2021-05-13T17:39:57-05:00 2020-06-30 PricewaterhouseCoopers LLP 101 SEAPORT BLVD SUITE 500 BOSTON MA 02210 990 2019-07-01 042103579 TRUSTEES OF PHILLIPS ACADEMY % LINDA DENNISON TRUS 9787494000 180 MAIN STREET ANDOVER MA 018104161 LINDA PM DENNISON DIRECTOR OF FINANCE & COMPTROLLER 9787494511 2021-05-13 true GWEN SPENCER P00641463 6175305000 2019 2022-09-23 18:48:47Z JAMES F VENTRE 180 MAIN STREET ANDOVER MA 018104161 398326629 false X WWW.ANDOVER.EDU X 1778 MA SEE SCHEDULE O 23 22 1139 2892 1607442 47674752 50706945 72474243 69831252 92380182 112710739 68325 106304 212597502 233355240 23355410 22598852 0 0 62763791 63286355 29094 20449 10767160 52014242 45766857 138162537 131672513 74434965 101682727 1623486435 1634666152 211177700 205022683 1412308735 1429643469 X SEE SCHEDULE O false false 99925159 21771757 64715970 EDUCATION, 1,186 STUDENTS - REGULAR SESSION GRADES 9 - 12: PHILLIPS ACADEMY IS A RESIDENTIAL SECONDARY SCHOOL WHICH SEEKS STUDENTS OF INTELLIGENCE AND INTEGRITY FROM DIVERSE CULTURAL, RACIAL, SOCIOECONOMIC AND GEOGRAPHIC BACKGROUNDS. THE SCHOOL'S RESIDENTIAL STRUCTURE ENABLES FACULTY TO SUPPORT STUDENTS IN THEIR PERSONAL, SOCIAL AND INTELLECTUAL DEVELOPMENT. THE ACADEMIC PROGRAM FOSTERS EXCELLENCE IN ALL DISCIPLINES WITHIN THE LIBERAL ARTS TRADITION. FACULTY MEMBERS GUIDE STUDENTS IN MASTERING SKILLS, ACQUIRING KNOWLEDGE AND THINKING CRITICALLY, CREATIVELY AND INDEPENDENTLY. THE SCHOOL STRIVES TO HELP YOUNG PEOPLE ACHIEVE THEIR POTENTIAL NOT ONLY INTELLECTUALLY, BUT ALSO ARTISTICALLY, ATHLETICALLY AND MORALLY, SO THAT THEY MAY LEAD RESPONSIBLE AND FULFILLING LIVES. THE ACADEMY IS COMMITTED TO ESTABLISHING AN ENVIRONMENT THAT ENCOURAGES PEOPLE OF DIVERSE BACKGROUNDS AND BELIEFS TO UNDERSTAND AND RESPECT ONE ANOTHER AND TO BE SENSITIVE TO THE DIFFERENCES OF GENDER, ETHNICITY, CLASS AND SEXUAL ORIENTATION. IN ITS PROGRAMS THE SCHOOL SEEKS TO PROMOTE A BALANCE OF LEADERSHIP, COOPERATION AND SERVICE, TOGETHER WITH A DEEPER AWARENESS OF THE GLOBAL COMMUNITY AND NATURAL WORLD. ANDOVER'S 1778 CONSTITUTION CHARGES THE ACADEMY TO PREPARE "YOUTH FROM EVERY QUARTER" TO ASPIRE EQUALLY TO KNOWLEDGE AND GOODNESS. THIS OBLIGATION CHALLENGES STUDENTS IN MIND, BODY AND SPIRIT TO SEE BEYOND THEMSELVES AND TO GO BEYOND THE FAMILIAR; TO REMAIN COMMITTED TO DEVELOPING WHAT IS FINEST IN THEMSELVES AND OTHERS, FOR OTHERS AND THEMSELVES. 3763438 331587 5146987 EDUCATION, 558 STUDENTS - SUMMER SESSION: THE SUMMER SESSION OFFERS ITS STUDENTS FIVE WEEKS OF INTENSIVE ACADEMIC AND PERSONAL GROWTH. IT ENCOMPASSES DEMANDING CLASSES, RECREATIONAL AFTERNOON ACTIVITIES, SOCIAL EVENTS, CULTURAL OPPORTUNITIES, AND WELCOMING DORMITORIES THAT PREPARE STUDENTS IN GRADES 7 - 12 FOR SECONDARY SCHOOL AND COLLEGIATE RESIDENTIAL LIFE IN AN ENVIRONMENT DESIGNED FOR THEIR AGE GROUP. IN ADDITION, SUMMER SESSION OFFERS COMPREHENSIVE SECONDARY SCHOOL AND COLLEGE PROGRAMMING INCLUDING VISITS TO LOCAL COLLEGES AND UNIVERSITIES, A WORKSHOP AND SPEAKER SERIES DESIGNED TO PREPARE STUDENTS FOR THE SECONDARY SCHOOL OR COLLEGE APPLICATION PROCESS, AND TWO EDUCATION FAIRS; ONE FOR COLLEGES, ONE FOR INDEPENDENT SCHOOLS, BOTH WITH REPRENSENTATIVES FROM OVER 70 PRESTIGIOUS INSTITUTIONS. IN KEEPING WITH ONE OF THE ACADEMY'S IDEALS "TO BE A PRIVATE SCHOOL WITH A PUBLIC PURPOSE," SUMMER SESSION STRIVES YEARLY TO USE ITS FINANCIAL AID BUDGET IN ORDER TO OFFER THE EXPERIENCE TO AS MANY QUALIFIED AND DESERVING APPLICANTS AS POSSIBLE. SUMMER SESSION WORKS COOPERATIVELY WITH OTHER PROGRAMS SUCH AS MINDS MATTER, THE EOS FOUNDATION, REACH MEMPHIS, THE WIGHT FOUNDATION, AND OTHERS TO IDENTIFY SCHOLARS "FROM EVERY QUARTER" TO SPONSOR FOR THIS SUMMER OPPORTUNITY. FINALLY, SUMMER SESSION SERVES AS THE UMBRELLA FOR THE OTHER OUTREACH PROGRAMS THAT POPULATE THE CAMPUS DURING THE SUMMER, MAKING SURE THAT THEIR PHYSICAL AND RESIDENTIAL NEEDS ARE MET. 778726 7152 0 EDUCATION, 111 STUDENTS - MATH AND SCIENCE FOR MINORITY STUDENTS (MS) 2: (MS) 2, FOUNDED IN 1977, OFFERS AFRICAN AMERICAN, LATINO AND NATIVE AMERICAN PUBLIC SCHOOL STUDENTS FROM TARGETED REGIONS ACROSS THE UNITED STATES THE OPPORTUNITY TO IMMERSE THEMSELVES IN THE STUDY OF MATHEMATICS AND SCIENCE FOR THREE CONSECUTIVE SUMMERS AT PHILLIPS ACADEMY. THE PROGRAM IS FREE TO ALL STUDENTS ACCEPTED AND INCLUDES TRAVEL TO AND FROM ANDOVER. STUDENTS BEGIN THE PROGRAM THE SUMMER FOLLOWING 9TH GRADE; THEREFORE, THEY MUST BE IN 9TH GRADE WHEN THEY APPLY. THE PROGRAM PROVIDES THE SCHOLARS WITH RIGOROUS CHALLENGES IN ORDER TO PREPARE THEM BETTER FOR COLLEGE AND CAREERS IN ENGINEERING, SCIENCE, MEDICINE, COMPUTERS AND OTHER TECHNICAL FIELDS. 