2022-05-12T14:06:00-05:00 2021-06-30 PricewaterhouseCoopers LLP 101 SEAPORT BLVD SUITE 500 BOSTON MA 02210 990 2020-07-01 020222174 PHILLIPS EXETER ACADEMY % SAMANTHA K SLINEY PHIL 6037724311 20 MAIN STREET EXETER NH 038332460 MARIJKA BEAUCHESNE CFO 6037773211 2022-05-11 true MARIJKA BEAUCHESNE 999009999 GWENDOLYN SPENCER P00641463 6175305000 2022-04-29 2 2020 2022-09-23 18:48:47Z WILLIAM RAWSON 20 MAIN STREET EXETER NH 038332460 665086818 false X WWW.EXETER.EDU X 1781 NH SEE SCHEDULE O. 21 20 1112 3663 2622008 5703 19526643 50175585 63407545 60246648 77454295 134599986 1237321 596369 161625804 245618588 25644798 26096955 0 0 62746578 64418981 0 0 6456540 43100096 50541802 131491472 141057738 30134332 104560850 1715514168 2084878320 169483343 209930191 1546030825 1874948129 X SEE SCHEDULE O. false false 117150587 26066830 59398512 SEE SCHEDULE O. 745569 30125 737596 SEE SCHEDULE O. 835706 648934 AUXILIARY ENTERPRISES INCLUDE STUDENT GRILL, FACILITY RENTALS, AND THE CHILDREN'S CENTER WHICH SERVICE THE ACADEMY DURING BOTH SUMMER AND REGULAR SESSIONS. 118731862 true true false true false false false true false true true true false false true true true false true false true false false false false false false false true true true false false false false false false false false false false true true false false false true false false false true 265 0 true 1112 true true true false false false false true true false false false false false false X 21 20 false false false false false true false true true false false false true true true true true true true false CA IN NH OK X X SAMANTHA K SLINEY 6037773211 20 MAIN STREET EXETER NH 038332460 X WILLIAM RAWSON PRINCIPAL 40.0 0.0 X X 436838 0 71016 JUSTIN MERRILL DIRECTOR OF INVESTMENTS 40.0 0.0 X 339204 0 56954 MARIJKA BEAUCHESNE CFO 40.0 0.0 X 295605 0 48851 KATHARINA LILLY MEDICAL DIRECTOR 40.0 0.0 X 229725 0 113261 HOLLY BARCROFT GENERAL COUNSEL 40.0 0.0 X 247867 0 74409 MORGAN DUDLEY DIRECTOR INSTITUTIONAL ADV. 40.0 0.0 X 284196 0 34536 WILLIAM LEAHY DEAN OF ENROLLMENT 40.0 0.0 X 196827 0 107804 WOLE C COAXUM TRUSTEE 2.0 0.0 X 0 0 0 MARK A EDWARDS TRUSTEE 2.0 0.0 X 0 0 0 JENNIFER P HOLLERAN TRUSTEE 2.0 0.0 X 0 0 0 MORGAN C SZE PRESIDENT/TRUSTEE 2.0 0.0 X 0 0 0 DEIDRE G O'BYRNE VICE PRESIDENT/TRUSTEE 2.0 0.0 X 0 0 0 SALLY JUTABHA MICHAELS TRUSTEE 2.0 0.0 X 0 0 0 E JANNEY WILSON TRUSTEE 2.0 0.0 X 0 0 0 PETER M SCOCIMARA TRUSTEE 2.0 0.0 X 0 0 0 SERENA WILLE SIDES TRUSTEE 2.0 0.0 X 0 0 0 SUZI K COHEN TRUSTEE 2.0 0.0 X 0 0 0 CLAUDINE GAY TRUSTEE 2.0 0.0 X 0 0 0 PETER A GEORGESCU TRUSTEE 2.0 0.0 X 0 0 0 KRISTYN MCLEOD VAN OSTERN TRUSTEE 2.0 0.0 X 0 0 0 JACQUELINE J HAYES TRUSTEE 2.0 0.0 X 0 0 0 CIA BUCKLEY MARAKOVITS TRUSTEE 2.0 0.0 X 0 0 0 SANJAY SHETTY TRUSTEE 2.0 0.0 X 0 0 0 A GENISHA SAVERIMUTHU TRUSTEE 2.0 0.0 X 0 0 0 IRA D HELFAND TRUSTEE 2.0 0.0 X 0 0 0 SCOTT SANG-WON HAHN TRUSTEE 2.0 0.0 X 0 0 0 ELIZABETH A FLEMING TRUSTEE 2.0 0.0 X 0 0 0 2030262 0 506831 78 false true false SHAWMUT DESIGN CONSTRUCTION 560 HARRISON ROAD BOSTON MA 02118 CONTRACT SERVICES 6334756 CUTLER ASSOCIATES 43 HARVARD STREET WORCESTER MA 01609 CONTRACT SERVICES 3447841 FERRILLI INFORMATION GROUP 41 SOUTH HADDON AVE SUITE 7 HADDONFIELD NJ 08033 IT CONTRACT SERVICES 400020 THE SLAM COLLABORATIVE 80 Glastonbury Boulevard GLASTONBURY CT 06033 CONTRACT SERVICES 668290 ANN BEHA ARCHITECTS 33 KINGSTON STREET BOSTON MA 02112 CONTRACT SERVICES 471509 30 50175585 3539863 50175585 STUDENT TUITION & FEES 611710 58905292 58905292 AUX.