE DAY STUDENTS AND DO NOT RESIDE ON CAMPUS. ENROLLMENT FOR 2023-2024 WAS 1,078. THE FOUNDATION OF EXETER'S REGULAR SESSION CURRICULUM CONTINUES TO BE THE TEACHING METHOD MADE POSSIBLE IN 1931 BY THE GENEROSITY OF EDWARD HARKNESS: DISCUSSION IN SMALL CLASSES MEETING AROUND SEMINAR TABLES WHERE MAXIMUM STUDENT INVOLVEMENT AND INTERCHANGE ARE BOTH ENCOURAGED AND REQUIRED. SINCE 1931, THIS PROCESS HAS CONTINUED WHILE THE CONTENT OF THE CURRICULUM HAS UNDERGONE SEVERAL REVISIONS AS EXETER HAS SOUGHT TO BLEND ITS RESPECT FOR TRADITION WITH ITS COMMITMENT TO EDUCATE YOUNG PEOPLE FOR A RAPIDLY CHANGING WORLD. THE CURRENT CURRICULUM IS BASED ON TWO FUNDAMENTAL ASSUMPTIONS ABOUT AN EXETER EDUCATION. FIRST, EXETER VIEWS ITS CHARGE AS PROVIDING STUDENTS WITH A BROAD, LIBERAL ARTS PROGRAM THAT CREATES A STRONG FOUNDATION FOR CONTINUING STUDY AT THE COLLEGE AND UNIVERSITY LEVEL. SECOND, THE ACADEMY BELIEVES THE PROCESS OF EDUCATION IS AS IMPORTANT AS ITS CONTENT. FACULTY EMPHASIZE NOT MERELY WHAT THEY WANT STUDENTS TO KNOW, BUT ALSO WHAT SORTS OF INDIVIDUALS THEY WANT THEM TO BECOME: YOUNG PEOPLE WHOSE PASSION FOR LEARNING EXCEEDS WHAT THEY ALREADY KNOW AND WHOSE INTEREST IN OTHERS AND IN THE WORLD SURPASSES THEIR SELF-CONCERN. EXETER'S SCHOOL YEAR CONSISTS OF THREE TERMS, WHICH ALLOWS EXPANDED ELECTIVE CHOICES ACROSS A RANGE OF DISCIPLINES TO BE COMBINED WITH A FOCUS ON DEPTH OF STUDY IN ADVANCED COURSES IN EACH DEPARTMENT. STUDENTS NORMALLY ENROLL IN FIVE COURSES AND PARTICIPATE IN A SPORT EACH TERM. EVERY YEAR, STUDENTS COME TO US FROM AROUND THE WORLD AND ARE ADMITTED WITHOUT REGARD TO THE FAMILY'S ABILITY TO PAY. THE ACADEMY IS COMMITTED TO MEETING THE FULL DEMONSTRATED FINANCIAL NEED OF EACH ADMITTED STUDENT AND APPROXIMATELY HALF OF ALL ADMITTED STUDENTS RECEIVE FINANCIAL AID. FORM 990, PART III, LINE 4B PHILLIPS EXETER ACADEMY'S SUMMER SCHOOL: TYPICALLY, EVERY SUMMER PHILLIPS EXETER ACADEMY'S EXETER SUMMER PROGRAM, WHICH HAS BEEN IN OPERATION SINCE 1919, WELCOMES STUDENTS TO CAMPUS FOR FIVE WEEKS OF ACADEMIC STUDY, ATHLETICS, AND EXPLORATION THAT CARRY PARTICIPANTS FAR BEYOND THE CLASSROOMS AND THE PLAYING FIELDS. GOVERNING BODY AND MANAGEMENT FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE WHICH CONSISTS OF THE PRESIDENT, THE VICE PRESIDENT, THE PRINCIPAL AND NOT FEWER THAN TWO OTHER TRUSTEES SHALL HAVE THE POWERS OF THE TRUSTEES IN THE INTERVALS BETWEEN TRUSTEES' MEETINGS. THEY MAY ACT, ON BEHALF OF THE TRUSTEES, UPON ALL MATTERS EXCEPT THOSE WHICH, IN THE OPINION OF THE COMMITTEE SHOULD AWAIT THE NEXT MEETING OF THE TRUSTEES. ALL ACTION SO TAKEN SHALL BE DEEMED THE ACTION OF THE TRUSTEES. GOVERNING BODY AND MANAGEMENT FORM 990, PART VI, SECTION A, LINE 7A THE GENERAL ALUMNI ASSOCIATION (GAA) BOARD OF DIRECTORS CONSISTS OF 20 REGULAR MEMBERS. THEY ELECT FOUR OFFICERS: PRESIDENT, TWO VICE-PRESIDENTS AND A SECRETARY. THE PRESIDENT AND TWO VICE-PRESIDENTS SERVE WITH THE ACADEMY'S BOARD OF TRUSTEES FOR THEIR TERMS AS GAA OFFICERS WHICH CAN BE A PERIOD FROM 2-6 YEARS. FORM 990 REVIEW PROCESS FORM 990, PART VI, SECTION B, LINE 11 PHILLIPS EXETER ACADEMY'S FORM 990 IS PREPARED BY THE FINANCE