2021-05-11T13:43:22-05:00 2020-06-30 PricewaterhouseCoopers LLP 101 SEAPORT BLVD SUITE 500 BOSTON MA 02210 990 2019-07-01 020222174 PHILLIPS EXETER ACADEMY % SAMANTHA K SLINEY PHIL 6037724311 20 MAIN STREET EXETER NH 038332460 MARIJKA BEAUCHESNE CFO 2021-05-10 true GWENDOLYN SPENCER P00641463 6175305000 2019 2022-09-23 18:48:47Z WILLIAM RAWSON 20 MAIN STREET EXETER NH 038332460 669646601 false X WWW.EXETER.EDU X 1781 NH SEE SCHEDULE O. 20 19 1323 4479 -3526518 21888460 19526643 65445655 63407545 86611223 77454295 1154762 1237321 175100100 161625804 24564234 25644798 0 0 62896875 62746578 0 0 6236454 41722724 43100096 129183833 131491472 45916267 30134332 1726083549 1715514168 178875778 169483343 1547207771 1546030825 X SEE SCHEDULE O. false false 109352519 24563359 56333219 SEE SCHEDULE O. 5508286 1081439 6958881 SEE SCHEDULE O. 882838 870139 AUXILIARY ENTERPRISES INCLUDE STUDENT GRILL, FACILITY RENTALS, AND THE CHILDREN'S CENTER WHICH SERVICE THE ACADEMY DURING BOTH SUMMER AND REGULAR SESSIONS. 115743643 true true false true false false false true false true true true false false true true true false true true true false false false false false false false true true true false false false false false false false false false false true false false false false true false false false true 352 0 true 1323 true true true false false false false true true false false false false false false X 20 19 false false false false false true false true true false false true 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 442341 0 64638 JUSTIN MERRILL DIRECTOR OF INVESTMENTS 40.0 0.0 X 331749 0 88429 KATHARINA LILLY MEDICAL DIRECTOR 40.0 0.0 X 210683 0 144346 MARIJKA BEAUCHESNE CFO 40.0 0.0 X 297552 0 46056 MORGAN DUDLEY DIRECTOR INSTITUTIONAL ADV. 40.0 0.0 X 279658 0 34032 HOLLY BARCROFT GENERAL COUNSEL 40.0 0.0 X 244662 0 68668 WILLIAM LEAHY DEAN OF ENROLLMENT 40.0 0.0 X 193571 0 96856 DAVID W HANSON FORMER CFO 0.0 0.0 X 162500 0 0 LISA MACFARLANE FORMER PRINCIPAL 0.0 0.0 X 105703 0 0 WOLE C COAXUM VICE PRESIDENT/TRUSTEE 2.0 0.0 X 0 0 0 WALTER C DONOVAN TRUSTEE 2.0 0.0 X 0 0 0 JOHN A DOWNER PRESIDENT/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 TRUSTEE 2.0 0.0 X 0 0 0 CIATTA Z BAYSAH TRUSTEE 2.0 0.0 X 0 0 0 DANIEL C OAKLEY TRUSTEE 2.0 0.0 X 0 0 0 DEIDRE O'BYRNE TRUSTEE 2.0 0.0 X 0 0 0 SALLY JUTABHA MICHAELS TRUSTEE 2.0 0.0 X 0 0 0 JANNEY E 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 HAYES TRUSTEE 2.0 0.0 X 0 0 0 CIA BUCKLEY MARAKOVITS TRUSTEE 2.0 0.0 X 0 0 0 2268419 0 543025 79 true true false SHAWMUT DESIGN CONSTRUCTION 560 HARRISON ROAD BOSTON MA 02118 CONTRACT SERVICES 2709251 CUTLER ASSOCIATES 43 HARVARD STREET WORCESTER MA 01609 CONTRACT SERVICES 1761817 FERRILLI INFORMATION GROUP 41 SOUTH HADDON AVE SUITE 7 HADDONFIELD NJ 08033 IT CONTRACT SERVICES 453625 JM PROFESSIONAL PAINTING 167 BOW STREET EVERETT MA 02149 CONTRACT SERVICES 449932 CAMBRIDGE ASSOCIATES PO BOX 412015 BOSTON MA 022412015 INVESTMENT SERVICES 315828 23 19526643 3205377 19526643 STUDENT TUITION & FEES 611710 55850079 55850079 AUX.