2016-05-16T16:27:32-05:00 2015-06-30 PricewaterhouseCoopers LLP 101 SEAPORT BOULEVARD Boston MA 02210 990 2014-07-01 042103579 TRUSTEES OF PHILLIPS ACADEMY % STEPHEN D CARTER TRUS 9787494000 180 MAIN STREET ANDOVER MA 018104161 STEPHEN D CARTER COO/CFO 9787494000 2016-05-16 true ERIN COUTURE P01390592 6175305000 2014 2016-08-17 19:52:53Z John G Palfrey 180 MAIN STREET ANDOVER MA 018104161 519750121 false X WWW.ANDOVER.EDU X 1778 MA SEE SCHEDULE O 21 20 1063 3337 -1127253 -2125289 25658271 32550771 57640314 60310725 63728777 56666670 653024 654076 147680386 150182242 19725689 19704125 0 0 51292095 54019318 48503 32951 7320617 38971575 45041956 110037862 118798350 37642524 31383892 1382712017 1394826856 199727291 207496632 1182984726 1187330224 X SEE SCHEDULE O false false 91231884 19033236 55626176 EDUCATION, 1,137 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. 2829770 350720 4623036 EDUCATION, 551 STUDENTS - SUMMER SESSION: THE SUMMER SESSION OFFERS ITS STUDENTS FIVE WEEKS OF INTENSIVE ACADEMIC AND PERSONAL GROWTH. IT ENCOMPASSES DEMANDING CLASSES, RECREATIONAL AFTERNOON ACTIVITIES, ENGAGING TRIPS TO COLLEGES, SOCIAL AND CULTURAL OPPORTUNITIES, AND WELCOMING DORMITORIES THAT PREPARE STUDENTS FOR COLLEGIATE RESIDENTIAL LIFE IN AN ENVIRONMENT DESIGNED FOR THEIR AGE GROUP. 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". FINALLY, SUMMER SESSION PROVIDES THE UMBRELLA FOR THE OTHER OUTREACH PROGRAMS THAT POPULATE THE CAMPUS DURING THE SUMMER, MAKING SURE THAT THEIR PHYSICAL AND RESIDENTIAL NEEDS ARE MET. 683677 4255 EDUCATION, 110 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 CITIES 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. 988771 315914 65784 95734102 true true false false 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 false false false false true 446 0 true 1063 true true true false false false false false false false false false X 21 20 true false false false false false false true false false false true true true true true true true true false ME MA NY X X STEPHEN D CARTER 9787494000 180 MAIN STREET ANDOVER MA 018104161 X JOHN G PALFREY HEAD OF SCHOOL/TRUSTEE 60.0 0.0 X X 377054 0 177925 CHARLOTTE E BIERN ALUMNI TRUSTEE 3.0 0.0 X 0 0 0 ROBERT J CAMPBELL TRUSTEE 3.0 0.0 X 0 0 0 DANIEL P CUNNINGHAM TRUSTEE 3.0 0.0 X 0 0 0 PETER L S CURRIE TRUSTEE/PRESIDENT 3.0 0.0 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 STEPHEN C SHERRILL TRUSTEE 3.0 0.0 X 0 0 0 JOSHUA L STEINER TRUSTEE 3.0 0.0 X 0 0 0 THOMAS BEATON ALUMNI TRUSTEE 3.0 0.0 X 0 0 0 REJJI P HAYES ALUMNI TRUSTEE 3.0 0.0 X 0 0 0 MARJORIE W KING 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 SCOTT MEAD TRUSTEE 3.0 0.0 X 0 0 0 STEPHEN D CARTER CHIEF OPERATING & FIN OFFICER 55.0 0.0 X 256793 0 82134 MICHAEL REIST CHIEF INVEST. OFFICER 55.0 0.0 X 534667 0 41985 Thomas P Lockerby Secretary of the academy 55.0 0.0 X 197285 0 34262 J LAWRENCE MUENCH DIRECTOR OF FACILITIES 55.0 0.0 X 160543 0 20516 PATRICK J FARRELL DEAN OF FACULTY 55.0 0.0 X 152055 0 87823 JAMES F VENTRE DEAN OF ADMN AND FIN AID 55.0 0.0 X 151504 0 89445 PETER R RAMSEY SENIOR PHILANTHROPIC OFFICER 55.0 0.0 X 191709 0 35886 MICHAEL SHAY DIRECTOR OF INVESTMENTS 55.0 0.0 X 288006 0 30290 AMY PATEL MEDICAL DIRECTOR 55.0 0.0 X 187899 0 84618 DAVID A FLASH DIRECTOR OF INTL ADVANCEMENT 55.0 0.0 X 178532 0 55392 GAIL M MANSFIELD DIRECTOR OF MAJOR GIFTS 55.0 0.0 X 183420 0 21342 BARBARA L CHASE FMR. HEAD OF SCH.