1338710 488356 82020 105806033 true true false true false false false true false true true true false false true true true false true false true false false true false false false true true true true false false false false false false false false false false true true false false false true true false false false true 520 0 true 1139 true true true false false false false false false false false false false false X 23 22 true false false false false false false true true false false true true true true true true true true false ME MA NY X X LINDA DENNISON 9787494000 180 MAIN STREET ANDOVER MA 018104161 X KIRSTEN A GLANTZ CHIEF INVEST. OFFICER 55.0 0.0 X 780514 0 47809 JOHN G PALFREY HD OF SCHOOL/TRUSTEE(END 8/19) 55.0 0.0 X X 563949 0 190163 THOMAS P LOCKERBY SECRETARY OF THE ACADEMY 55.0 0.0 X 380598 0 69840 JAMES F VENTRE INTERIM HEAD OF SCHOOL/TRUSTEE 55.0 0.0 X X 251356 0 118318 FERNANDO R ALONSO ASST HEAD OF SCHOOL, CFO 55.0 0.0 X 274720 0 91746 LINDA CARTER GRIFFITH ASSOC HEAD OF SCHOOL 55.0 0.0 X 200399 0 126508 AMY PATEL MEDICAL DIRECTOR 55.0 0.0 X 200843 0 112338 PATRICK J FARRELL FORMER DEAN OF FACULTY 55.0 0.0 X 143660 0 97667 JUDITH F DOLKART DIRECTOR, ADDISON GALLERY 55.0 0.0 X 199523 0 32090 XIAOHE LI INVESTMENT ANALYST 55.0 0.0 X 198836 0 20271 JESSICA HERBSTER GENERAL COUNSEL 55.0 0.0 X 204236 0 14070 J LAWRENCE MUENCH DIRECTOR OF FACILITIES 55.0 0.0 X 185383 0 23275 ANDREA T H NIX FORMER CFO 55.0 0.0 X 132828 0 18816 CHRISTOPHER S AUGUSTE TRUSTEE 3.0 0.0 X 0 0 0 JOSEPH Y BAE TRUSTEE 3.0 0.0 X 0 0 0 GIL CAFFRAY TRUSTEE 3.0 0.0 X 0 0 0 ROBERT J CAMPBELL TRUSTEE 3.0 0.0 X 0 0 0 DAVID J CORKINS TRUSTEE 3.0 0.0 X 0 0 0 PETER L S CURRIE TRUSTEE/PRESIDENT 3.0 0.0 X X 0 0 0 LOUIS G ELSON TRUSTEE 3.0 0.0 X 0 0 0 AMY C FALLS TRUSTEE/TREASURER 3.0 0.0 X X 0 0 0 STEFAN L KALUZNY TRUSTEE 3.0 0.0 X 0 0 0 CHIEN LEE TRUSTEE 3.0 0.0 X 0 0 0 GARY LEE TRUSTEE 3.0 0.0 X 0 0 0 TRISTIN MANNION TRUSTEE 3.0 0.0 X 0 0 0 TAMMY SNYDER MURPHY TRUSTEE 3.0 0.0 X 0 0 0 TAMARA E ROGERS TRUSTEE 3.0 0.0 X 0 0 0 YICHEN ZHANG TRUSTEE 3.0 0.0 X 0 0 0 ERIC L ZINTERHOFER TRUSTEE 3.0 0.0 X 0 0 0 PATRICIA M DOYKOS ALUMNI TRUSTEE 3.0 0.0 X 0 0 0 DANIEL A LASMAN ALUMNI TRUSTEE 3.0 0.0 X 0 0 0 STEPHEN E MATLOFF ALUMNI TRUSTEE 3.0 0.0 X 0 0 0 ERIC REDMAN ALUMNI TRUSTEE 3.0 0.0 X 0 0 0 KAREN L SALLICK ALUMNI TRUSTEE 3.0 0.0 X 0 0 0 STEFANIE SCHEER YOUNG ALUMNI TRUSTEE 3.0 0.0 X 0 0 0 3716845 0 962911 71 true true false STANMAR INC 321 COMMONWEALTH ROAD 201 WAYLAND MA 01778 ARCHITECTURE 3023819 MONTICELLO ASSOCIATES 1800 LARIMER ST DENVER CO 80202 INVESTMENT ADVISORY 350000 GALANIS CONSULTING INC ONE LILLIAN DRIVE IPSWICH MA 01938 CONSTRUCTION MGMT 294498 MITCHELL SILBERBERG KNUPP LLP 2049 CENTURY PARK EAST 18TH FLOOR LOS ANGELES CA 90067 ATTORNEYS 243535 EAGLE CAPITAL MANAGEMENT LLC 499 PARK AVENUE NEW YORK NY 10022 ASSET MANAGERS 198498 13 50706945 6236138 50706945 TUITION AND FEES 900099 65581758 65581758 HOCKEY RINK 713940 1224574 886858 337716 COURSE PROGRAM & MATERIALS 900099 1162159 1162159 EXHIBITION REVENUE 900099 2700 2700 ALUMNI EVENTS 900099 2039 2039 1858022 1858022 69831252 4857324 -410408 5267732 0 0 0 0 0 272817384 164963969 107853415 107853415 1572612 106280803 0 0 0 0 0 0 5743 7420 -1677 -1218 -459 CHILD CARE CENTER 624410 69648 69648 COURTS & CAGES 713940 38333 38333 107981 233355240 69492318 1607442 111548535 449956 449956 22148896 22148896 0 0 2861977 206952 2045092 609933 0 45361105 37210949 2757214 5392942 4019829 3162719 315913 541197 7626159 6305001 588661 732497 3417285 2600316 337875 479094 19700 19700 392791 392791 241816 241816 7460 7460 20449 20449 693842 693842 710831 381791 209711 119329 180577 147806 25950 6821 5313899 2569542 2151776 592581 1151971 721630 311830 118511 30132 27342 2790 3579094 3154367 406162 18565 860734 477219 180122 203393 0 474360 205773 36976 231611 6122563 4335697 1058529 728337 0 9411144 7204832 1978795 227517 1004961 877030 79929 48002 FOOD SERVICE 4574733 4574733 0 0 OFFICE OF PHYSICAL PLANT 4724119 4724119 SUMMER SCHOOL 1074827 1074827 INSTRUCTION 836336 836336 4360967 2381040 1283546 696381 131672513 105806033 15099320 10767160 20660312 75527719 42090187 105389 78270218 82972001 1569525 1055938 0 0 0 0 72189 48336 662602 644868 3742759 5035839 463475804 140377481 318032482 323098323 240654470 222408216 914023962 919817182 0 0 0 0 3707729 3952341 1623486435 1634666152 18002463 11790948 0 0 