2019-05-10T14:32:37-05:00 2018-06-30 PricewaterhouseCoopers LLP 101 SEAPORT BLVD SUITE 500 BOSTON MA 02210 990 2017-07-01 042103579 TRUSTEES OF PHILLIPS ACADEMY % ANDREA T H NIX TRUS 9787494000 180 MAIN STREET ANDOVER MA 018104161 ANDREA TH NIX CFO 9787494511 2019-05-06 true ERIN COUTURE P01390592 6175305000 155.201.188.33 04363820191305000005 2019-05-10 P 6782646C9786806572048819E19032829BC88B8A 5A95944E62899E3A12D56A73575418A0C743858E 2017 2019-02-21 02:37:17Z John G Palfrey 180 MAIN STREET ANDOVER MA 018104161 318639574 false X WWW.ANDOVER.EDU X 1778 MA SEE SCHEDULE O 23 22 1095 2552 -2264700 -3875461 46448726 68404008 65466824 67657519 57595644 55857454 77931 64219 169589125 191983200 21254329 22226781 0 0 59369203 62454504 0 28192 11922973 48240719 47029456 128864251 131738933 40724874 60244267 1466532663 1577019726 200014991 203255659 1266517672 1373764067 X SEE SCHEDULE O false false 98015168 21489099 63396357 EDUCATION, 1,155 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 UNDERSTAND THAT "GOODNESS WITHOUT KNOWLEDGE IS WEAK...YET KNOWLEDGE WITHOUT GOODNESS IS DANGEROUS." 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. 3148738 269528 4192611 EDUCATION, 490 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 FOR COLLEGIATE RESIDENTIAL LIFE IN AN ENVIRONMENT DESIGNED FOR THEIR AGE GROUP. IN ADDITION, SUMMER SESSION OFFERS COMPREHENSIVE COLLEGE PROGRAMMING INCLUDING VISITS TO LOCAL COLLEGES AND UNIVERSITIES, A WORKSHOP AND SPEAKER SERIES DESIGNED TO PREPARE STUDENTS FOR THE COLLEGE APPLICATION PROCESS, AND A COLLEGE FAIR 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 INCREASE ITS FINANCIAL AID BUDGET IN ORDER TO OFFER THE EXPERIENCE TO EVER MORE QUALIFIED AND DESERVING APPLICANTS. SUMMER SESSION ALSO WORKS COOPERATIVELY WITH OTHER PROGRAMS SUCH AS MINDS MATTER, THE JACK KENT COOKE FOUNDATION, MEMPHIS PREP, WIGHT SCHOLARS, 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. 766154 8101 1575 EDUCATION, 112 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. 1103243 460053 62300 103033303 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 502 0 true 1095 true true true false false false false false false false false false X 23 22 true false false false false false false true true false false false true true true true true true true false ME MA NY X X ANDREA T H NIX 9787494000 180 MAIN STREET ANDOVER MA 018104161 X JOHN G PALFREY HEAD OF SCHOOL/TRUSTEE 60.0 0.0 X X 443226 0 226636 JOSEPH Y BAE 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 SHELLY D GUYER 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 ALISON S LORD ALUMNI TRUSTEE 3.0 0.0 X 0 0 0 JOSHUA L STEINER TRUSTEE 3.0 0.0 X 0 0 0 MISTINA MUSCATEL DAVIS ALUMNI TRUSTEE 3.0 0.0 X 0 0 0 ERIC REDMAN ALUMNI TRUSTEE 3.0 0.0 X 0 0 0 STEFANIE SCHEER YOUNG ALUMNI TRUSTEE 3.0 0.0 X 0 0 0 PETER T HETZLER ALUMNI TRUSTEE 3.0 0.0 X 0 0 0 ALLISON E PICOTT ALUMNI TRUSTEE 3.0 0.0 X 0 0 0 TAMARA E ROGERS TRUSTEE 3.0 0.0 X 0 0 0 STEFAN L KALUZNY TRUSTEE 3.0 0.0 X 0 0 0 ERIC L ZINTERHOFER TRUSTEE 3.0 0.0 X 0 0 0 GIL CAFFRAY TRUSTEE 3.0 0.0 X 0 0 0 ANDREA T H NIX CFO 55.0 0.0 X 220306 0 35488 MICHAEL REIST CHIEF INVEST OFF