(Ret.6.30.12) 0.0 0.0 X 116000 0 0 2975467 0 761618 46 true true false PERKINS AND WILL INC PO BOX 71181 CHICAGO IL 60694 ARCHITECTS 453839 MONTICELLO ASSOCIATES 1800 LARIMER ST DENVER CO 80202 INVESTMENT ADVISORS 350000 BEYER BLINDER BELLE ACHITECTS PLA 120 BROADWAY 20TH FLOOR NEW YORK NY 10271 ARCHITECTS 327239 GALANIS CONSULTING INC 1 LILLIAN DRIVE IPSWICH MA 01938 CONSTRUCTION MGMT 224644 SHEPLEY BULFINCH RICHARDSON ABB 2 SEAPOART LANE BOSTON MA 02109 ARCHITECTS 221296 18 11300 32539471 3768479 32550771 TUITION AND FEES 900099 57403228 57403228 OTHER INCOME 900099 2907497 2907497 60310725 8455839 -2357542 10813381 0 0 0 0 0 415175917 2587994 368980176 572904 46195741 2015090 48210831 580484 47630347 0 0 19070 14799 4271 4271 HOCKEY RINK 713940 563117 563117 CHILD CARE CENTER 624410 50763 50763 COURTS & CAGE 713940 27000 27000 8925 8925 649805 150182242 60314996 -1127253 58443728 271564 271564 19432561 19432561 0 0 2381613 218473 1583640 579500 48420 48420 40194509 31437839 5822825 2933845 3674948 2900434 511190 263324 4487829 3547630 603739 336460 3231999 2463032 504573 264394 0 219059 219059 129574 129574 0 32951 32951 1663473 1663473 385370 195901 184469 5000 92720 92720 4811550 3077468 1022767 711315 371622 185811 111487 74324 47641 47641 4031390 3567372 396375 67643 718512 417882 62818 237812 0 321864 205127 44295 72442 6228586 4464755 1135599 628232 0 8080842 6781896 1116983 181963 813833 680778 102656 30399 REPLACEMENT & RENEWAL 4959404 4959404 FOOD SERVICE 2802035 2802035 INSTRUCTION 3048603 3048603 OFFICE OF ACADEMY RESOURCES 851832 851832 5464046 4935176 528109 761 118798350 95734102 15743631 7320617 16638968 23809725 0 0 42260537 36515344 4662479 2145618 20500 0 0 0 651572 440605 629858 592686 4126895 3549812 353043447 102336854 240731205 250706593 173854419 147414078 838705673 878937112 81229 34852 0 0 60348682 50680431 1382712017 1394826856 10384733 15657104 0 0 17791506 18612486 141080000 141080000 0 0 0 0 0 0 0 0 30471052 32147042 199727291 207496632 X 370553081 376856696 483517300 470088152 328914345 340385376 1182984726 1187330224 1382712017 1394826856 X 31383892 -22679747 -4358647 X false true X true false X 26960742 46114578 30632966 25658271 32550771 161917328 0 0 26960742 46114578 30632966 25658271 32550771 161917328 8998211 152919117 7389772 4848711 5192833 11422342 8455839 37309497 0 0 0 0 0 0 199226825 37309497 0.76756 0.77649 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X false 1002653135 24362256 29292721 11446610 28021121 1016840381 868803535 24196911 143301506 9525902 24122915 1002653135 787015333 19147421 104817883 12381257 29795845 868803535 805549086 23590616 -334285 11297472 30492612 787015333 693422473 13544789 140245872 11862027 29802021 805549086 0.26170 0.73830 true false 1457175 1457175 312356389 89928872 222427517 7863638 4335401 3528237 31366245 8072581 23293664 250706593 PRIV REAL ASSTS/ABSLT RTN/OTHR 142272208 F CASH AND CASH EQUIVALENTS 15325186 F DOMESTIC EQUITIES 12555507 F INTERNATIONAL EQUITIES 140893782 F HEDGE FUNDS 280447815 F PRIVATE EQTY & VENTURE CAPITAL 216816035 F REAL ESTATE 35568200 F DOMESTIC FIXED INCOME 35058379 F 878937112 0 ASSET RETIREMENT OBLIGATION 1645699 INTEREST RATE SWAPS 14121773 PREMIUM ON BONDS PAYABLE 2727111 LIABILITY