17419972 11996202 112498401 112425831 0 0 0 0 0 0 30062828 30072234 33194036 38737468 211177700 205022683 X 431648496 434567970 980660239 995075499 1412308735 1429643469 1623486435 1634666152 X 101682727 -77245680 -7102313 X false true X true false X 55935894 46448726 68404008 47674752 50706945 269170325 0 0 55935894 46448726 68404008 47674752 50706945 269170325 29056968 240113357 5320520 7316965 5960729 5238901 4857324 28694439 0 0 297864764 335414088 0.80612 0.79830 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 7460 7460 false SCHEDULE C, PART II-B, LINE 1I: THE ACADEMY PAYS MEMBERSHIP DUES TOTALING $7,460 TO AN ORGANIZATION WHICH MAY ENGAGE IN LOBBYING ACTIVITIES. THEREFORE, A PORTION OF THE DUES MAY BE ATTRIBUTABLE TO LOBBYING ACTIVITIES. 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THE ACADEMY DOES NOT CAPITALIZE ITS COLLECTIONS; THEREFORE, GIFTS OR ADDITIONS TO THE COLLECTIONS ARE NOT REFLECTED IN THE ACADEMY'S FINANCIAL STATEMENTS. SCHEDULE D, PART III, LINE 4: THE ACADEMY MAINTAINS THE ADDISON, AN ACADEMIC ART MUSEUM DEDICATED TO THE COLLECTION OF AMERICAN ART. THE MUSEUM'S PURPOSE IS TO ACQUIRE, PRESERVE, INTERPRET, AND EXHIBIT WORKS OF ART FOR THE EDUCATION AND ENJOYMENT OF LOCAL, REGIONAL, NATIONAL, AND INTERNATIONAL AUDIENCES, INCLUDING THE STUDENTS, FACULTY, AND COMMUNITY OF PHILLIPS ACADEMY, AND OTHER STUDENTS, TEACHERS, SCHOLARS, AND THE GENERAL PUBLIC. THE ACADEMY ALSO MAINTAINS THE PEABODY, WHICH IS COMPRISED OF COLLECTIONS OF ARTIFACTS, DOCUMENTS, AND IMAGES CATALOGING THE INDIGENOUS CULTURES OF THE AMERICAS, PAST AND PRESENT, A COMPARATIVE COLLECTION, AS WELL AS BOOKS, MONOGRAPHS AND SERIALS ON ARCHAEOLOGY AND NATIVE CULTURES OF THE AMERICAS. THESE MATERIALS SERVE THE EDUCATION AND RESEARCH NEEDS PRIMARILY OF THE PHILLIPS ACADEMY COMMUNITY AND, TO A LESSER EXTENT, REGIONAL SCHOOLS AND THE BROADER COMMUNITY OF ARCHAEOLOGISTS AND SCHOLARS. THE PEABODY HAS DEVELOPED OVER FIFTY SINGLE-CLASS CURRICULUM UNITS AND TEACHES AN INTERDISCIPLINARY COURSE IN HUMAN ORIGINS WITH THE BIOLOGY DEPARTMENT, DRAWING UPON STAFF EXPERTISE, ITS LIBRARY, RESEARCH, IMAGE AND ARCHIVES COLLECTIONS. PEABODY PERSONNEL ALSO SUPERVISE THE HISTORY AND ARCHAELOGY CLUBS AND STUDENT INDEPENDENT PROJECTS. FURTHER USE OF THE COLLECTIONS BY STUDENTS WITH AN INTEREST IN ARCHAEOLOGY AND ANTHROPOLOGY TAKES PLACE AS SENIOR INDEPENDENT PROJECTS. SCHEDULE D, PART V, LINE 3A: THE ACADEMY IS AN INCOME-ONLY BENEFICIARY OF CERTAIN PERPETUAL TRUSTS WHOSE AGGREGATE MARKET VALUE AT JUNE 30, 2020 WAS $6,219,659. SCHEDULE D, PART V, LINE 4: ANDOVER'S ENDOWMENT IS A CRITICAL SOURCE OF SUPPORT FOR THE ACADEMY. THE ENDOWMENT COMPRISES A WIDE VARIETY OF FUNDS WITH A WIDE VARIETY OF PURPOSES, INCLUDING UNRESTRICTED FUNDS, AND RESTRICTED FUNDS FOR FINANCIAL AID, FACULTY CHAIRS, THE ADDISON, THE PEABODY AND OTHER SPECIAL INTENTS. TOTALLING $1,124 MILLION AT JUNE 30, 2020, THE ENDOWMENT CURRENTLY SUPPORTS APPROXIMATELY 40% OF THE ACADEMY'S BUDGET. SCHEDULE D, PART X, LINE 2: THE ACADEMY ACCOUNTS FOR THE EFFECT OF ANY UNCERTAIN TAX POSITIONS USING A "MORE LIKELY THAN NOT" THRESHOLD FOR THE RECOGNITION OF THE TAX POSITIONS BEING SUSTAINED BASED ON THE TECHNICAL MERITS OF THE POSITION UNDER SCRUTINY BY THE APPLICABLE TAXING AUTHORITY. IF A TAX POSITION OR POSITIONS ARE DEEMED TO RESULT IN UNCERTAINTIES OF THOSE POSITIONS, THE UNRECOGNIZED TAX BENEFIT IS ESTIMATED BASED ON A "CUMULATIVE PROBABILITY ASSESSMENT" THAT AGGREGATES THE ESTIMATED TAX LIABILITY FOR ALL UNCERTAIN TAX POSITIONS. INTEREST AND PENALTIES ASSESSED, IF ANY, ARE ACCRUED AS INCOME TAX EXPENSE. THE ACADEMY HAS IDENTIFIED ITS TAX STATUS AS A TAX-EXEMPT ENTITY AND ITS CLASSIFICATION OF REVENUES AS RELATED OR UNRELATED AS ITS ONLY TAX POSITIONS; HOWEVER, THE ACADEMY HAS DETERMINED THAT THESE TAX POSITIONS DO NOT RESULT IN UNCERTAINTIES REQUIRING RECOGNITION. THE ACADEMY IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAXING JURISDICTION. ITS FEDERAL AND STATE INCOME TAX RETURNS ARE GENERALLY OPEN FOR EXAMINATION FOR THREE YEARS FOLLOWING THE DATE FILED. SCHEDULE D, PART XI, LINE 2D: UNREALIZED LOSS ON SWAP MARKET VALUE ($4,439,432) FINANCIAL AID ($21,273,774) CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS ($2,679,443) INVESTMENT EXPENSE ($1,541,247) GAIN ON SALE OF ASSETS $77,000 ------------- TOTAL TO SCHEDULE D, PART XI, LINE 2D: ($29,856,896) SCHEDULE D, PART XI, LINE 4B: CHANGE IN BAD DEBT EXPENSE $60,438 COST OF GOODS SOLD (7,420) ------------- TOTAL TO SCHEDULE D, PART XI, LINE 