& SUMMER PROGRAMS 611710 7557466 7557466 63407545 6822722 -3693046 10515768 0 0 438082 438082 0 438082 271554 166528 578350410 507718837 70631573 70631573 70631573 0 0 0 0 0 0 511941 301960 209981 209981 TUITION REFUND INSURANCE 611710 183796 183796 APPLICATION FEES 611710 162000 162000 BOOKSTORE COMMISSIONS 611710 106118 106118 137344 137344 589258 161625804 64162239 -3526518 81463440 0 25644798 25644798 0 0 825314 292999 434649 97666 0 45668789 38495631 3202625 3970533 5082590 4339110 345457 398023 7830533 6879880 463795 486858 3339352 2778407 274373 286572 0 650531 650531 278870 278870 0 0 210293 210293 2197842 1796044 240782 161016 262944 257625 4050 1269 1477249 1263977 100228 113044 2133822 1861561 169539 102722 0 6335467 4548178 1737047 50242 1121218 774933 70180 276105 0 154258 118536 21156 14566 2462483 2374449 62418 25616 0 14518783 13987167 376928 154688 1204339 718650 446922 38767 CONTINGENCY 3944808 3944808 0 0 STUDENT RELATED EXPENSES 3257558 3171535 85707 316 FOOD/PROVISIONS 1487234 1487234 0 0 PLANT RELATED ACTIVITIES 918240 884618 23839 9783 484157 123503 311986 48668 131491472 115743643 9511375 6236454 16679092 13894799 62772154 68837749 12853353 11962959 190982 6817 0 0 0 0 0 0 302344 317771 2891655 2884008 515723176 186746882 325359296 328976294 805121 15426896 1228445689 1199062202 0 0 0 0 75783863 74144673 1726083549 1715514168 8438912 7929282 0 0 21485903 7973739 80000000 80000000 0 0 0 0 0 0 0 0 68950963 73580322 178875778 169483343 X 440147966 444734542 1107059805 1101296283 1547207771 1546030825 1726083549 1715514168 X 30134332 -33646153 2334875 X false true X true false X 47217066 20288108 29490880 21888460 19526643 138411157 0 0 47217066 20288108 29490880 21888460 19526643 138411157 17513899 120897258 4074521 5964319 7392340 8249358 7260804 32941342 0 704272 689855 739553 756778 618059 3508517 174861016 311777812 0.69139 0.69850 X SCHEDULE A, PART II, LINE 10 Other Income: 2015 704,272 2016 689,855 2017 739,553 2018 756,778 2019 618,059 Total 3,508,517 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 158129 158129 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, CASE, ISANNE, COLLEGE BOARD, NACUBO, NACUFS, NAFSA, ABOPS, EXETER AREA CHAMBER OF COMMERCE, NBOA, 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 7/1/19 AND 6/30/20 WAS $158,129. THE PORTION OF MEMBERSHIP DUES ALLOCATED TO LOBBYING ACTIVITIES BY THESE ORGANIZATIONS IS NOT DETERMINABLE. X X X false 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 1211880961 2817644 -26494761 18477720 35169985 344847 1134211292 0.17000 0.27070 0.55930 true false 4556370 4556370 472497682 168695965 303801717 23377816 18050917 5326899 15291308 15291308 328976294 GLOBAL EQUITIES 401266186 F ABSOLUTE RETURN & LONG /SHORT 548024638 F PRIVATE EQUITY & REAL ESTATE 247144732 F OTHER 2626646 F 1199062202 0 ANNUITIES & DEFERRED GIVING AR 30702278 ASSET RETIREMENT OBLIGATION 3060314 BOND INTEREST RATE SWAP 28051857 STUDENT ORGANIZATION FUNDS 234851 PENSION & OTHR EMPLYMNT RLTD 11531022 73580322 X 138967188 -33646153 12255835 -21390318 160357506 1268298 1268298 161625804 140142428 11000693 11000693 129141735 1268298 1081439 2349737 131491472 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, 2020 and 2019, 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 301,960 ASSET RETIREMENT