FOR SPLIT-INTEREST G 13652459 32147042 X 103979794 -22679747 -21287518 -43967265 147947059 2235183 2235183 150182242 99634297 1272870 1272870 98361427 2514761 17922162 20436923 118798350 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 OF ITS TWO MUSEUMS, THE ADDISON GALLERY OF AMERICAN ART AND THE ROBERT S. PEABODY MUSEUM OF ARCHAEOLOGY. OPEN AND FREE TO THE PUBLIC, BOTH ARE ACADEMIC MUSEUMS THAT SERVE AS RESOURCES FOR ACADEMY STUDENTS, STUDENTS FROM SURROUNDING COMMUNITIES AND THE GENERAL PUBLIC. THE COLLECTION OF THE ADDISON GALLERY OF AMERICAN ART INCLUDES MORE THAN 17,000 WORKS OF ART AND IS RECOGNIZED AS A WORLD-CLASS CENTER OF AMERICAN ART. THE ROBERT S. PEABODY MUSEUM OF ARCHAEOLOGY IS ONE OF THE NATION'S MAJOR REPOSITORIES OF NATIVE AMERICAN ARTIFACTS CONTAINING MORE THAN 500,000 OBJECTS, REPRESENTING NEARLY EVERY INDIGENOUS CULTURE IN NORTH AMERICA. SCHEDULE D, PART III, LINE 4: THE ACADEMY MAINTAINS THE ADDISON GALLERY OF AMERICAN ART (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 ROBERT S. PEABODY MUSEUM OF ARCHAEOLOGY (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, 2015 WAS $6,526,841. 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, FINANCIAL AID, FACULTY CHAIRS, THE ADDISON GALLERY, THE PEABODY MUSEUM AND OTHER SPECIAL INTENTS. TOTALLING 1,016 MILLION AT JUNE 30, 2015, THE ENDOWMENT CURRENTLY SUPPORTS APPROXIMATELY 37% 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: FINANCIAL AID (17,922,162) CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS (1,122,448) INVESTMENT EXPENSE (2,242,908) ------------ TOTAL TO SCHEDULE D, PART XI, LINE 2D: (21,287,518) SCHEDULE D, PART XI, LINE 4B: CHANGE IN BAD DEBT EXPENSE 2,256,909 COST OF GOODS SOLD (21,726) ----------- TOTAL TO SCHEDULE D, PART XI, LINE 4B 2,235,183 SCHEDULE D, PART XII, LINE 2D: UNREALIZED LOSS ON SWAP MARKET VALUE 1,251,144 COST OF GOODS SOLD 21,726 ------------- TOTAL TO SCHEDULE D, PART XII, LINE 2D 1,272,870 SCHEDULE D, PART XII, LINE 4B: FINANCIAL AID 17,922,162 ------------ TOTAL TO SCHEDULE D, PART XII, LINE 4B 17,922,162 true true true true true true true false false false false false false false false true false true SCHEDULE E, PART I, LINE 3: PHILLIPS ACADEMY'S NON-DISCRIMINATION POLICY IS STATED ON THE FINAL PAGE OF THE 2014 - 2015 SCHOOL CATALOG. THE TEXT OF THIS NOTICE IS AS FOLLOWS: PHILLIPS ACADEMY ADMITS STUDENTS OF ANY GENDER, RACE, COLOR, DISABILITY STATUS,GENDER IDENTITY OR EXPRESSION, SEXUAL ORIENTATION,GENETIC INFORMATION, RELIGION, AND NATIONAL AND ETHNIC ORIGIN AND PROVIDES THEM 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, DISABILTY STATUS,GENDER IDENTITY OR EXPRESSION,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. SCHEDULE E, PART I, LINE 6: STATE: ADDISON GALLERY A MASSACHUSETTS CULTURAL COUNCIL: $11,300 TOTAL GOVERNMENT CONTRIBUTIONS (GRANTS): $11,300 East Asia and the Pacific Program Services Off-campus learning 358558 Europe (Including Iceland and Greenland) Program Services Off-campus learning 300014 South America Program Services Off-campus learning 131420 Russia and the Newly Independent States Program Services Off-campus learning 49490 Central America and the Caribbean Investments 246297643 Europe (Including Iceland and Greenland) Investments 672942 East Asia and the Pacific Fundraising 61430 Europe (Including Iceland and