& SUMMER PROGRAMS 611710 1341356 1341356 60246648 6329522 -713563 7043085 0 0 45174 0 45174 0 45174 45174 547621508 419351044 128270464 128270464 3335571 124934893 0 0 0 0 0 0 2055 117186 -115131 -115131 TUITION REFUND INSURANCE 611710 204386 204386 APPLICATION FEES 611710 181950 181950 BOOKSTORE COMMISSIONS 611710 173106 173106 106884 106884 666326 245618588 60785042 2622008 132035953 0 26096955 26096955 0 0 844611 295851 450143 98617 0 46352725 38800874 3327614 4224237 4983650 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101141254 169483343 209930191 X 444734542 500668223 1101296283 1374279906 1546030825 1874948129 1715514168 2084878320 X 104560850 203651831 20704623 X false true X true false X 20288108 29490880 21888460 19526643 50175585 141369676 0 0 20288108 29490880 21888460 19526643 50175585 141369676 20201462 121168214 5964319 7392340 8249358 7260804 6374696 35241517 0 689855 739553 756778 618059 175161 2979406 179590599 313842887 0.67469 0.69139 X SCHEDULE A, PART II, LINE 10 Other Income: 2016 689,855 2017 739,553 2018 756,778 2019 618,059 2020 175,161 Total 2,979,406 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 160253 160253 false LOBBYING ACTIVITIES SCHEDULE C, PART II-B, LINE 1I PHILLIPS EXETER ACADEMY IS A MEMBER OF THE ASSOCIATION OF BOARDING SCHOOLS, EIGHT SCHOOL ASSOCIATION, AISNE, CSEE, AASHE, COLLEGE BOARD, NACUBO, ABOPS, EXETER AREA CHAMBER OF COMMERCE, NBOA, NNSP, SPARC, SCHOOL YEAR ABROAD, NHMEA, NAIS, TABS, NEASC, MASTERY TRANSCRIPT CONSORTIUM AND A BETTER CHANCE. THESE ORGANIZATIONS MAY USE A PORTION OF MEMBERSHIP DUES TO LOBBY ON BEHALF OF THEIR MEMBERS. TOTAL MEMBERSHIP DUES PAID BETWEEN 7/1/20 AND 6/30/21 WAS $160,253. THE PORTION OF MEMBERSHIP DUES ALLOCATED TO LOBBYING ACTIVITIES BY THESE ORGANIZATIONS IS NOT DETERMINABLE. X X X false 1313339317 34203091 337216640 22015150 45929792 402933 1616411173 1315274700 16690851 42779080 20803700 40341397 260217 1313339317 1314997478 10232665 49567791 19877838 39305124 340272 1315274700 1240384295 8983054 122393634 19682779 36861225 219501 1314997478 1134211292 14225801 148329692 19256064 36778424 348002 1240384295 0.16660 0.23840 0.59500 true false 4412770 4412770 495408907 179847854 315561053 16474635 10141088 6333547 7625988 0 7625988 333933358 GLOBAL EQUITIES 633952510 F ABSOLUTE RETURN & LONG /SHORT 384376146 F PRIVATE EQUITY & REAL ESTATE 307972032 F OTHER 4434810 F 1330735498 0 ANNUITIES & DEFERRED GIVING AR 35389644 ASSET RETIREMENT OBLIGATION 3384531 BOND INTEREST RATE SWAP 21158494 STUDENT ORGANIZATION FUNDS 260143 PENSION & OTHR EMPLYMNT RLTD 10924471 STUDENT INSURANCE PAYABLE 23971 BONDS PAYABLE 30000000 101141254 X 461698591 203651831 13866226 217518057 244180534 1438054 1438054 245618588 132789712 -6799847 -6799847 139589559 1438054 30125 1468179 141057738 SCHEDULE D - SUPPLEMENTAL INFORMATION FORM 990, SCHEDULE D, PART III, LINE 1A THE ACADEMY'S COLLECTIONS INCLUDE WORKS OF ART, LITERARY WORKS, HISTORICAL TREASURES, AND ARTIFACTS. 