OBLIGATION ADJUSTMENT 116,194 CHANGE IN VALUE OF FUNDS FOR DEFFERED GIVING 2,826,003 SUMMER FINANCIAL AID NETTED AGAINST TUITION (1,081,439) PV ADJUSTMENTS FOR PHASED RETIREMENT PLAN 435,000 OTHER RECLASSIFICATIONS 7,044,922 PENSION RELATED CHANGES OTHER THAN NET PERIODIC PENSION COSTS 2,613,195 __________ TOTAL 12,255,835 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 432,939 INTEREST RATE SWAP ADJUSTMENT 10,301,947 COS NETTED AGAINST GROSS REVENUE 301,960 OTHER RECLASSIFICATIONS (36,153) ___________ TOTAL 11,000,693 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 1,081,439 __________ TOTAL 1,081,439 true true true 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. Europe (Including Iceland and Greenland) 6 Program Services STUDY PROGRAM 196962 Europe (Including Iceland and Greenland) Investments 588 North America Program Services FACULTY DEVELOPMENT 881 East Asia and the Pacific Program Services ADMISSIONS RECRUITMENT 20456 Europe (Including Iceland and Greenland) Fundraising 33517 East Asia and the Pacific Program Services STUDY PROGRAM 11317 Central America and the Caribbean Program Services ADMISSIONS RECRUITMENT 636 Europe (Including Iceland and Greenland) Program Services ADMISSIONS RECRUITMENT 7357 North America Program Services ADMISSIONS RECRUITMENT 1454 Middle East and North Africa Program Services ADMISSIONS RECRUITMENT 946 Russia and the Newly Independent States Program Services ADMISSIONS RECRUITMENT 9699 East Asia and the Pacific Fundraising 32039 North America Fundraising 922 Middle East and North Africa Fundraising 11687 South America Fundraising 20812 East Asia and the Pacific Investments 17022 East Asia and the Pacific Program Services Faculty Development 7469 Europe (Including Iceland and Greenland) Program Services Faculty Development 15980 Middle East and North Africa Program Services Faculty Development 10330 Russia and the Newly Independent States Program Services Faculty Development 20443 Russia and the Newly Independent States Program Services Study Program 1034 South America Program Services Study Program 90 Central America and the Caribbean Investments 365338455 Europe (Including Iceland and Greenland) Investments 44444167 North America Investments 8315538 6 6 373764 418146037 418519801 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 516 23536980 FMV Tuition Fees/Assista REGULAR SESSION OTHER AID 516 80279 946100 FMV Other Fin. Assist. SUMMER PROGRAM SCHOLARSHIPS 169 1081439 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 true false false false false false false false true true JUSTIN MERRILL DIRECTOR OF INVESTMENTS 331689 0 0 0 60 0 31590 0 56839 0 420178 0 0 0 MORGAN DUDLEY DIRECTOR INSTITUTIONAL ADV. 279400 0 0 0 258 0 33528 0 504 0 313690 0 0 0 HOLLY BARCROFT GENERAL COUNSEL 244602 0 0 0 60 0 29080 0 39588 0 313330 0 0 0 WILLIAM LEAHY DEAN OF ENROLLMENT 193433 0 0 0 138 0 24384 0 72472 0 290427 0 0 0 WILLIAM RAWSON PRINCIPAL 432563 0 0 0 9778 0 33600 0 31038 0 506979 0 0 0 MARIJKA BEAUCHESNE CFO 297492 0 0 0 60 0 31590 0 14466 0 343608 0 0 0 KATHARINA LILLY MEDICAL DIRECTOR 210137 0 0 0 546 0 24813 0 119533 0 355029 0 0 0 DAVID W HANSON FORMER CFO 0 0 0 0 162500 0 0 0 0 0 