Greenland) Fundraising 35415 247906912 247906912 true false true true true false SCHEDULE F, PART I, LINE 3: THE ORGANIZATION IDENTIFIES THE EXPENSES DISCLOSED ON PART I BY REVIEWING ITS GENERAL LEDGER. X X X X X X true MARTS LUNDY INC Fundraising false 27951 27951 ME MA SCHEDULE G, PART I, LINE 2B LIST OF TEN HIGHEST PAID FUNDRAISERS: MARTS & LUNDY, INC. 1200 WALL STREET W, LYNDHURST NJ 07071 TOWN OF ANDOVER 36 BARTLETT ST ANDOVER MA 01810 046001069 GOVERNMENT 242000 SEE PART IV CITY OF METHUEN 41 PLEASANT ST METHUEN MA 01844 046001220 GOVERNMENT 29564 SEE PART IV 2 FINANCIAL AID 9-MONTH PROGRAM 487 17572043 FINANCIAL AID OTHER AID TO 9-MONTH PROGRAM STUDENTS 487 178454 1046186 SEE PART IV TUITION REMISSION FACULTY CHILDREN OFF CAMPUS 4 114463 SEE PART IV FINANCIAL AID SUMMER SESSION 70 170695 350720 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 487 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 X false true X X X X X true true false false false false false true false JOHN G PALFREY HEAD OF SCHOOL/TRUSTEE 356180 0 0 0 20874 0 105290 0 72635 0 554979 0 0 0 STEPHEN D CARTER CHIEF OPERATING & FIN OFFICER 256793 0 0 0 0 0 30196 0 51938 0 338927 0 0 0 MICHAEL REIST CHIEF INVEST. OFFICER 359667 0 175000 0 0 0 30290 0 11695 0 576652 0 0 PETER R RAMSEY SENIOR PHILANTHROPIC OFFICER 171209 0 0 0 20500 0 18103 0 17783 0 227595 0 0 0 MICHAEL SHAY DIRECTOR OF INVESTMENTS 188006 0 100000 0 0 0 30290 0 0 0 318296 0 0 0 BARBARA L CHASE FMR. HEAD OF SCH.(Ret.6.30.12) 0 0 0 0 116000 0 0 0 0 0 116000 0 0 0 AMY PATEL MEDICAL DIRECTOR 187899 0 0 0 0 0 21675 0 62943 0 272517 0 0 0 Thomas P Lockerby Secretary of the academy 197285 0 0 0 0 0 17610 0 16652 0 231547 0 0 0 J LAWRENCE MUENCH DIRECTOR OF FACILITIES 160543 0 0 0 0 0 17615 0 2901 0 181059 0 0 0 PATRICK J FARRELL DEAN OF FACULTY 152055 0 0 0 0 0 17550 0 70273 0 239878 0 0 0 JAMES F VENTRE DEAN OF ADMN AND FIN AID 151504 0 0 0 0 0 17293 0 72152 0 240949 0 0 0 DAVID A FLASH DIRECTOR OF INTL ADVANCEMENT 178532 0 0 0 0 0 19592 0 35800 0 233924 0 0 0 GAIL M MANSFIELD DIRECTOR OF MAJOR GIFTS 183420 0 0 0 0 0 20525 0 817 0 204762 0 0 0 SCHEDULE J, PART I, LINE 1A: HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: JOHN G. PALFREY, STEPHEN D. CARTER, PATRICK J. FARRELL, JAMES F. VENTRE AND AMY PATEL RECEIVED HOUSING AS A CONDITION OF EMPLOYMENT FOR THE CONVENIENCE OF THE EMPLOYER. 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. TAX INDEMNIFICATION AND GROSS-UP PAYMENTS: ONE OFFICER RECEIVED A TAX INDEMNIFICATION AND GROSS-UP PAYMENT RELATED TO LIFE-INSURANCE PAYMENTS. THE AMOUNT PAID IN 2014 IS INCLUDED IN SCHEDULE J, PART II, COLUMN (B)(III). SCHEDULE J, PART I, LINE 4A EFFECTIVE UPON HER RETIREMENT ON JUNE 30, 2012, THE ACADEMY AND MRS. CHASE AGREED SHE WOULD RECEIVE PAYMENTS UNDER A CONFIDENTIALITY, NON-COMPETITION AND NON-SOLICITATION AGREEMENT. IN 2014, SHE RECEIVED TOTAL PAYMENTS OF $116,000 ASSOCIATED WITH THIS AGREEMENT THAT ARE INCLUDED IN SCHEDULE J, PART II, COLUMN (B)(iii). EFFECTIVE JUNE 6, 2014, IN ASSOCIATION WITH HIS SEVERANCE FROM THE ACADEMY, THE ACADEMY FORGAVE THE $20,500 BALANCE OF PETER RAMSEYS FACULTY MORTGAGE. THIS AMOUNT IS INCLUDED IN SCHEDULE J, PART II, COLUMN (B)(III). SCHEDULE J, PART I, LINE 4b: DURING CALENDAR YEAR 2014 MR. PALFREY PARTICIPATED IN A DEFERRED COMPENSATION PLAN, SUBJECT TO A SUBSTANTIAL