TRUSTEES OF PHILLIPS ACADEMY: Form 990, tax year 2011

View the entire original 990 at ProPublica ↗

Organization: TRUSTEES OF PHILLIPS ACADEMY (EIN 04-2103579)
Tax period: 2011-07-01 to 2012-06-30
Filed: 2013-05-14
IRS object ID: 201341349349302364
Schema version: 2011v1.5
Source: Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header
Form 990
Schedule A
Schedule B
Schedule C
Schedule D
Schedule E
Schedule F
Schedule G
Schedule I
Schedule J
Schedule K
Schedule L
Schedule M
Schedule O
Schedule R

Return header ReturnHeader

Field	Value	IRS element (for citing)
Timestamp	2013-05-14T10:48:35-05:00	Timestamp
Tax Period End Date	2012-06-30	TaxPeriodEndDate

Preparer Firm PreparerFirm

Preparer Firm Business Name PreparerFirmBusinessName

Field	Value	IRS element (for citing)
Business Name Line1	PRICEWATERHOUSECOOPERS LLP	BusinessNameLine1

Preparer Firm US Address PreparerFirmUSAddress

Field	Value	IRS element (for citing)
Address Line1	125 HIGH STREET	AddressLine1
City	BOSTON	City
State	MA	State
ZIP Code	02110	ZIPCode

Field	Value	IRS element (for citing)
Return Type	990	ReturnType
Tax Period Begin Date	2011-07-01	TaxPeriodBeginDate

Filer Filer

Field	Value	IRS element (for citing)
EIN	042103579	EIN

Name Name

Field	Value	IRS element (for citing)
Business Name Line1	TRUSTEES OF PHILLIPS ACADEMY	BusinessNameLine1

Field	Value	IRS element (for citing)
In Care Of Name	% STEPHEN D CARTER	InCareOfName
Name Control	TRUS	NameControl
Phone	9787494000	Phone

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	180 MAIN STREET	AddressLine1
City	ANDOVER	City
State	MA	State
ZIP Code	018104161	ZIPCode

Officer Officer

Field	Value	IRS element (for citing)
Name	STEPHEN D CARTER	Name
Title	CO & FO	Title
Date Signed	2013-05-10	DateSigned
Authorize Third Party	true	AuthorizeThirdParty

Preparer Preparer

Field	Value	IRS element (for citing)
Phone	6175305000	Phone

Field	Value	IRS element (for citing)
Tax Year	2011	TaxYear
Build TS	2016-02-24 21:20:13Z	BuildTS

Form 990 IRS990

Field	Value	IRS element (for citing)
Name Of Principal Officer Person	BARBARA L CHASE	NameOfPrincipalOfficerPerson

Address Principal Officer US AddressPrincipalOfficerUS

Field	Value	IRS element (for citing)
Address Line1	180 MAIN STREET	AddressLine1
City	ANDOVER	City
State	MA	State
ZIP Code	018104161	ZIPCode