UNTIL 3.31.17 55.0 0.0 X 531349 0 32049 KIRSTEN A GLANTZ CHIEF INVEST. OFFICER 55.0 0.0 X 328453 0 15693 THOMAS P LOCKERBY SECRETARY OF THE ACADEMY 55.0 0.0 X 361531 0 64196 J LAWRENCE MUENCH DIRECTOR OF FACILITIES 55.0 0.0 X 174624 0 21801 PATRICK J FARRELL DEAN OF FACULTY 55.0 0.0 X 164590 0 92378 JAMES F VENTRE DEAN OF ADMIN AND FIN AID 55.0 0.0 X 172813 0 102248 FERNANDO R ALONSO DEAN OF ADMIN AND FIN 55.0 0.0 X 241474 0 81023 JUDITH F DOLKART DIRECTOR, ADDISON GALLERY 55.0 0.0 X 186039 0 29565 MICHAEL SHAY DIRECTOR OF INVESTMENTS 55.0 0.0 X 500773 0 30393 AMY PATEL MEDICAL DIRECTOR 55.0 0.0 X 190712 0 102478 DOMINIC VENETO DIRECTOR OF IT UNTIL 7/31/2017 55.0 0.0 X 243206 0 34556 SEAN M LOGAN DEAN OF COLLEGE COUNSELING 55.0 0.0 X 184796 0 20104 3943892 0 888608 77 false true false ANN BEHA ARCHITECTS INC 33 KINGSTON STREET BOSTON MA 02111 ARCHITECTS 1238116 PERKINS AND WILL INC PO BOX 71181 CHICAGO IL 60694 ARCHITECTS 396425 MCLANE MIDDLETON 900 ELM STREET MANCHESTER NH 03105 ATTORNEYS 358698 MONTICELLO ASSOCIATES 1800 LARIMER ST DENVER CO 80202 INVESTMENT ADVISORS 350000 GALANIS CONSULTING INC ONE LILLIAN DRIVE IPSWICH MA 01938 CONSTRUCTION MGMT 298845 14 68404008 2028062 68404008 TUITION AND FEES 900099 62820650 62820650 COURSE PROGRAM & MATERIALS 900099 1679960 1679960 HOCKEY RINK 713940 1504588 1005475 499113 ALUMNI EVENTS 900099 258353 258353 EXHIBITION REVENUE 900099 107408 107408 1286560 1286560 67657519 5960729 -3720559 9681288 0 0 0 0 0 176539690 126642965 49896725 49896725 887851 49008874 0 0 0 0 0 0 8733 13409 -4676 -4676 CHILD CARE CENTER 624410 41895 41895 COURTS & CAGE 713940 27000 27000 68895 191983200 67153730 -2264700 58690162 428253 428253 21798528 21798528 0 0 2962989 263589 2053994 645406 0 45028968 35568809 4229715 5230444 3791814 2773966 525959 491889 6300162 4876503 871597 552062 4370571 3050443 708334 611794 53498 17710 35788 425507 425507 204261 204261 7000 7000 28192 28192 656759 656759 490357 288645 80314 121398 181228 138194 39847 3187 5355392 2810250 1723489 821653 1062391 620933 339287 102171 31340 28564 2776 4091603 3588547 482343 20713 1176796 710947 166561 299288 0 1403719 346555 47379 1009785 5465898 3782862 971765 711271 0 8473915 6394637 1907663 171615 983518 843610 91809 48099 FOOD SERVICE 5024736 5024736 OFFICE OF PHYSICAL PLANT 4541665 4541665 INSTRUCTION 1303868 1303868 SUMMER SCHOOL 939554 939554 5156451 2884935 1217510 1054006 131738933 103033303 16782657 11922973 23955248 27568042 11085021 21293765 62760807 80190175 2116362 2342529 0 0 0 0 135067 98503 640631 632027 2808358 4136566 426544683 122912617 290313886 303632066 157000752 190358294 909822626 943294577 0 0 0 0 5893905 3473182 1466532663 1577019726 16403820 14003128 0 0 12183877 16572854 112643542 112570971 0 0 0 0 0 0 30044014 30053421 28739738 30055285 200014991 203255659 X 385262600 415843708 504761572 567809844 376493500 390110515 1266517672 1373764067 1466532663 1577019726 X 60244267 49409373 -2407245 X false true X true false X 25658271 32550771 55935894 46448726 68404008 228997670 0 0 25658271 32550771 55935894 46448726 68404008 228997670 9950556 219047114 11422342 8455839 5320520 7316965 5960729 