4B $53,018 SCHEDULE D, PART XII, LINE 2D: COST OF GOODS SOLD $7,420 ------------- TOTAL TO SCHEDULE D, PART XII, LINE 2D $7,420 SCHEDULE D, PART XII, LINE 4B: FINANCIAL AID $21,273,774 ------------- TOTAL TO SCHEDULE D, PART XII, LINE 4B $21,273,774 true true true true true true true false false false false false false false false false false true SCHEDULE E, PART I, LINE 3: PHILLIPS ACADEMY'S NON-DISCRIMINATION POLICY APPEARS ON ITS PUBLIC-FACING WEBSITE, WWW.ANDOVER.EDU, AND IS ALSO INCLUDED IN THE SCHOOL CATALOG, WHICH IS ALSO AVAILABLE FREE-OF-CHARGE THROUGH THE WEBSITE. THE TEXT OF THIS POLICY IS AS FOLLOWS: PHILLIPS ACADEMY ADMITS QUALIFIED STUDENTS OF ANY RACE, COLOR, NATIONAL OR ETHNIC ORIGIN, SEX, GENDER IDENTITY OR EXPRESSION, RELIGION, SEXUAL ORIENTATION, DISABILITY STATUS, OR ANY OTHER STATUS PROTECTED BY APPLICABLE LAW, AND EXTENDS TO THEM ALL THE RIGHTS, PRIVILEGES, PROGRAMS, AND ACTIVITIES GENERALLY ACCORDED OR MADE AVAILABLE TO STUDENTS AT THE SCHOOL. PHILLIPS ACADEMY DOES NOT DISCRIMINATE ON THE BASIS OF RACE, COLOR, NATIONAL OR ETHNIC ORIGIN, SEX, GENDER IDENTITY OR EXPRESSION, RELIGION, SEXUAL ORIENTATION, DISABILITY STATUS, OR ANY OTHER STATUS PROTECTED BY APPLICABLE LAW, IN THE ADMINISTRATION OF ITS EDUCATIONAL, ADMISSIONS, FINANCIAL AID, ATHLETIC, AND OTHER SCHOOL-ADMINISTERED PROGRAMS. North America Investments 258129821 Europe (Including Iceland and Greenland) Investments 55292280 East Asia and the Pacific Fundraising 46332 East Asia and the Pacific Program Services PROFESSIONAL DEVELPMNT 22770 Europe (Including Iceland and Greenland) Program Services ADMISSION RECRUITING 15640 North America Program Services OFF-CAMPUS LEARNING 12177 East Asia and the Pacific Program Services ADMISSION RECRUITING 11330 Central America and the Caribbean Program Services OFF-CAMPUS LEARNING 9553 Europe (Including Iceland and Greenland) Fundraising 8809 South Asia Fundraising 6526 South America Program Services OFF-CAMPUS LEARNING 5314 Middle East and North Africa Program Services ADMISSION RECRUITING 5015 Middle East and North Africa Fundraising 4906 Russia and the Newly Independent States Program Services ADMISSION RECRUITING 4747 Europe (Including Iceland and Greenland) Program Services PROFESSIONAL DEVELPMNT 4233 Central America and the Caribbean Program Services ADMISSION RECRUITING 3161 South America Program Services ADMISSION RECRUITING 3161 South Asia Program Services PROFESSIONAL DEVELPMNT 2936 North America Fundraising 2746 South Asia Program Services PROGRAM ACTIVITY 2463 North America Program Services PROGRAM ACTIVITY 2457 North America Program Services ADMISSION RECRUITING 2438 Europe (Including Iceland and Greenland) Program Services ART EXHIBITION 1206 Europe (Including Iceland and Greenland) Program Services CONFERENCE 754 South America Program Services RESEARCH 685 South America Program Services PROFESSIONAL DEVELPMNT 558 East Asia and the Pacific Program Services OFF-CAMPUS LEARNING 550 East Asia and the Pacific Program Services CONFERENCE 411 313585775 17204 313602979 true false true true true false SCHEDULE F, PART I, LINE 3: THE ORGANIZATION IDENTIFIES THE EXPENSES DISCLOSED ON PART I BY REVIEWING ITS EXPENSE REPORTING SOFTWARE AND ITS GENERAL LEDGER. X X X X X true CYNTHIA KOURE 66 COTTAGE STREET NATICK MA 01760 GRANT WRITING false 20449 20449 ME MA true TOWN OF ANDOVER 36 BARTLETT ST ANDOVER MA 01810 046001069 GOVERNMENT 420290 SEE PART IV CITY OF METHUEN 41 PLEASANT ST METHUEN MA 01844 046001220 GOVERNMENT 29666 SEE PART IV 2 FINANCIAL AID 9-MONTH PROGRAM 544 20955729 FINANCIAL AID OTHER AID TO 9-MONTH PROGRAM STUDENTS 544 209143 566442 SEE PART IV FINANCIAL AID SUMMER SESSION 48 38400 379182 FINANCIAL AID SCHEDULE I, PART I, LINE 2: MOST AID TO ACADEMY STUDENTS IS IN-KIND IN THE FORM OF TUITION REMISSION AND PAYMENT OF MANDATORY AND OTHER ACADEMY FEES. OTHER NON-CASH AID DISCLOSED IN SCHEDULE I, PART III IS MONITORED THROUGH THE USE OF THE ACADEMY'S STUDENT DEBIT CARD OR STORE VOUCHERS, WHICH ARE RECEIPTED. CASH GRANTS IN PART III ARE STUDENT STIPENDS AND ARE DISBURSED DIRECTLY TO STUDENT BANK ACCOUNTS OR ARE PROVIDED DIRECTLY BY THE ACADEMY'S FINANCIAL AID OFFICE IN CASE OF EMERGENCY. SCHEDULE I, PART II, LINE 1: UNDER THE TERMS OF AN AGREEMENT BETWEEN THE ACADEMY AND THE TOWN OF ANDOVER ("ANDOVER"), THE ACADEMY MAKES AN ANNUAL VOLUNTARY CONTRIBUTION TO ANDOVER. THE PAYMENT IS NOT RESTRICTED TO ANY PARTICULAR USE BY ANDOVER AND IS MADE WITHOUT CONSIDERATION OF THE TAX STATUS OF ACADEMY