Field	Value	IRS element (for citing)
Gross Receipts	251043680	GrossReceipts
Group Return For Affiliates	false	GroupReturnForAffiliates
Organization501c3	X	Organization501c3
Web Site	WWW.ANDOVER.EDU	WebSite
Type Of Organization Corporation	X	TypeOfOrganizationCorporation
Year Formation	1778	YearFormation
State Legal Domicile	MA	StateLegalDomicile
Activity Or Mission Description	SEE SCHEDULE O	ActivityOrMissionDescription
Nbr Voting Members Governing Body	23	NbrVotingMembersGoverningBody
Nbr Independent Voting Members	22	NbrIndependentVotingMembers
Total Nbr Employees	1088	TotalNbrEmployees
Total Nbr Volunteers	2338	TotalNbrVolunteers
Total Gross UBI	463583	TotalGrossUBI
Net Unrelated Business Txbl Income	-112917	NetUnrelatedBusinessTxblIncome
Contributions Grants Prior Year	26960742	ContributionsGrantsPriorYear
Contributions Grants Current Year	46114578	ContributionsGrantsCurrentYear
Program Service Revenue Prior Year	50376886	ProgramServiceRevenuePriorYear
Program Service Revenue CY	52324602	ProgramServiceRevenueCY
Investment Income Prior Year	58052068	InvestmentIncomePriorYear
Investment Income Current Year	37605003	InvestmentIncomeCurrentYear
Other Revenue Prior Year	850207	OtherRevenuePriorYear
Other Revenue Current Year	471932	OtherRevenueCurrentYear
Total Revenue Prior Year	136239903	TotalRevenuePriorYear
Total Revenue Current Year	136516115	TotalRevenueCurrentYear
Grants And Similar Amnts Prior Year	16729643	GrantsAndSimilarAmntsPriorYear
Grants And Similar Amnts CY	17677994	GrantsAndSimilarAmntsCY
Benefits Paid To Members Prior Year	0	BenefitsPaidToMembersPriorYear
Benefits Paid To Members CY	0	BenefitsPaidToMembersCY
Salaries Etc Prior Year	46933630	SalariesEtcPriorYear
Salaries Etc Current Year	49798058	SalariesEtcCurrentYear
Total Prof Fundrsng Exp Prior Year	16265	TotalProfFundrsngExpPriorYear
Total Prof Fundrsng Exp CY	23773	TotalProfFundrsngExpCY
Total Fundrsng Exp Current Year	8604507	TotalFundrsngExpCurrentYear
Other Expense Prior Year	39428235	OtherExpensePriorYear
Other Expenses Current Year	39212744	OtherExpensesCurrentYear
Total Expenses Prior Year	103107773	TotalExpensesPriorYear
Total Expenses Current Year	106712569	TotalExpensesCurrentYear
Revenues Less Expenses Prior Year	33132130	RevenuesLessExpensesPriorYear
Revenues Less Expenses CY	29803546	RevenuesLessExpensesCY
Total Assets BOY	1131294796	TotalAssetsBOY
Total Assets EOY	1120609083	TotalAssetsEOY
Total Liabilities BOY	140004778	TotalLiabilitiesBOY
Total Liabilities EOY	146657542	TotalLiabilitiesEOY
Net Assets Or Fund Balances BOY	991290018	NetAssetsOrFundBalancesBOY
Net Assets Or Fund Balances EOY	973951541	NetAssetsOrFundBalancesEOY
Info In Schedule O Part III	X	InfoInScheduleOPartIII
Mission Description	SEE SCHEDULE O	MissionDescription
Significant New Program Services	false	SignificantNewProgramServices
Significant Change	false	SignificantChange
Expense	79359030	Expense
Grants	17045789	Grants
Revenue	48036193	Revenue
Description	EDUCATION, 1,105 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.	Description

Activity2 Activity2

Field	Value	IRS element (for citing)
Expense	2732587	Expense
Grants	425855	Grants
Revenue	4228109	Revenue
Description	EDUCATION, 561 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.	Description

Activity3 Activity3

Field	Value	IRS element (for citing)
Expense	661104	Expense
Grants	7503	Grants
Revenue	0	Revenue
Description	EDUCATION, 114 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.	Description