38476395 0 0 0 267474065 311415322 0.81895 0.77701 X false false false false false false false false true 7000 7000 false SCHEDULE C, PART II-B, LINE 1I: THE ACADEMY PAYS MEMBERSHIP DUES TOTALING $7,000 TO AN ORGANIZATION WHICH MAY ENGAGE IN LOBBYING ACTIVITIES. THEREFORE, A PORTION OF THE DUES MAY BE ATTRIBUTABLE TO LOBBYING ACTIVITIES. X X X X false 1057071540 14120256 92908617 17450226 33498969 1113151218 978581072 15172154 115687460 16284474 36084672 1057071540 1015875027 20924556 -18216738 11566067 28435706 978581072 1002653135 22812025 29292721 11446610 27436244 1015875027 868803535 24196911 143301506 9525902 24122915 1002653135 0.25330 0.74670 true false 2593005 2593005 376562895 106028276 270534619 15761509 5080183 10681326 31627274 11804158 19823116 303632066 PRIV REAL ASSTS/ABSLT RTN/OTHR 166202869 F DOMESTIC EQUITIES 42493288 F INTERNATIONAL EQUITIES 213511657 F HEDGE FUNDS 254875278 F PRIVATE EQTY & VENTURE CAPITAL 219777876 F REAL ESTATE 28880377 F DOMESTIC FIXED INCOME 17553232 F 943294577 0 ASSET RETIREMENT OBLIGATION 1344283 INTEREST RATE SWAPS 9990199 LIABILITY FOR SPLIT-INTEREST 18720803 30055285 X 216924888 49409373 -24022451 25386922 191537966 445234 445234 191983200 109678493 13409 13409 109665084 1233212 20840637 22073849 131738933 SCHEDULE D, PART III, LINE 1A: THE ACADEMY RECORDS GIFTS OF SECURITIES AND OTHER NON-CASH ASSETS AT FAIR VALUE AT THE DATE OF CONTRIBUTION, WITH THE EXCEPTION OF ADDITIONS TO THE ACADEMY'S COLLECTIONS OF ART, ARTIFACTS, ANTIQUES, AND RARE BOOKS. THE ACADEMY DOES NOT CAPITALIZE ITS COLLECTIONS; THEREFORE, GIFTS OR ADDITIONS TO THE COLLECTIONS ARE NOT REFLECTED IN THE ACADEMY'S FINANCIAL STATEMENTS. THE ACADEMY'S COLLECTIONS COMPRISE PRIMARILY THOSE OF THE ADDISON GALLERY OF AMERICAN ART (THE "ADDISON") AND THE PEABODY INSTITUTE OF ARCHAEOLOGY (THE "PEABODY"). OPEN AND FREE TO THE PUBLIC, BOTH SERVE AS RESOURCES FOR ACADEMY STUDENTS, STUDENTS FROM SURROUNDING COMMUNITIES AND THE GENERAL PUBLIC. THE COLLECTION OF THE ADDISON INCLUDES MORE THAN 16,000 WORKS OF ART AND IS RECOGNIZED AS A WORLD-CLASS CENTER OF AMERICAN ART. THE PEABODY IS ONE OF THE NATION'S MAJOR REPOSITORIES OF NATIVE AMERICAN ARCHAEOLOGICAL COLLECTIONS CONTAINING MORE THAN 500,000 OBJECTS, REPRESENTING NEARLY EVERY INDIGENOUS CULTURE AREA IN NORTH AMERICA. 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, 2018 WAS $6,401,153. 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 $1,113 MILLION AT JUNE 30, 2018, THE ENDOWMENT CURRENTLY SUPPORTS APPROXIMATELY 45% 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 REVENUE AS RELATED OR UNRELATED AS A TAX POSITION; HOWEVER, THE ACADEMY HAS DETERMINED THAT THIS TAX POSITION DOES 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 GAIN ON SWAP MARKET VALUE $3,630,976 UNREALIZED GAIN ON DEPOSIT WITH TRUSTEE $13,765 FINANCIAL AID ($20,840,637) CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS ($5,593,343) INVESTMENT EXPENSE ($1,233,212) ------------- TOTAL TO SCHEDULE D, PART XI, LINE 2D: ($24,022,451) SCHEDULE D, PART XI, LINE 4B: CHANGE IN BAD DEBT EXPENSE $458,643 COST OF GOODS SOLD ($13,409) -------- TOTAL TO SCHEDULE D, PART