PROPERTY. SCHEDULE I, PART II, LINE 2: THE ACADEMY ACQUIRED AND DEVELOPED A PARCEL IN THE TOWN OF METHUEN ("METHUEN") THAT IT USES TO FURTHER ITS TAX-EXEMPT PROGRAMS. THE ACADEMY MAKES AN ANNUAL VOLUNTARY PAYMENT TO METHUEN, THE AMOUNT OF WHICH APPROXIMATES THE TAX REVENUE METHUEN DERIVED FROM THE PARCEL BEFORE THE ACADEMY ACQUIRED IT. THE PAYMENT IS NOT RESTRICTED TO ANY PARTICULAR USE BY METHUEN. SCHEDULE I, PART III: STATED IN THE ACADEMY'S CONSTITUTION OF 1778, AND REAFFIRMED IN ITS STATEMENT OF PURPOSE, THE SCHOOL IS CHARGED TO EDUCATE "YOUTH FROM EVERY QUARTER." THE ACADEMY PROVIDES ALL ASSISTANCE ON A NON-DISCRIMINATORY BASIS AND IN FURTHERANCE OF THE OBJECTIVE OF ATTRACTING A DIVERSE STUDENT BODY. A TOTAL 0F 533 STUDENTS RECEIVED SOME COMPONENT OF THE TOTAL AID DISCLOSED ON LINES 1 AND 2 OF PART III. OTHER NON-CASH ASSISTANCE TO 9-MONTH PROGRAM STUDENTS CONSISTS OF STUDENT TRAVEL TO AND FROM CAMPUS, SPECIALIZED INSTRUCTION AND TUTORING TO INCLUDE MUSIC GRANTS, TECHNOLOGY, TEXTBOOKS, COLLEGE APPLICATIONS, MEDICAL EXPENSES, CLOTHING, LAUNDRY SERVICE, PHONE, ATHLETIC EQUIPMENT, SCHOOL SUPPLIES, PARTICIPATION IN OFF-CAMPUS PROGRAMS AND MISCELLANEOUS PERSONAL EXPENSES. X X true true X X X X X false false false false false false false true false JOHN G PALFREY HD OF SCHOOL/TRUSTEE(END 8/19) 309116 0 0 0 254833 0 32413 0 157750 0 754112 0 0 0 ANDREA T H NIX FORMER CFO 132828 0 0 0 0 0 13340 0 5476 0 151644 0 0 0 KIRSTEN A GLANTZ CHIEF INVEST. OFFICER 395014 0 385500 0 0 0 671 0 47138 0 828323 0 0 0 THOMAS P LOCKERBY SECRETARY OF THE ACADEMY 380598 0 0 0 0 0 32413 0 37427 0 450438 0 0 0 J LAWRENCE MUENCH DIRECTOR OF FACILITIES 185383 0 0 0 0 0 20355 0 2920 0 208658 0 0 0 PATRICK J FARRELL FORMER DEAN OF FACULTY 143660 0 0 0 0 0 15805 0 81862 0 241327 0 0 0 JAMES F VENTRE INTERIM HEAD OF SCHOOL/TRUSTEE 251356 0 0 0 0 0 29915 0 88403 0 369674 0 0 0 FERNANDO R ALONSO ASST HEAD OF SCHOOL, CFO 274720 0 0 0 0 0 32023 0 59723 0 366466 0 0 0 JUDITH F DOLKART DIRECTOR, ADDISON GALLERY 199523 0 0 0 0 0 21924 0 10166 0 231613 0 0 0 AMY PATEL MEDICAL DIRECTOR 200843 0 0 0 0 0 23567 0 88771 0 313181 0 0 0 LINDA CARTER GRIFFITH ASSOC HEAD OF SCHOOL 200399 0 0 0 0 0 23745 0 102763 0 326907 0 0 0 XIAOHE LI INVESTMENT ANALYST 198836 0 0 0 0 0 10086 0 10185 0 219107 0 0 0 JESSICA HERBSTER GENERAL COUNSEL 204236 0 0 0 0 0 11470 0 2600 0 218306 0 0 0 SCHEDULE J, PART I, LINE 1A: HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: FERNANDO R. ALONSO, PATRICK J. FARRELL, LINDA CARTER GRIFFITH, AMY PATEL, JOHN G. PALFREY, AND JAMES F. VENTRE RECEIVED HOUSING AS A CONDITION OF EMPLOYMENT FOR THE CONVENIENCE OF THE EMPLOYER AND IN ACCORDANCE WITH THE ACADEMY'S FACULTY HOUSING POLICY. THE ACADEMY HAS VALUED HOUSING AT 5% OF THE APPRAISED VALUE OF THE HOME AS DETERMINED BY THE ASSESSOR'S OFFICE OF THE TOWN OF ANDOVER, MASSACHUSETTS, WHERE THE ACADEMY IS LOCATED. SUCH AMOUNTS ARE NOT TAXABLE COMPENSATION. PERSONAL SERVICES: THE RESIDENCE OF THE HEAD OF SCHOOL, AND IN THE CURRENT YEAR, THE INTERIM HEAD OF SCHOOL'S RESIDENCE, WERE USED THROUGHOUT THE YEAR FOR NUMEROUS FUNDRAISING EVENTS, PARTIES, MEETINGS AND OTHER ACADEMY-RELATED GATHERINGS. A HOUSEKEEPER CLEANS THE RESIDENCES. THE SERVICE IS ALLOCATED BASED UPON PUBLIC VERSUS PRIVATE SPACE IN THE RESIDENCES. CLEANING OF THE PRIVATE SPACE IS INCLUDED IN THE HEAD OF SCHOOL'S AND THE INTERIM HEAD OF SCHOOL'S TAXABLE COMPENSATION, WHICH IS APPROVED IN ACCORDANCE WITH THE PROCESS DESCRIBED AT PART VI, SECTION B, LINE 15. SCHEDULE J, PART I, LINE 7: CERTAIN INDIVIDUALS LISTED IN SCHEDULE J, PART II RECEIVED NON-FIXED PAYMENTS APPROVED BY THE COMPENSATION COMITTEE AND THE AMOUNT OF SUCH BONUSES ARE SHOWN ON SCHEDULE J, PART II, COLUMN (B)(II). A MA DEVELOPMENT FINANCE AGENCY 043431814 57583UZZ4 2014-01-14 53875221 REFUNDING OF 2008 BONDS & CONST. false false false B MA DEVELOPMENT FINANCE AGENCY 043431814 57583FL25 2003-02-04 59910000 REFUNDING OF 1993 BONDS & CONST. false false false A 0 0 53875221 0 0 0 452094 0 0 20034983 35041375 0 2016 false true true true B 0 0 59910000 0 0 0 671812 0 0 20013672 39224516 0 2004 false true true true A false false true true false 0 false false false true B false false false false 0 false false false true A false false false true false false 0 false 0 false true B false false false true true true MORGAN STANLEY BANK 30.6 false false false 0 false true A true B true BOND A ARBITRAGE ANALYSIS OPINION LETTER ISSUED ON 1/22/2020 FOR BOND A. BOND B ARBITRAGE ANALYSIS OPINION