DEPARTMENT IN COLLABORATION WITH OUTSIDE TAX CONSULTANTS. THE REVIEW PROCESS STARTS WITH THE DIRECTOR OF FINANCE, CFO, AND GENERAL COUNSEL, FOLLOWED BY THE CHAIR OF THE AUDIT AND RISK COMMITTEE. THE COMPLETED FORM, WITH THE EXCEPTION OF ONE LINE ON SCHEDULE B, WHICH REDACTS THE IDENTITY OF A DONOR, IS THEN PROVIDED TO ALL TRUSTEES FOR REVIEW PRIOR TO FILING WITH THE IRS. CONFLICT OF INTEREST POLICY FORM 990, PART VI, SECTION B, LINE 12 PHILLIPS EXETER ACADEMY MAINTAINS A WRITTEN CONFLICT OF INTEREST POLICY REQUIRING DISCLOSURE OF RELEVANT FACTS THAT GIVE RISE TO A POTENTIAL CONFLICT OF INTEREST. ANNUALLY, TRUSTEES, MEMBERS OF THE INVESTMENT COMMITTEE, ADMINISTRATORS, AND STAFF WITH PURCHASING RESPONSIBILITIES ARE REQUIRED TO ACKNOWLEDGE IN WRITING THAT THEY HAVE READ, UNDERSTAND AND SIGN A CONFLICT OF INTEREST. ADDITIONALLY, AT THE END OF THE FISCAL YEAR AND BEFORE THE SUBMISSION OF FORM 990, EACH TRUSTEE, OFFICER AND/OR KEY EMPLOYEE IS PROVIDED WITH A QUESTIONNAIRE REQUIRING DISCLOSURE OF ANY CONFLICTS OF INTEREST THAT MAY HAVE EXISTED DURING THE PRIOR FISCAL YEAR. PROCESS FOR DETERMINING COMPENSATION FORM 990, PART VI, SECTION B, LINE 15 PHILLIPS EXETER ACADEMY MAINTAINS AN EXECUTIVE COMPENSATION PHILOSOPHY INTENDED TO COMPLY WITH IRC 4958 INTERMEDIATE SANCTIONS THAT REQUIRES PERIODIC REVIEW OF PEER INSTITUTIONS FOR COMPENSATION COMPARISONS AMONG EXECUTIVES DEEMED "DISQUALIFIED PERSONS." THE BOARD OF TRUSTEES APPROVES THEIR SALARIES ANNUALLY AND DOCUMENTS THEIR DETERMINATIONS IN MEETING MINUTES. OTHER EXECUTIVE COMPENSATION IS BASED ON A REVIEW OF PEER SCHOOLS USING ABOPS AND OTHER SALARY SURVEY DATA AND IS APPROVED BY THE ADMINISTRATION. DISCLOSURE FORM 990, PART VI, SECTION C, LINE 19 PHILLIPS EXETER ACADEMY'S GOVERNING DOCUMENTS, STATEMENT OF FINANCIAL POSITION, STATEMENT OF ACTIVITIES AND CONFLICT OF INTEREST POLICY ARE AVAILABLE TO THE PUBLIC UPON REQUEST. RECONCILIATION OF CHANGE IN NET ASSETS FORM 990, PART XI, OTHER CHANGES, LINE 9 PENSION RELATED CHARGES OTHER THAN NET PERIODIC PENSION COST (1,509,261) CHANGE IN VALUE OF FUNDS FOR DEFERRED GIVING 2,252,609 INTEREST RATE SWAP ADJUSTMENT (EB) 2,698,373 OTHER COMPONENTS OF NP PENSION COST (367,000) RECLASSIFICATIONS 1,298,446 MISCELLANEOUS 34,272 ___________ TOTAL OTHER CHANGES, LINE 9 $ 4,407,439 HEINZ EXETER SCHOLARSHIP FUND PO BOX 185 PITTSBURG PA 15201 251482044 SCHOLARSHIP PA 501(C)(3) PF NA false MSSC TRUST FBO PHILLIPS EXETER ACADEMY PO BOX 748 SULLIVANS ISLAND SC 29482 576114852 SCHOLARSHIP SC 501(C)(3) 12D, III-O NA false YOCUM FAMILY PERPETUAL CHARITABLE TRUST 1100 N MARKET ST WILMINGTON DE 19890 237704439 SCHOLARSHIP PA 501(C)(3) 12O, III-O NA false TUW PHILENA R PEABODY-LLOYD 01-34608 PO BOX 803878 CHICAGO IL 60680 366088658 SCHOLARSHIP IL 501(C)(3) 12O, III-O NA false POOLED INCOME FUND (2) FUNDRAISING NH NA T CHARITABLE REMAINDER TRUST (79) SEE SCHEDULE R PART VII FOR LEGAL DOMICILE COLUMN C NH 03833 FUNDRAISING NA T false false true false false false false false false false false false false false false false false true PART IV, LINE (2), COLUMN (C) CA, DE, FL, IA, IL, MA, MD, MI, NC, NH, NJ, NY, OH, PA, RI, SD, TX