XI, LINE 4B $445,234 SCHEDULE D, PART XII, LINE 2D: COST OF GOODS SOLD $13,409 ----------- TOTAL TO SCHEDULE D, PART XII, LINE 2D $13,409 SCHEDULE D, PART XII, LINE 4B: FINANCIAL AID $20,840,637 ----------- TOTAL TO SCHEDULE D, PART XII, LINE 4B $20,840,637 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 IS STATED ON PAGE 1 OF THE 2017 - 2018 SCHOOL CATALOG. THE TEXT OF THIS NOTICE IS AS FOLLOWS: PHILLIPS ACADEMY ADMITS STUDENTS OF ANY GENDER, RACE, COLOR, HANDICAPPED STATUS, SEXUAL ORIENTATION, RELIGION, AND NATIONAL AND ETHNIC ORIGIN TO ALL THE RIGHTS, PRIVILEGES, PROGRAMS, AND ACTIVITIES GENERALLY ACCORDED OR MADE AVAILABLE TO STUDENTS AT THE SCHOOL. IT DOES NOT DISCRIMINATE ON THE BASIS OF GENDER, RACE, COLOR, HANDICAPPED STATUS,SEXUAL ORIENTATION, RELIGION, OR NATIONAL AND ETHNIC ORIGIN IN ADMINISTRATION OF ITS EDUCATIONAL POLICIES, ADMISSION POLICIES, SCHOLARSHIP AND LOAN PROGRAMS, AND ATHLETIC AND OTHER SCHOOL-ADMINISTERED PROGRAMS. Central America and the Caribbean Investments 273229042 Europe (Including Iceland and Greenland) Investments 10777076 East Asia and the Pacific Fundraising 56870 Europe (Including Iceland and Greenland) Program Services OFF-CAMPUS LEARNING 47242 East Asia and the Pacific Program Services ADMISSION RECRUITING 38118 Europe (Including Iceland and Greenland) Fundraising 30970 South America Program Services OFF-CAMPUS LEARNING 26327 Europe (Including Iceland and Greenland) Investments 25726 Middle East and North Africa Fundraising 24558 Russia and the Newly Independent States Program Services OFF-CAMPUS LEARNING 19729 Europe (Including Iceland and Greenland) Program Services ADMISSION RECRUITING 18300 Central America and the Caribbean Program Services OFF-CAMPUS LEARNING 11611 East Asia and the Pacific Program Services OFF-CAMPUS LEARNING 10722 Europe (Including Iceland and Greenland) Program Services PROFESSIONAL DEVELPMNT 10388 Europe (Including Iceland and Greenland) Program Services ART EXHIBITION 3065 South Asia Program Services OFF-CAMPUS LEARNING 2967 East Asia and the Pacific Program Services PROFESSIONAL DEVELPMNT 2824 Central America and the Caribbean Program Services ADMISSION RECRUITING 2516 Europe (Including Iceland and Greenland) Program Services CONFERENCE 2345 South America Program Services ADMISSION RECRUITING 2182 Europe (Including Iceland and Greenland) Program Services RESEARCH 1751 North America Program Services ADMISSION RECRUITING 1656 East Asia and the Pacific Program Services CONFERENCE 1633 Middle East and North Africa Program Services PROFESSIONAL DEVELPMNT 1484 North America Program Services PROFESSIONAL DEVELPMNT 1407 South Asia Program Services OUTREACH PROGRAM 1363 North America Program Services CONFERENCE 1075 Central America and the Caribbean Program Services OUTREACH PROGRAM 822 284335535 18234 284353769 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 28192 28192 ME MA true TOWN OF ANDOVER 36 BARTLETT ST ANDOVER MA 01810 046001069 GOVERNMENT 395752 SEE PART IV CITY OF METHUEN 41 PLEASANT ST METHUEN MA 01844 046001220 GOVERNMENT 32501 SEE PART IV 2 FINANCIAL AID 9-MONTH PROGRAM 535 20300578 FINANCIAL AID OTHER AID TO 9-MONTH