Field	Value	IRS element (for citing)
Total Of Other Program Service Exp	854076	TotalOfOtherProgramServiceExp
Total Of Other Program Service Grnt	198847	TotalOfOtherProgramServiceGrnt
Total Of Other Program Service Rev	67733	TotalOfOtherProgramServiceRev
Total Program Service Expense	83606797	TotalProgramServiceExpense
Described In501 C3	true	DescribedIn501C3
Schedule B Required	true	ScheduleBRequired
Political Activities	false	PoliticalActivities
Lobbying Activities	true	LobbyingActivities
Subject To Proxy Tax	false	SubjectToProxyTax
Donor Advised Funds	false	DonorAdvisedFunds
Conservation Easements	false	ConservationEasements
Collections Of Art	true	CollectionsOfArt
Credit Counseling	false	CreditCounseling
Term Or Permanent Endowments	true	TermOrPermanentEndowments
Report Land Bldg Equip	true	ReportLandBldgEquip
Report Invest Oth Securities	true	ReportInvestOthSecurities
Report Prog Rel Invest	false	ReportProgRelInvest
Report Other Assets	false	ReportOtherAssets
Report Other Liabilities	true	ReportOtherLiabilities
Report Fin48 Footnote	true	ReportFin48Footnote
Independent Audit Financial Stmt	true	IndependentAuditFinancialStmt
Consolidated Audit Financial Stmt	false	ConsolidatedAuditFinancialStmt
School	true	School
Foreign Office	false	ForeignOffice
Foreign Activities	true	ForeignActivities
More Than5000 K To Organizations	false	MoreThan5000KToOrganizations
More Than5000 K To Individuals	false	MoreThan5000KToIndividuals
Professional Fundraising	true	ProfessionalFundraising
Fundraising Activities	true	FundraisingActivities
Gaming	false	Gaming
Hospital	false	Hospital
Grants To Organizations	true	GrantsToOrganizations
Grants To Individuals	true	GrantsToIndividuals
Schedule J Required	true	ScheduleJRequired
Tax Exempt Bonds	true	TaxExemptBonds
Invest Tax Exempt Bonds	false	InvestTaxExemptBonds
Escrow Account	false	EscrowAccount
On Behalf Of Issuer	false	OnBehalfOfIssuer
Excess Benefit Transaction	false	ExcessBenefitTransaction
Prior Excess Benefit Transaction	false	PriorExcessBenefitTransaction
Loan To Officer Or DQP	true	LoanToOfficerOrDQP
Grant To Related Person	true	GrantToRelatedPerson
Bsnss Rltnshp With Organization	false	BsnssRltnshpWithOrganization
Bsnss Rltnshp Thru Family Member	true	BsnssRltnshpThruFamilyMember
Officer Entity With Bsnss Rltnshp	false	OfficerEntityWithBsnssRltnshp
Deductible Non Cash Contributions	true	DeductibleNonCashContributions
Deductible Contributions Of Art	true	DeductibleContributionsOfArt
Terminated	false	Terminated
Partial Liquidation	false	PartialLiquidation
Disregarded Entity	false	DisregardedEntity
Related Entity	true	RelatedEntity
Related Org Controlled Entity	false	RelatedOrgControlledEntity
Transaction Related Entity	false	TransactionRelatedEntity
Transfers To Exempt Non Chrtbl Org	false	TransfersToExemptNonChrtblOrg
Activities Conducted Partnership	false	ActivitiesConductedPartnership
Schedule O Required	true	ScheduleORequired
Number Forms Transmitted With1096	410	NumberFormsTransmittedWith1096
Number W2 G Included	0	NumberW2GIncluded
Compliance With Backup Witholding	true	ComplianceWithBackupWitholding
Number Of Employees	1088	NumberOfEmployees
Employment Tax Returns Filed	true	EmploymentTaxReturnsFiled
Unrelated Business Income	true	UnrelatedBusinessIncome
Form990-T Filed	true	Form990-TFiled
Foreign Financial Account	false	ForeignFinancialAccount
Prohibited Tax Shelter Trans	false	ProhibitedTaxShelterTrans
Taxable Party Notification	false	TaxablePartyNotification
Non Deductible Contributions	false	NonDeductibleContributions
Quid Pro Quo Contributions	true	QuidProQuoContributions
Quid Pro Quo Disclosure	true	QuidProQuoDisclosure
Form8282 Property Disposed Of	false	Form8282PropertyDisposedOf
Funds To Pay Premiums	false	FundsToPayPremiums
Premiums Paid	false	PremiumsPaid
Indoor Tanning Services	false	IndoorTanningServices
Info In Schedule O Part VI	X	InfoInScheduleOPartVI
Nbr Voting Governing Body Members	23	NbrVotingGoverningBodyMembers
Number Independent Voting Members	22	NumberIndependentVotingMembers
Family Or Business Relationship	true	FamilyOrBusinessRelationship
Delegation Of Management Duties	false	DelegationOfManagementDuties
Changes To Organizing Docs	false	ChangesToOrganizingDocs
Material Diversion Or Misuse	false	MaterialDiversionOrMisuse
Members Or Stockholders	false	MembersOrStockholders
Election Of Board Members	false	ElectionOfBoardMembers
Decisions Subject To Approval	false	DecisionsSubjectToApproval
Minutes Of Governing Body	true	MinutesOfGoverningBody
Minutes Of Committees	false	MinutesOfCommittees
Officer Mailing Address	false	OfficerMailingAddress
Local Chapters	false	LocalChapters
Form990 Provided To Governing Body	true	Form990ProvidedToGoverningBody
Conflict Of Interest Policy	true	ConflictOfInterestPolicy
Annual Disclosure Covered Persons	true	AnnualDisclosureCoveredPersons
Regular Monitoring Enforcement	true	RegularMonitoringEnforcement
Whistleblower Policy	true	WhistleblowerPolicy
Document Retention Policy	false	DocumentRetentionPolicy
Compensation Process CEO	true	CompensationProcessCEO
Compensation Process Other	true	CompensationProcessOther
Investment In Joint Venture	false	InvestmentInJointVenture
States Where Copy Of Return Is Filed	ME	StatesWhereCopyOfReturnIsFiled
States Where Copy Of Return Is Filed	MA	StatesWhereCopyOfReturnIsFiled
States Where Copy Of Return Is Filed	NY	StatesWhereCopyOfReturnIsFiled
Upon Request	X	UponRequest