RISK OF FORFEITURE, TO WHICH CERTAIN AMOUNTS WERE CREDITED BY THE ACADEMY. THIS AMOUNT IS INCLUDED IN SCHEDULE J, PART III, COLUMN (C). SCHEDULE J, PART I, LINE 7: MR. REIST AND MR. SHAY 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 2013-02-04 59910000 REFUNDING OF 1993 BONDS & CONST. false false false A 0 0 53875221 0 0 29818149 456159 0 0 10840871 0 9159129 false true false true B 0 0 59910000 0 0 0 671812 0 0 20013672 39224516 0 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 true false true true true MORGAN STANLEY BANK 17.2 false false false 0 false true A true B true BOND B ARBITRAGE ANALYSIS OPINION LETTER ISSUED ON 11/20/2014 FOR BOND B. X 83 N/A X 176 3768479 AVG. OF HIGH/LOW PRI 1 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 ITS MUSEUM COLLECTIONS. 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 $988,771. INCLUDING GRANTS OF $315,914. REVENUE $65,784. 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, 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 100 TALENTED STUDENTS WHO ARE MAJORING IN THE HUMANITIES, SOCIAL SCIENCES, EDUCATION OR MATHEMATICS, TO ITS TWO DISTINCT PROGRAMS: THE SUMMER WORKSHOP FOR RISING AND GRADUATING COLLEGE SENIORS; AND THE ASSOCIATE PROGRAM FOR COLLEGE SENIORS AND RECENT 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 42 COLLEGES AND UNIVERSITIES; MOST HAVE BEEN ADMITTED TO FOUR OR MORE. APPROXIMATELY 90 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 2000 INTERNS AND ASSOCIATES. OF THAT NUMBER, OVER 900 PARTICIPANTS HAVE ALREADY RECEIVED MASTER'S DEGRESS AND 281 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 GROWING VANGUARD 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 PHILIPS ACADEMY BOARD OF TRUSTEES HAS FIFTEEN 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. THE EXECUTIVE COMMITTEE MET ONCE DURING THE ACADEMY'S 2015 FISCAL YEAR. 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 IN FISCAL YEAR 2015. 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 JANUARY 2016 MEETING FOR PRELIMINARY REVIEW. THE FINAL VERSION OF THIS ENTIRE FORM 990 WAS REVIEWED AND APPROVED BY THE AUDIT COMMITTEE AT ITS MAY 2016 MEETING. IMMEDIATELY AFTER THE MAY AUDIT COMMITTEE MEETING, THIS FORM 990 WAS POSTED TO THE BOARD OF TRUSTEES WEBSITE WHERE IT COULD BE VIEWED BY ALL TRUSTEES UNTIL THE FILING DATE OF MAY 16, 2016. 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 CHIEF FINANCIAL OFFICER. 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 A CONFLICT OF INTEREST QUESTIONNAIRE. 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, CHIEF OPERATING AND 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 OPERATING AND FINANCIAL OFFICER'S. 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 990'S, 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: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS $(1,122,448) UNREALIZED LOSS ON SWAP MARKET VALUE $(1,251,144) CHANGE IN BAD DEBT EXPENSE $(2,256,909) UNREALZED GAIN ON DEPOSIT WITH TRUSTS $271,854 ----------- TOTAL TO FORM 990, PART XI, LINE 9: $(4,358,647) CHARITABLE TRUSTS (34) 180 MAIN STREET ANDOVER MA 01810 FUNDRAISING MA NA TRUST false false false false 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 SCHEDULE R, PART IV: CHARITABLE TRUSTS ARE LOCATED IN THE FOLLOWING JURISDICTIONS: IL, FL, MA, GA, NY, NC, VA, WA, AND CA.