LETTER ISSUED ON 11/20/2020 FOR BOND B. X 121 0 N/A X 162 6236138 AVG. OF HIGH/LOW PRI 6 false true false SCHEDULE M, PART I, COLUMN (B): THE ACADEMY REPORTS THE NUMBER OF ITEMS CONTRIBUTED IN PART I, COLUMN (B). SCHEDULE M, LINE 33: THE ACADEMY REPORTED ZERO VALUE ON FORM 990, PART VIII, STATEMENT OF REVENUE LINE 1G AS PERMITTED UNDER SFAS 116. IT DOES NOT CAPITALIZE THE COLLECTIONS OF THE ADDISON GALLERY OF AMERICAN ART AND THE PEABODY INSTITUTE OF ARCHAEOLOGY. FORM 990, PART I, LINE 1 & PART III, LINE I: PHILLIPS ACADEMY IS A COEDUCATIONAL, BOARDING SCHOOL LOCATED IN ANDOVER, MASSACHUSETTS FOR STUDENTS IN GRADES NINE THROUGH TWELVE AND POST-GRADUATES. THE SCHOOL STRIVES TO HELP YOUNG PEOPLE FROM DIVERSE BACKGROUNDS ACHIEVE THEIR POTENTIAL NOT ONLY INTELLECTUALLY, BUT ALSO ARTISTICALLY, ATHLETICALLY AND MORALLY, SO THAT THEY MAY LEAD RESPONSIBLE AND FULFULLING LIVES. FORM 990, PART III, LINE 4D: TOTAL OF ALL OTHER PROGRAM SERVICES EXPENSES $1,388,710. INCLUDING GRANTS OF $488,356. REVENUE $82,020. THE INSTITUTE FOR RECRUITMENT OF TEACHERS (IRT) ADDRESSES THE LACK OF DIVERSITY IN THE NATION'S TEACHING FACULTIES BY RECRUITING OUTSTANDING STUDENTS OF COLOR AND OTHER SCHOLARS COMMITTED TO DIVERSITY IN EDUCATION, PREPARING THEM FOR THE DEMANDS OF CAREERS IN EDUCATION, COUNSELING THEM THROUGH THE GRADUATE SCHOOL APPLICATION PROCESS, AND ADVOCATING FOR SUFFICIENT FUNDING FOR ADVANCED STUDY. SINCE 1990, THE IRT HAS BUILT A NATIONAL CONSORTIUM OF COLLEGES AND UNIVERSITIES THAT ARE EAGER TO ENROLL IRT STUDENTS TO DIVERSIFY THEIR GRADUATE STUDENT BODIES AND TO EXPAND THE PIPELINE OF EDUCATORS TO TEACH, COUNSEL, AND ADMINISTRATE IN AMERICAN SCHOOLS, COLLEGES, AND UNIVERSITIES. IRT URGES ITS STUDENTS TO EARN THEIR ADVANCED DEGREES AND TEACHING CREDENTIALS BEFORE THEY LAUNCH THEIR EDUCATIONAL CAREERS. ANNUALLY, THE IRT ENROLLS APPROXIMATELY 130 TALENTED STUDENTS WHO ARE MAJORING IN THE ARTS, HUMANITIES, SOCIAL SCIENCES, OR EDUCATION, TO ITS TWO DISTINCT PROGRAMS: THE SUMMER WORKSHOP FOR RISING AND GRADUATING COLLEGE SENIORS; AND THE ASSOCIATE PROGRAM FOR COLLEGE SENIORS AND GRADUATES WHO WISH TO CONTINUE THEIR EDUCATIONAL STUDIES. SINCE ITS INCEPTION, NEARLY EVERY IRT APPLICANT HAS BEEN ADMITTED TO AT LEAST ONE GRADUATE SCHOOL WITHIN THE IRT CONSORTIUM OF 43 COLLEGES AND UNIVERSITIES; MOST HAVE BEEN ADMITTED TO FOUR OR MORE. APPROXIMATELY 92 PERCENT OF THESE STUDENTS HAVE RECEIVED PARTIAL TO FULL TUITION WAIVERS AND FULL FELLOWSHIP ASSISTANCESHIP FUNDING FOR UP TO SIX YEARS OF GRADUATE STUDY. TO DATE, THE IRT HAS WORKED WITH OVER 2,500 INTERNS AND ASSOCIATES. OF THAT NUMBER, OVER 1,000 PARTICIPANTS HAVE ALREADY RECEIVED TERMINAL MASTER'S DEGRESS AND 357 HAVE EARNED PH.D.S. IRT ALUMNI SERVE IN THE ADMINISTRATIVE AND TEACHING RANKS AT OVER 130 COLLEGES AND UNIVERSITIES AS WELL AS NUMEROUS PUBLIC, PRIVATE AND PAROCHIAL SCHOOLS. IN THE COMING DECADES, A NUMBER OF THESE SCHOLARS WILL EMERGE AS EDUCATIONAL LEADERS. ANDOVER BREAD LOAF (ABL), FOUNDED IN 1987, IS BASED ON THE PHILLIPS ACADEMY CAMPUS. A COLLABORATION BETWEEN PHILLIPS ACADEMY AND THE BREAD LOAF SCHOOL OF ENGLISH, MIDDLEBURY COLLEGE'S GRADUATE SCHOOL OF ENGLISH, ABL FOCUSES ITS WORK IN COMMUNITIES WITH HIGH POVERTY RATES AND PARTICULARLY URBAN AREAS IN THE UNITED STATES AND INTERNATIONALLY. ABL WORKS WITH U.S. AND INTERNATIONAL TEACHERS AND STUDENTS TO ENHANCE THE TEACHING AND LEARNING OF WRITING AND TO HELP CATALYZE EDUCATIONAL RENEWAL IN PUBLIC SCHOOL CLASSROOMS, SCHOOLS AND SCHOOL SYSTEMS. TWO SUMMER WORKSHOPS ARE AT THE HEART OF ABL. THE ABL WRITING WORKSHOP IS A PROFESSIONAL DEVELOPMENT WORKSHOP SERVING 15 - 20 TEACHERS PER SUMMER FROM URBAN SCHOOLS IN THE U.S. THE LAWRENCE STUDENT WRITERS WORKSHOP IS A PROGRAM FOR STUDENTS, ENROLLING 80-90 LAWRENCE, MASSACHUSETTS PUBLIC SCHOOL STUDENTS EVERY SUMMER. IN ADDITION TO THE WORK DONE WITH TEACHERS AND STUDENTS IN THE SUMMER, ABL STAFF WORK YEAR-ROUND TO SUPPORT PROGRAM PARTICIPANTS IN THEIR SCHOOLS AND COMMUNITY ORGANIZATIONS, OFFERING WORKSHOPS, CONFERENCES, AFTER-SCHOOL EVENTS, AND OTHER SIMILAR PROGRAMS. FOUNDED IN 1988, PALS (PHILLIPS ACADEMY - ANDOVER HIGH SCHOOL - LAWRENCE SCHOOLS) IS A NO-COST, ACADEMIC-YEAR AND SUMMER PROGRAM FOR MIDDLE SCHOOL STUDENTS FROM LAWRENCE, MA. IN A TYPICAL YEAR, THE ACADEMIC-YEAR COMPONENT OPERATES ON A DROP-IN BASIS. EACH MONTH, SESSIONS ARE PREPARED AND TAUGHT BY VOLUNTEERS FROM PHILLIPS ACADEMY AND ANDOVER HIGH SCHOOL AND PRESENTED TO SIXTH-GRADE THROUGH EIGHTH-GRADE STUDENTS AT OUR PARTNER