The Books Are In Care Of TheBooksAreInCareOf

Field	Value	IRS element (for citing)
Name Person	STEPHEN D CARTER	NamePerson
Telephone Number	9787494000	TelephoneNumber

Address US AddressUS

Field	Value	IRS element (for citing)
Address Line1	180 MAIN STREET	AddressLine1
City	ANDOVER	City
State	MA	State
ZIP Code	018104161	ZIPCode

Form990 Part VII Section A Form990PartVIISectionA (35 entries)

TitleTitle	Average Hours Per WeekAverageHoursPerWeek	Individual Trustee Or DirectorIndividualTrusteeOrDirector	OfficerOfficer	Reportable Comp From OrganizationReportableCompFromOrganization	Reportable Comp From Related OrgsReportableCompFromRelatedOrgs	Other CompensationOtherCompensation	Key EmployeeKeyEmployee	Highest Compensated EmployeeHighestCompensatedEmployee
BARBARA L CHASE
HEAD OF SCHOOL/TRUSTEE	60.0	X	X	374075	0	204967
ROBERT J CAMPBELL
TRUSTEE	3.0	X		0
DANIEL P CUNNINGHAM
TRUSTEE	3.0	X		0
PETER LS CURRIE
TRUSTEE	3.0	X		0
LOUIS G ELSON
TRUSTEE	3.0	X		0
AMY C FALLS
TRUSTEE	3.0	X		80684		8077
SHELLY D GUYER
TRUSTEE	3.0	X		0
THOMAS C ISRAEL
TRUSTEE, TREASURER	4.0	X	X	0
MOLLIE L LASATER
TRUSTEE	3.0	X		0
CHIEN LEE
TRUSTEE	3.0	X		0
GARY LEE
TRUSTEE	3.0	X		0
WILLIAM M LEWIS JR
TRUSTEE	3.0	X		0
SCOTT MEAD
TRUSTEE	3.0	X		0
TAMMY SNYDER MURPHY
TRUSTEE	3.0	X		0
STEPHEN C SHERRILL
TRUSTEE	3.0	X		0
JOSHUA L STEINER
TRUSTEE	3.0	X		0
OSCAR L TANG
TRUSTEE, PRESIDENT	4.0	X	X	0
CHRISTOPHER S AUGUSTE
ALUMNI TRUSTEE	3.0	X		0
SUSAN URIE DONAHUE
ALUMNI TRUSTEE	3.0	X		0
CORINNE T FIELD
ALUMNI TRUSTEE	3.0	X		0
STEVEN T HO
ALUMNI TRUSTEE	3.0	X		0
GEORGE R IRELAND
ALUMNI TRUSTEE	3.0	X		0
RONALD TAKVORIAN MD
ALUMNI TRUSTEE	3.0	X		0
STEPHEN D CARTER
CHIEF OPERATING & FIN OFFICER	55.0		X	240134		76212
MICHAEL REIST
CHIEF INVEST. OFFICER	55.0			348992		29671	X
PETER R RAMSEY
SECRETARY OF THE ACADEMY	55.0			277584		82323	X
TEMBA T MAQUBELA
ASST. HEAD/DEAN OF FACULTY	55.0			198944		93392	X
REBECCA M SYKES
ASSOC. HEAD OF SCHOOL	55.0			200719		79622	X
JANE F FRIED
ASST. HEAD/DEAN OF ADMISSION	55.0			192985		88474	X
BRIAN T ALLEN
DIR ADDISON GALLRY OF AMER ART	55.0			175937		28366	X
BARBARA D GROSS
SENIOR PHILANTHROPIC OFFICER	55.0			170218		35492		X
DAVID A FLASH
DIRECTOR OF GIFT PLANNING	55.0			179358		50290		X
CHRISTINE M ADAMS
DIRECTOR OF DEVELOPMENT	55.0			173571		19373		X
DOMINIC VENETO
DIR OF INFORMATION TECHNOLOGY	55.0			149428		23830		X
J LAWRENCE MUENCH
DIRECTOR OF FACILITIES	55.0			147689		21859		X