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. 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 THE INTERNAL REVENUE CODE SECTION 501(C)(3). HOWEVER, THE ACADEMY IS SUBJECT TO FEDERAL INCOME TAXES ON UNRELATED BUSINESS INCOME RELATED TO CERTAIN INVESTMENTS. DURING THE YEARS ENDED JUNE 30, 2021 AND 2020, 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 OTHER: COS NETTED AGAINST GROSS REVENUE 117,186 ASSET RETIREMENT OBLIGATION ADJUSTMENT (324,114) CHANGE IN VALUE OF FUNDS FOR DEFFERED GIVING 250,600 SUMMER FINANCIAL AID NETTED AGAINST TUITION (30,125) PV ADJUSTMENTS FOR PHASED RETIREMENT PLAN 435,000 OTHER RECLASSIFICATIONS 13,417,679 __________ TOTAL 13,866,226 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 (203,957) INTEREST RATE SWAP ADJUSTMENT 6,893,363 COS NETTED AGAINST GROSS REVENUE (117,186) OTHER RECLASSIFICATIONS 35,296 PENSION RELATED CHANGES OTHER THAN NET PERIODIC PENSION COSTS 192,331 __________ TOTAL 6,799,847 FORM 990, SCHEDULE D, PART XII, LINE 4B AMOUNTS INCLUDED ON PART IX, LINE 25, BUT NOT ON LINE 1 OTHER: SUMMER FINANCIAL AID NETTED AGAINST TUITION 30,125 __________ TOTAL 30,125 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 OF RACIAL MINORITY GROUPS IN MEANINGFUL NUMBERS, AND FOLLOWS A RACIALLY NONDISCRIMINATORY POLICY AS TO STUDENTS. Russia and the Newly Independent States Program Services STUDY PROGRAM 2580 South America Program Services Faculty Development 1500 Central America and the Caribbean Investments 379059575 Europe (Including Iceland and Greenland) Investments 41895930 North America Investments 8055168 429014753 429014753 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 536 24863222 FMV Tuition Fees/Assista REGULAR SESSION OTHER AID 536 107915 1095693 FMV Other Fin. Assist. SUMMER PROGRAM SCHOLARSHIPS 11 30125 FMV Tuition Fees/Assista 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 false false false false false false false true true JUSTIN MERRILL DIRECTOR OF INVESTMENTS 339014 190 32190 24764 396158 MORGAN DUDLEY DIRECTOR INSTITUTIONAL ADV. 283800 396 34056 480 318732 HOLLY BARCROFT GENERAL COUNSEL 247807 60 29277 45132 322276 WILLIAM LEAHY DEAN OF ENROLLMENT 196689 138 24768 83036 304631 WILLIAM RAWSON PRINCIPAL 433376 3462 34200 36816 507854 MARIJKA BEAUCHESNE CFO 292195 3410 32190 16661 344456 KATHARINA LILLY MEDICAL DIRECTOR 227040 2685 24974 88287 342986 SCHEDULE J, PART I, LINE 1 THE PRINCIPAL, MEDICAL DIRECTOR 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 MEDICAL DIRECTOR LIVED ON CAMPUS FOR A PORTION OF THE YEAR. 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 COMPENSATON. SCHEDULE J, PART I, LINE 8 THE ACADEMY ENTERED INTO A CONTRACT WITH PRINCIPAL WILLIAM RAWSON EFFECTIVE 7/1/2018 THAT QUALIFIES FOR THE INITIAL CONTRACT EXCEPTION UNDER TREASURY REGULATION SECTION 53.4958-4(A)(3). SCHEDULE J, PART II, COLUMN (D) FOR CALENDAR YEAR 2020, WILLIAM RAWSON, KATHERINA LILY AND WILLIAM LEAHY - NONTAXABLE BENEFITS INCLUDE THE VALUE OF ON-CAMPUS HOUSING PROVIDED FOR THE CONVENIENCE OF THE EMPLOYER. FOR CALENDAR YEAR 2020, MORGAN DUDLEY HAD A MEMBERSHIP TO A UNIVERSITY CLUB IN CONNECTION WITH THE ORGANIZATION'S BUSINESS PURPOSES AND INSTITUTIONAL ADVANCEMENT. 