PROGRAM STUDENTS 535 280100 883073 SEE PART IV FINANCIAL AID SUMMER SESSION 42 31800 302977 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 535 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 true true false false false false false true false JOHN G PALFREY HEAD OF SCHOOL/TRUSTEE 425226 0 0 0 18000 0 106284 0 120352 0 669862 0 0 0 MICHAEL REIST CHIEF INVEST OFF UNTIL 3.31.17 131349 0 200000 0 200000 0 31284 0 765 0 563398 0 0 0 KIRSTEN A GLANTZ CHIEF INVEST. OFFICER 248453 0 80000 0 0 0 0 0 15693 0 344146 0 0 0 THOMAS P LOCKERBY SECRETARY OF THE ACADEMY 361531 0 0 0 0 0 31284 0 32912 0 425727 0 0 0 J LAWRENCE MUENCH DIRECTOR OF FACILITIES 174624 0 0 0 0 0 19115 0 2686 0 196425 0 0 0 PATRICK J FARRELL DEAN OF FACULTY 164590 0 0 0 0 0 18919 0 73459 0 256968 0 0 0 JAMES F VENTRE DEAN OF ADMIN AND FIN AID 172813 0 0 0 0 0 20026 0 82222 0 275061 0 0 0 JUDITH F DOLKART DIRECTOR, ADDISON GALLERY 186039 0 0 0 0 0 20339 0 9226 0 215604 0 0 0 MICHAEL SHAY DIRECTOR OF INVESTMENTS 265773 0 235000 0 0 0 30393 0 0 0 531166 0 0 0 AMY PATEL MEDICAL DIRECTOR 190712 0 0 0 0 0 22637 0 79841 0 293190 0 0 0 DOMINIC VENETO DIRECTOR OF IT UNTIL 7/31/2017 92206 0 90000 0 61000 0 27969 0 6587 0 277762 0 0 0 ANDREA T H NIX CFO 220306 0 0 0 0 0 22723 0 12765 0 255794 0 0 0 FERNANDO R ALONSO DEAN OF ADMIN AND FIN 241474 0 0 0 0 0 27852 0 53171 0 322497 0 0 0 SEAN M LOGAN DEAN OF COLLEGE COUNSELING 184796 0 0 0 0 0 20104 0 0 0 204900 0 0 0 SCHEDULE J, PART I, LINE 1A: HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: FERNANDO R. ALONSO, PATRICK J. FARRELL, 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 IS USED THROUGHOUT THE YEAR FOR NUMEROUS FUNDRAISING EVENTS, PARTIES, MEETINGS AND OTHER ACADEMY-RELATED GATHERINGS. A HOUSEKEEPER CLEANS THE RESIDENCE. THE SERVICE IS ALLOCATED BASED UPON PUBLIC VERSUS PRIVATE SPACE IN THE RESIDENCE. CLEANING OF THE PRIVATE SPACE IS INCLUDED IN THE 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 4A: EFFECTIVE JULY 31, 2017, UNDER THE TERMS OF A SEVERANCE ARRANGEMENT, THE ACADEMY AND DOMINIC VENETO AGREED HE WOULD RECEIVE $61,000. THIS AMOUNT WAS RECEIVED IN 2017 AND IS INCLUDED IN SCHEDULE J, PART II, COLUMN (B)(III). EFFECTIVE MARCH 31, 2017, UNDER THE TERMS OF A SEVERANCE ARRANGEMENT, THE ACADEMY AND MICHAEL REIST AGREED HE WOULD RECEIVE $200,000. THIS AMOUNT WAS RECEIVED IN 2017 AND IS INCLUDED IN SCHEDULE J, PART II, COLUMN (B)(III). SCHEDULE J, PART I, LINE 4B: IN 2017, MR. PALFREY PARTICIPATED IN A DEFERRED COMPENSATION PLAN WITH THE ACADEMY. THIS PLAN PROVIDES THAT A YEARLY CONTRIBUTION WILL BE MADE TO MR. PALFREY'S ACCOUNT SUBJECT TO VESTING THROUGH JUNE 30, 2018. THE CREDIT FOR CALENDAR YEAR 2017 IS INCLUDED IN SCHEDULE J, PART II, COLUMN (C). SCHEDULE J, PART I, LINE 7: MS. GLANTZ, MR. REIST, MR. SHAY AND MR. VENETO RECEIVED NON-FIXED PAYMENTS APPROVED BY THE COMPENSATION COMMITTEE. 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 19515926 452094 0 0 20034983 15478715 0 2016 false true false 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 true false false 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 B ARBITRAGE ANALYSIS OPINION LETTER ISSUED ON 02/19/2018 FOR BOND B. X 127 N/A X 150 2028062 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 VII, STATEMENT OF REVENUE LINE 1G AS PERMITTED UNDER SFAS 116. IT DOES NOT CAPITALIZE THE COLLECTIONS OF THE ADDISON AND PEABODY. 