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	2910318	TotalReportableCompFromOrg
Total Reportable Comp Frm Rltd Orgs	0	TotalReportableCompFrmRltdOrgs
Total Other Compensation	841948	TotalOtherCompensation
Number Individuals GT100 K	36	NumberIndividualsGT100K
Formers Listed	false	FormersListed
Total Comp GT150 K	true	TotalCompGT150K
Compensation From Other Sources	false	CompensationFromOtherSources

Contractor Compensation ContractorCompensation (5 entries)

Address Line1AddressOfContractor/AddressUS/AddressLine1	CityAddressOfContractor/AddressUS/City	StateAddressOfContractor/AddressUS/State	ZIP CodeAddressOfContractor/AddressUS/ZIPCode	Description Of ServicesDescriptionOfServices	CompensationCompensation
ARAMARK CORPORATION
1101 MARKET STREET	PHILADELPHIA	PA	19107	DINING HALL SERVICES	5456253
JOHN MORIARTY ASSOC INC
3 CHURCH STREET	WINCHESTER	MA	01890	CONSTRUCTION MGMT	2069450
GRINNELL MECHANICAL
21 RAY AVENUE	BURLINGTON	MA	01803	HVAC/R SERVICES	701608
WINDOVER CONSTRUCTION
13 ELM STREET	MANCHESTER	MA	01944	CONSTRUCTION MGMT	600341
ARAMARK EDUCATIONAL SERVICES LLC
1101 MARKET STREET	PHILADELPHIA	PA	19019	INN MGMT SERVICES	586525

Field	Value	IRS element (for citing)
Number Of Contractors GT100 K	27	NumberOfContractorsGT100K
Fundraising Events	290854	FundraisingEvents
Government Grants	9740	GovernmentGrants
All Other Contributions	45813984	AllOtherContributions
Noncash Contributions	2002080	NoncashContributions
Total Contributions	46114578	TotalContributions

Program Service Revenue ProgramServiceRevenue (2 entries)

DescriptionDescription	Business CodeBusinessCode	Total Revenue ColumnTotalRevenueColumn	Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome
TUITION AND FEES	900099	49225644	49225644
OTHER INCOME	900099	3098958	3098958

Field	Value	IRS element (for citing)
Total Program Service Revenue	52324602	TotalProgramServiceRevenue

Investment Income InvestmentIncome

Field	Value	IRS element (for citing)
Total Revenue Column	4848711	TotalRevenueColumn
Unrelated Business Revenue	-351993	UnrelatedBusinessRevenue
Exclusion	$5,200,704	ExclusionAmount