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 0.00259 0.00259 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 N/A X 1 N/A X 135 3539863 FMV X 1 N/A false true false SCHEDULE M, PART I, COLUMN (B) THE NUMBER OF CONTRIBUTIONS ARE USED FOR REPORTING THE LIST OF NONCASH CONTRIBUTIONS. SCHEDULE M, PART I, LINE 33 GIFTS IN KIND LISTED IN PART I OF SCHEDULE M THAT ARE NOT LIQUIDATED AND ARE IMMATERIAL IN NATURE ARE CONSIDERED PART OF THE ACADEMY'S COLLECTIONS AND MAY INCLUDE WORKS OF ART, LITERARY WORK, HISTORICAL TREASURES AND ARTIFACTS. THESE COLLECTIONS ARE PROTECTED AND PRESERVED FOR PUBLIC EXHIBITION, EDUCATION OR RESEARCH. THESE COLLECTIONS ARE NOT RECOGNIZED AS ASSETS OR CONTRIBUTIONS IN THE ACADEMY'S FINANCIAL STATEMENTS. 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. 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 FULLY RESIDENTIAL BOARDING SCHOOL ENVIRONMENT. ENROLLMENT FOR 2020-2021 WAS 1,090. 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, DUE TO INCREASING SPECIALIZATION AT THE COLLEGE LEVEL, EXETER VIEWS ITS CHARGE AS PROVIDING STUDENTS WITH A BROAD, LIBERAL ARTS PROGRAM. 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. FORM 990, PART III, LINE 4B PHILLIPS EXETER ACADEMY'S SUMMER SCHOOL: TYPICALLY, EVERY SUMMER PHILLIPS EXETER ACADEMY'S SUMMER SCHOOL, 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. TYPICALLY, STUDENTS COME TO US FROM MORE THAN 40 STATES, AND 50 COUNTRIES. FOR SUMMER 2020, SUMMER SCHOOL WAS HELD ONLINE FOR APPROXIMATELY 168 STUDENTS FOR FIVE WEEKS DUE TO PANDEMIC CONDITIONS. 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. FORM 990, PART VI, SECTION A, LINE 7A THE GENERAL ALUMNI/AE 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 ONCE PHILLIPS EXETER'S FORM 990 IS COMPLETED, IT IS FIRST REVIEWED BY PHILLIPS EXETER ACADEMY'S INTERNAL MANAGEMENT AND OUTSIDE ADVISORS. FOLLOWING THAT REVIEW, PEA'S INTERNAL MANAGEMENT AND OUTSIDE ADVISORS PRESENT THE FORM 990 TO THE AUDIT COMMITTEE FOR REVIEW AND COMMENT. THE COMPLETED FORM 990, EXCEPT TWO ANONYMOUS DONORS LISTED ON SCHEDULE B, IS PROVIDED TO ALL MEMBERS OF THE BOARD OF TRUSTEES PRIOR TO THE FORM BEING FILED 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 AND CONFLICT OF INTEREST POLICY ARE AVAILABLE TO THE PUBLIC UPON REQUEST. THE ORGANIZATION'S STATEMENT OF FINANCIAL POSITION AND STATEMENT OF ACTIVITIES ARE AVAILABLE ON THE ORGANIZATION'S WEBSITE. RECONCILIATION OF CHANGE IN NET ASSETS FORM 990, PART XI, OTHER CHANGES, LINE 9 CHANGE IN VALUE OF FUNDS FOR DEFFERRED GIVING 250,600 PENSION RELATED CHARGES OTHER THAN NET PERIODIC PENSION COST 192,331 OP/NON OP TRANSFER 13,417,679 INTEREST RATE SWAP ADJUSTMENT (EB) 6,893,363 OTHER COMPONENTS OF NP PENSION COST (203,957) MISCELLANEOUS 154,607 ___________ TOTAL OTHER CHANGES, LINE 9 $ 20,704,623 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 YOUCUM 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 (87) 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, MI, NC, NH, NJ, NY, OH, PA, RI, TX