SCHOOLS, THE BRUCE SCHOOL, PARTHUM MIDDLE SCHOOL, UP ACADEMY LEONARD, AND SPARK ACADEMY. THESE SEESIONS FOCUS ON THE IMPORTANCE OF EXCELLING IN MIDDLE SCHOOL, PREPARATION FOR HIGH SCHOOL ADMISSION TESTING AND APPLICATION PROCESSES, ESSAY WRITING, AND INTERPERSONAL AND ACADEMIC SKILLS. THE 2020 SUMMER PROGRAM OFFERED AN ASYNCHRONOUS ACADEMIC EXPERIENCE FOR 44 STUDENTS ENTERING GRADES 7, 8 AND 9. FORM 990, PART VI, SECTION A, LINE 1A: THE PHILLIPS ACADEMY BOARD OF TRUSTEES HAS SEVENTEEN CHARTER TRUSTEES, IDENTIFIED AS MEMBERS OF THE CORPORATION IN THE AMENDED AND RESTATED BY-LAWS OF THE TRUSTEES OF PHILLIPS ACADEMY, AND SIX ALUMNI TRUSTEES. CHARTER TRUSTEES HAVE FULL VOTING PRIVILEGES. ALUMNI TRUSTEES VOTE ON ALL MATTERS EXCEPT THE ELECTIONS OF MEMBERS OF THE CORPORATION, OFFICERS OF THE CORPORATION, AND THE HEAD OF SCHOOL. THE TRUSTEE BY-LAWS EMPOWER THE CORPORATION TO APPOINT AN EXECUTIVE COMMITTEE WITH ALL OF THE POWERS OF THE TRUSTEES EXCEPT AS SPECIFICALLY LIMITED BY THE BOARD. THE EXECUTIVE COMMITTEE IS COMPRISED OF THE BOARD PRESIDENT, THE HEAD OF SCHOOL AND CHAIRPERSONS OF EACH OF THE OTHER STANDING COMMITTEES OF THE BOARD. THE COMMITTEE HAS BEEN DELEGATED ALL OF THE POWERS OF THE TRUSTEES IN CIRCUMSTANCES WHERE THE ENTIRE BOARD IS UNABLE TO CONVENE TO RENDER A DECISION. FORM 990, PART VI, SECTION A, LINE 2: TRUSTEES PETER L.S. CURRIE AND LOUIS G. ELSON HAVE A RELATIONSHIP IN A BUSINESS ENTITY. THE ACADEMY HAS NO RELATIONSHIP WITH THIS ENTITY. FORM 990, PART VI, SECTION A, LINE 8B: IN ACCORDANCE WITH THE AMENDED AND RESTATED BY-LAWS OF TRUSTEES OF PHILLIPS ACADEMY, ONLY THE EXECUTIVE COMMITTEE HAS THE AUTHORITY TO ACT ON BEHALF OF THE ACADEMY'S GOVERNING BODY, ITS BOARD. THE ACADEMY DOES NOT MAINTAIN MINUTES OF ANY EXECUTIVE COMMITTEE MEETINGS, WHICH ARE RARE, AND GENERALLY CONVENE TO VOTE ON AN ISSUE THAT HAS BEEN DELEGATED TO THIS COMMITTEE BY THE FULL BOARD BECAUSE INSUFFICIENT INFORMATION WAS AVAILABLE AT THE REGULARLY SCHEDULED MEETING OF THE FULL BOARD AND A DECISION IS NEEDED BEFORE THE NEXT SCHEDULED BOARD MEETING. HOWEVER, IF THE EXECUTIVE COMMITTEE UNDERTAKES ANY ACTION, SUCH ACTION IS INCLUDED IN THE MINUTES OF THE NEXT REGULARLY SCHEDULED MEETING OF THE BOARD. THE BOARD MEETS AT LEAST THREE TIMES ANNUALLY. ALL BOARD MINUTES ARE APPROVED BY THE BOARD; THEREFORE, APPROVAL OF SUCH MINUTES CONSTITUTES APPROVAL AND ACCEPTANCE OF ANY ACTIONS TAKEN BY THE EXECUTIVE COMMITTEE. THE EXECUTIVE COMMITTEE MET ONCE REMOTELY DURING THE ACADEMY'S 2020 FISCAL YEAR TO ELECT ALUMNI TRUSTEES. FORM 990, PART VI, SECTION B, LINE 11: WORKING WITH A PAID PREPARER, THE RETURN WAS PREPARED PRIMARILY IN THE ACADEMY'S COMPTROLLER'S OFFICE AND THEN REVIEWED INTERNALLY BY TWO SENIOR FINANCIAL MANAGERS. AT ITS MAY 2021 MEETING THE ACADEMY'S AUDIT COMMITTEE APPROVED THIS FORM 990 IN ITS FINAL FORM. IMMEDIATELY AFTER THE MAY AUDIT COMMITTEE MEETING, THIS FORM 990 WAS POSTED TO THE BOARD OF TRUSTEES WEB SITE WHERE THEY COULD REVIEW IT. FORM 990, PART VI, SECTION B, LINE 12C: THE ACADEMY HAS TWO SEPARATE CONFLICT OF INTEREST POLICIES. ITS POLICY FOR INTERESTED PERSONS ADDRESSES TRANSACTIONS BETWEEN THE ACADEMY AND ANY CURRENT OR FORMER OFFICERS, DIRECTORS, TRUSTEES AND KEY EMPLOYEES, ANY OTHER PERSON IN A POSITION TO EXERCISE SUBSTANTIAL INFLUENCE OVER THE AFFAIRS OF THE ACADEMY, FAMILY MEMBERS AND OTHER RELATED ENTITIES. THIS POLICY IS DESIGNED TO ELICIT DISCLOSURE OF TRANSACTIONS WHICH WOULD HAVE TO BE INCLUDED IN THE ACADEMY'S FORM 990. AS SUCH, THE THRESHOLDS FOR REPORTING AND DEFINITIONS OF TRANSACTIONS REQUIRED TO BE REPORTED ARE ALIGNED WITH THOSE IN FORM 990. THE ACADEMY ALSO HAS A SECOND POLICY FOR FACULTY, STAFF AND OTHER DECISION MAKERS ACTING ON BEHALF OF THE ACADEMY. WHILE THIS SECOND POLICY ALSO SEEKS TO IDENTIFY AND ADDRESS CONFLICTS, THE INQUIRIES ARE LESS EXTENSIVE THAN THOSE IN THE POLICY FOR INTERESTED PERSONS. ANNUALLY IN THE FALL, THE POLICIES ARE DISTRIBUTED AND ALL RECIPIENTS MUST DISCLOSE IN WRITING ALL POTENTIAL CONFLICTS OF INTEREST. CONFLICTS DISCLOSED ARE ADDRESSED IN ACCORDANCE WITH THE POLICIES, EITHER BY THE TRUSTEE AUDIT COMMITTEE, THE BOARD OF TRUSTEES OR THE CONFLICT OF INTEREST OFFICER, THE ACADEMY'S DEAN OF ADMINISTRATION AND FINANCE. THE POLICIES CLEARLY STATE THAT ALL RECIPIENTS OF THE POLICY ARE OBLIGED THROUGHOUT THE YEAR TO ABIDE BY ITS TERMS AND TO TAKE NO STEPS TO ENTER INTO ANY TRANSACTION WHICH MIGHT GIVE RISE TO A CONFLICT OF INTEREST WITHOUT FIRST DISCLOSING SUCH TRANSACTION TO AND RECEIVING