Income From Invest Bond Proceeds IncomeFromInvestBondProceeds

Field	Value	IRS element (for citing)
Total Revenue Column	0	TotalRevenueColumn

Royalties Revenue RoyaltiesRevenue

Field	Value	IRS element (for citing)
Total Revenue Column	0	TotalRevenueColumn

Gross Amount Sales Assets GrossAmountSalesAssets

Field	Value	IRS element (for citing)
Securities	146846540	Securities

Less Cost Oth Basis Sales Expenses LessCostOthBasisSalesExpenses

Field	Value	IRS element (for citing)
Securities	114090248	Securities

Gain Or Loss GainOrLoss

Field	Value	IRS element (for citing)
Securities	32756292	Securities

Net Gain Or Loss Investments NetGainOrLossInvestments

Field	Value	IRS element (for citing)
Total Revenue Column	32756292	TotalRevenueColumn
Unrelated Business Revenue	217079	UnrelatedBusinessRevenue
Exclusion	$32,539,213	ExclusionAmount

Field	Value	IRS element (for citing)
Gross Income Fundraising Events	286556	GrossIncomeFundraisingEvents
Cntrbtns Rprtd Fundraising Events	290854	CntrbtnsRprtdFundraisingEvents
Fundraising Direct Expenses	420554	FundraisingDirectExpenses

Net Income From Fundraising Events NetIncomeFromFundraisingEvents

Field	Value	IRS element (for citing)
Total Revenue Column	-133998	TotalRevenueColumn
Exclusion	-$133,998	ExclusionAmount

Net Income From Gaming NetIncomeFromGaming

Field	Value	IRS element (for citing)
Total Revenue Column	0	TotalRevenueColumn

Field	Value	IRS element (for citing)
Gross Sales Of Inventory	24196	GrossSalesOfInventory
Cost Of Goods Sold	16763	CostOfGoodsSold

Net Income Or Loss NetIncomeOrLoss

Field	Value	IRS element (for citing)
Total Revenue Column	7433	TotalRevenueColumn
Related Or Exempt Function Income	7433	RelatedOrExemptFunctionIncome

Other Revenue Misc OtherRevenueMisc (3 entries)

DescriptionDescription	Business CodeBusinessCode	Total Revenue ColumnTotalRevenueColumn	Unrelated Business RevenueUnrelatedBusinessRevenue
RINK RENTAL	713940	485530	485530
CHILD CARE CENTER	624410	102475	102475
ALL OTHER REVENUE	900099	10492	10492

Field	Value	IRS element (for citing)
Total Other Revenue	598497	TotalOtherRevenue

Total Revenue TotalRevenue

Field	Value	IRS element (for citing)
Total Revenue Column	136516115	TotalRevenueColumn
Related Or Exempt Function Income	52332035	RelatedOrExemptFunctionIncome
Unrelated Business Revenue	463583	UnrelatedBusinessRevenue
Exclusion	$37,605,919	ExclusionAmount

Grants To Domestic Orgs GrantsToDomesticOrgs

Field	Value	IRS element (for citing)
Total	165497	Total
Program Services	165497	ProgramServices

Grants To Domestic Individuals GrantsToDomesticIndividuals

Field	Value	IRS element (for citing)
Total	17512497	Total
Program Services	17512497	ProgramServices

Foreign Grants ForeignGrants

Field	Value	IRS element (for citing)
Total	0	Total
Program Services	0	ProgramServices

Benefits To Members BenefitsToMembers

Field	Value	IRS element (for citing)
Total	0	Total
Program Services	0	ProgramServices

Comp Current Officers Directors CompCurrentOfficersDirectors

Field	Value	IRS element (for citing)
Total	3833109	Total
Program Services	703035	ProgramServices
Management And General	2149950	ManagementAndGeneral
Fundraising	980124	Fundraising

Comp Disqual Persons CompDisqualPersons

Field	Value	IRS element (for citing)
Total	304020	Total
Program Services	180118	ProgramServices
Fundraising	123902	Fundraising

Other Salaries And Wages OtherSalariesAndWages

Field	Value	IRS element (for citing)
Total	35661832	Total
Program Services	27770735	ProgramServices
Management And General	4649612	ManagementAndGeneral
Fundraising	3241485	Fundraising

Pension Plan Contributions PensionPlanContributions

Field	Value	IRS element (for citing)
Total	3320383	Total
Program Services	2558065	ProgramServices
Management And General	437111	ManagementAndGeneral
Fundraising	325207	Fundraising

Other Employee Benefits OtherEmployeeBenefits

Field	Value	IRS element (for citing)
Total	3709274	Total
Program Services	2955854	ProgramServices
Management And General	391285	ManagementAndGeneral
Fundraising	362135	Fundraising