162500 0 0 0 LISA MACFARLANE FORMER PRINCIPAL 0 0 0 0 105703 0 0 0 0 0 105703 0 0 0 SCHEDULE J, PART I, LINE 1 THE PRINCIPAL, MEDICAL DIRECTOR AND DEAN OF ENROLLMENT ARE REQUIRED TO 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 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 4A THE FORMER PRINCIPAL AND FORMER CFO RECEIVED SEPARATION PAYMENTS WITHIN 9 AND 12 MONTHS, RESPECTIVELY, OF THE END OF THEIR EMPLOYMENT. THESE PAYMENTS INCLUDED ON SCHEDULE J, PART II, COLUMN B (III) WERE MADE IN FULFILLMENT OF THE ACADEMY'S CONTRACTUAL OBLIGATIONS. SCHEDULE J, PART I, LINE 8 THE ACADEMY ENTERED INTO A CONTRACT WITH NEW 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) 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 2019, 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 false 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 0 N/A X 147 3205377 FMV X 1 0 N/A X 2 0 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 FORM 990, PART I, LINE 1 AND PART III, LINE 1 PHILLIPS EXETER ACADEMY, AN INDEPENDENT SECONDARY SCHOOL, CONTINUES THE COMMITMENT TO UNITE GOODNESS AND KNOWLEDGE. WITH A TOTAL ENROLLMENT OF MORE THAN 1,000 STUDENTS APPROXIMATELY 80 PERCENT OF WHOM ARE BOARDERS AND 20 PERCENT OF WHOM ARE DAY STUDENTS, THE SCHOOL SEEKS YOUNG PEOPLE WHO COMBINE PROVEN ACADEMIC ABILITY, INTELLECTUAL CURIOSITY, AND TENACITY WITH DECENCY AND GOOD CHARACTER. AT THE ACADEMY, EXACTING INQUIRY AND THOUGHTFUL DISCOURSE FOSTER THE LIFE OF THE MIND. INSTRUCTION AND ACTIVITY PROMOTE FITNESS AND HEALTH, AND THE DAILY INTERACTIONS OF A RESIDENTIAL SCHOOL NURTURE INTEGRITY, EMPATHY, AND KINDNESS. BECAUSE LEARNING AND GROWTH AT EXETER ARISE FROM EACH INDIVIDUAL'S ENGAGEMENT WITH OTHERS, THE RICHNESS OF EDUCATION REQUIRES DIVERSITY IN ALL ITS DIMENSIONS. STUDENTS AND FACULTY VALUE THE DIFFERENCES THEY BRING TO THE COMMUNITY THEY SHARE. THE CHALLENGES THAT STUDENTS MEET AT EXETER AND THE SUPPORT THEY RECEIVE HAVE A COMMON PURPOSE; TO STIMULATE THEIR DEVELOPMENT AS INDIVIDUALS AND AS MEMBERS OF SOCIETY. EXETER SEEKS TO GRADUATE YOUNG PEOPLE WHOSE CREATIVITY AND INDEPENDENCE OF THOUGHT SUSTAIN THEIR CONTINUING INQUIRY AND REFLECTION, WHOSE INTEREST IN OTHERS AND THE WORLD AROUND THEM SURPASSES THEIR SELF-CONCERN, AND WHOSE PASSION FOR LEARNING IMPELS THEM BEYOND WHAT THEY ALREADY KNOW. 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 2019-2020 WAS 1,073. 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: 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. 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 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 IN THE ANNUAL FINANCIAL REPORT. RECONCILIATION OF CHANGE IN NET ASSETS FORM 990, PART XI, OTHER CHANGES, LINE 9 CHANGE IN VALUE OF FUNDS FOR DEFFERRED GIVING 2,826,003 PENSION RELATED CHARGES OTHER THAN NET PERIODIC PENSION COST 2,613,195 OP/NON OP TRANSFER 7,044,207 INTEREST RATE SWAP ADJUSTMENT (EB) (10,301,947) OTHER COMPONENTS OF NP PENSION COST (432,939) MISCELLANEOUS 586,356 ___________ TOTAL OTHER CHANGES, LINE 9 2,334,875 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 (86) 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, NC, NH, NJ, NY, OH, PA, RI, TN, TX