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 $1,103,243. INCLUDING GRANTS OF $460,053. REVENUE $62,300. 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 41 COLLEGES AND UNIVERSITIES; MOST HAVE BEEN ADMITTED TO FOUR OR MORE. APPROXIMATELY 92 PERCENT OF THESE STUDENTS HAVE RECEIVED FULL TUITION WAIVERS AND PARTIAL-TO-FULL FELLOWSHIP FUNDING FOR UP TO SIX YEARS OF GRADUATE STUDY. TO DATE, THE IRT HAS WORKED WITH OVER 2,300 INTERNS AND ASSOCIATES. OF THAT NUMBER, OVER 900 PARTICIPANTS HAVE ALREADY RECEIVED MASTER'S DEGRESS AND 339 HAVE EARNED PH.D.S. IRT ALUMNI SERVE IN THE ADMINISTRATIVE AND TEACHING RANKS AT OVER 130 COLLEGE 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. PALS (PHILLIPS ACADEMY - ANDOVER HIGH SCHOOL - LAWRENCE SCHOOLS) IS A TWO-YEAR EDUCATIONAL ENRICHMENT PROGRAM FOR SEVENTH- AND EIGHTH-GRADE STUDENTS FROM LAWRENCE, MA, WHO ARE TEACHER-RECOMMENDED AS ACADEMICALLY CAPABLE, TOP IN THEIR CLASSES IN SCHOOL, AND SELF-MOTIVATED. PALS SERVES UP TO 42 STUDENTS ANNUALLY FROM THE UP-LEONARD, UP-OLIVER AND PARTHUM SCHOOLS. THE PROGRAM OPERATES UNDER THE AUSPICES OF THE ACADEMY'S COMMUNITY ENGAGEMENT PROGRAM DURING THE ACADEMIC YEAR. THE PROGRAM'S AFTER-SCHOOL INSTRUCTION IS PROVIDED BY STUDENT VOLUNTEERS FROM THE ACADEMY AND FROM ANDOVER HIGH SCHOOL. THE SUMMER PROGRAM IS PRIVATELY FUNDED, PROVIDING FOUR WEEKS OF ACADEMIC ENRICHMENT FOR THESE STUDENTS. FORM 990, PART VI, SECTION A, LINE 1A: THE PHILLIPS ACADEMY BOARD OF TRUSTEES HAS SIXTEEN 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 TWICE REMOTELY DURING THE ACADEMY'S 2018 FISCAL YEAR TO APPROVE STEPS TO MOVE A CAPITAL PROJECT FROM CONCEPT TO CONSTRUCTION. 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. A DRAFT VERSION OF SELECTED SECTIONS OF THIS FORM 990 WAS PROVIDED TO THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES AT ITS FEBRUARY 2019 MEETING FOR PRELIMINARY REVIEW. AT ITS MAY 2019 MEETING THE ACADEMY'S AUDIT COMMITTEE APPROVED THIS FORM 990 IN ITS FINAL FORM, EXCEPT THAT THE NAME AND ADDRESS OF ONE DONOR ON SCHEDULE B, SCHEDULE OF CONTRIBUTORS, WAS REDACTED TO MAINTAIN ANONYMITY. IMMEDIATELY AFTER THE MAY AUDIT COMMITTEE MEETING, THIS FORM 990 WITH THE ONE MODIFICATION NOTED WAS POSTED TO THE BOARD OF TRUSTEES WEB SITE WHERE THEY COULD REVIEW IT. THE FORM AS FILED WITH THE IRS WAS COMPLETE IN ALL RESPECTS. 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 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 GAIN ON SWAP MARKET VALUE $3,630,976 UNREALIZED GAIN ON DEPOSIT WITH TRUSTEE $13,765 CHANGE IN BAD DEBT EXPENSE ($458,643) CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS ($5,593,343) ------------ TOTAL TO FORM 990, PART XI, LINE 9: ($2,407,245) CHARITABLE TRUSTS (35) 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 -32143 488518 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 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, AND CA.