APPROVAL TO ENTER INTO THE TRANSACTION FROM THE CONFLICT OF INTEREST OFFICER. DURING THE YEAR, IF APPROPRIATE, NEWLY-HIRED PERSONNEL ARE REQUIRED TO COMPLETE THE POLICY. DURING THE COURSE OF THE YEAR, IF THE CONFLICT OF INTEREST OFFICER BECOMES AWARE OF POTENTIAL CONFLICTS THROUGH ANY OTHER MEANS, HE INVESTIGATES THE TRANSACTION IN ACCORDANCE WITH THE POLICY AND MAINTAINS RECORDS TO EVIDENCE THE RESULTS OF HIS INVESTIGATION. FORM 990, PART VI, SECTION B, LINE 15: COMPENSATION OF THE ACADEMY'S HEAD OF SCHOOL, ITS INTERIM HEAD OF SCHOOL, ITS CHIEF OPERATING AND FINANCIAL OFFICER, ITS CHIEF FINANCIAL OFFICER, AND ITS KEY EMPLOYEES IS REVIEWED AND APPROVED IN ACCORDANCE WITH THE ACADEMY'S AMENDED AND RESTATED COMPENSATION PHILOSOPHY STATEMENT (THE "STATEMENT"), ADOPTED AT A MEETING OF THE ACADEMY'S BOARD OF TRUSTEES IN JANUARY 2006, WHEREIN THE BOARD DECLARES ITS SUPPORT FOR FULL DISCLOSURE OF ALL EXECUTIVE COMPENSATION AND BENEFITS AS LEGALLY REQUIRED IN IRS FORM 990. THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES IS CHARGED WITH IMPLEMENTING THE PHILOSOPHY AND PRACTICES ARTICULATED IN THE STATEMENT. THE STATEMENT REQUIRES THAT: COMPENSATION FOR ITS SENIOR ADMINISTRATORS BE BASED UPON COMPARISONS WITH COMPENSATION AT PEER INSTITUTIONS; ALL COMPENSATION DECISIONS BE BASED UPON ETHICAL CONSIDERATIONS; ALL PARTICIPATING IN COMPENSATION DECISIONS COMPLETE THE ACADEMY'S CONFLICT OF INTEREST STATEMENT AND RECUSE THEMSELVES FROM PARTICIPATION IF THEY HAVE ANY DIRECT OR INDIRECT FINANCIAL INTEREST WITH THE ACADEMY; ALL ACADEMY COMPENSATION PRACTICES ARE TO BE IN ACCORDANCE WITH APPLICABLE LAWS AND ALL BOARD MEMBERS AND THOSE ADMINISTRATORS THAT PARTICIPATE IN DETERMINING COMPENSATION FOR THE ACADEMY'S OFFICERS AND KEY EMPLOYEES BE FAMILIAR WITH INTERNAL REVENUE CODE (IRC) SECTION 4958, WHICH IMPOSES INTERMEDIATE SANCTION PENALTIES FOR EXCESS BENEFIT TRANSACTIONS. ANNUALLY, THE COMPENSATION COMMITTEE REPORTS ITS COMPENSATION DECISIONS TO THE FULL BOARD MEMBERSHIP. THE COMPENSATION COMMITTEE REVIEWS AND APPROVES ALL BASE COMPENSATION ARRANGEMENTS EXCEEDING $150,000 A YEAR, EXCLUDING HOUSING, INCLUDING, IN PARTICULAR, THE HEAD OF SCHOOL'S AND THE CHIEF FINANCIAL OFFICER'S COMPENSATION. THE COMPENSATION COMMITTEE REVIEWS APPROPRIATE EXECUTIVE COMPENSATION COMPARABILITY DATA INCLUDING SALARY COMPARISON SURVEYS FROM VARIOUS ENTITIES, INCLUDING BUT NOT LIMITED TO; THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS (NAIS), THE ASSOCIATION OF BUSINESS OFFICERS OF PREPARATORY SCHOOLS (ABOPS), OTHER INSTITUTIONS' CURRENT 990S, COLLEGE AND UNIVERSITY PERSONNEL ASSOCIATION (CUPA) AND SUMMARIES OF SURVEYS RECEIVED BY THE ACADEMY IN EXCHANGE FOR ITS PARTICIPATION IN THESE SURVEYS. THE COMPENSATION COMMITTEE CONFIRMS WITH THE BOARD THAT FORMAL AND TIMELY PERFORMANCE REVIEWS ARE COMPLETED FOR ALL SENIOR ADMINISTRATORS. THE COMPENSATION COMMITTEE PREPARES AND APPROVES MINUTES OF EACH MEETING, INCLUDING: TERMS AND DATE OF APPROVED COMPENSATION, COMMITTEE MEMBERS PRESENT AND VOTING, THE COMPARABILITY DATA AND THEIR SOURCES AND THE RATIONALE FOR DECISIONS MADE. FORM 990, PART VI, SECTION C, LINE 18: THE ACADEMY MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION THROUGH GUIDESTAR.ORG AND THROUGH THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE. FORM 990, PART VI, SECTION C, LINE 19: THE ACADEMY DOES NOT GENERALLY MAKE ITS GOVERNING DOCUMENTS AND ITS CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. IT WILL FURNISH ITS FINANCIAL STATEMENTS UPON REQUEST, EITHER VIA EMAIL OR IN HARD COPY THROUGH THE MAIL. FORM 990, PART XI, LINE 9: OTHER CHANGES IN NET ASSETS: UNREALIZED LOSS ON SWAP MARKET VALUE ($4,439,432) CHANGE IN BAD DEBT EXPENSE ($60,438) CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS ($2,679,443) GAIN ON SALE OF ASSETS $77,000 ------------ TOTAL TO FORM 990, PART XI, LINE 9: ($7,102,313) CHARITABLE TRUSTS (28) 180 MAIN STREET ANDOVER MA 01810 FUNDRAISING MA NA TRUST false SOF-VIII INVESTOR IV 21 THOMAS STREET BRISTOL BSI 6JS UK INVESTING UK NA C CORP 57940 466974 1.00000 true POOLED INCOME FUND (1) 180 MAIN STREET ANDOVER MA 01810 FUNDRAISING MA NA TRUST false false false true false false false false false false false false false false false false false false true false CHARITABLE LEAD TRUST - RECEIPT OF TRUST DIST R 361744 CASH CHARITABLE LEAD TRUST - RECEIPT OF TRUST DIST C 299950 CASH SCHEDULE R, PART IV: CHARITABLE TRUSTS ARE LOCATED IN THE FOLLOWING JURISDICTIONS: IL, FL, MA, NY, NC, VA, WA, PA AND CA.