Payroll Taxes PayrollTaxes

Field	Value	IRS element (for citing)
Total	2969440	Total
Program Services	2185953	ProgramServices
Management And General	461500	ManagementAndGeneral
Fundraising	321987	Fundraising

Fees For Services Management FeesForServicesManagement

Field	Value	IRS element (for citing)
Total	0	Total

Fees For Services Legal FeesForServicesLegal

Field	Value	IRS element (for citing)
Total	546928	Total
Management And General	546928	ManagementAndGeneral

Fees For Services Accounting FeesForServicesAccounting

Field	Value	IRS element (for citing)
Total	138125	Total
Management And General	138125	ManagementAndGeneral

Fees For Services Lobbying FeesForServicesLobbying

Field	Value	IRS element (for citing)
Total	0	Total
Management And General	0	ManagementAndGeneral

Fees For Services Prof Fundraising FeesForServicesProfFundraising

Field	Value	IRS element (for citing)
Total	23773	Total
Fundraising	23773	Fundraising

Fees For Services Invst Mgmnt Fees FeesForServicesInvstMgmntFees

Field	Value	IRS element (for citing)
Total	1545009	Total
Management And General	1545009	ManagementAndGeneral

Fees For Services Other FeesForServicesOther

Field	Value	IRS element (for citing)
Total	147478	Total
Program Services	97744	ProgramServices
Management And General	49082	ManagementAndGeneral
Fundraising	652	Fundraising

Advertising Advertising

Field	Value	IRS element (for citing)
Total	121956	Total
Program Services	121956	ProgramServices

Office Expenses OfficeExpenses

Field	Value	IRS element (for citing)
Total	4745307	Total
Program Services	2987505	ProgramServices
Management And General	957959	ManagementAndGeneral
Fundraising	799843	Fundraising

Information Technology InformationTechnology

Field	Value	IRS element (for citing)
Total	335026	Total
Program Services	167513	ProgramServices
Management And General	100508	ManagementAndGeneral
Fundraising	67005	Fundraising

Royalties Royalties

Field	Value	IRS element (for citing)
Total	51482	Total
Program Services	51482	ProgramServices

Occupancy Occupancy

Field	Value	IRS element (for citing)
Total	4310169	Total
Program Services	3814063	ProgramServices
Management And General	423785	ManagementAndGeneral
Fundraising	72321	Fundraising

Travel Travel

Field	Value	IRS element (for citing)
Total	748576	Total
Program Services	334964	ProgramServices
Management And General	82520	ManagementAndGeneral
Fundraising	331092	Fundraising

Travel Entrtnmnt Public Officials TravelEntrtnmntPublicOfficials

Field	Value	IRS element (for citing)
Total	0	Total

Conferences Meetings ConferencesMeetings

Field	Value	IRS element (for citing)
Total	139305	Total
Program Services	88123	ProgramServices
Management And General	0	ManagementAndGeneral
Fundraising	51182	Fundraising

Interest Interest

Field	Value	IRS element (for citing)
Total	3911604	Total
Program Services	2980429	ProgramServices
Management And General	664217	ManagementAndGeneral
Fundraising	266958	Fundraising

Payments To Affiliates PaymentsToAffiliates

Field	Value	IRS element (for citing)
Total	0	Total

Depreciation Depletion DepreciationDepletion

Field	Value	IRS element (for citing)
Total	7421889	Total
Program Services	6350295	ProgramServices
Management And General	924855	ManagementAndGeneral
Fundraising	146739	Fundraising

Insurance Insurance

Field	Value	IRS element (for citing)
Total	667260	Total
Program Services	548012	ProgramServices
Management And General	88353	ManagementAndGeneral
Fundraising	30895	Fundraising

Other Expenses OtherExpenses (4 entries)

DescriptionDescription	TotalTotal	Program ServicesProgramServices	FundraisingFundraising
REPLACEMENT & RENEWAL	4214171	4214171
FOOD SERVICE	2611818	2611818
INSTRUCTION	1943305	1943305
OFFICE OF ACADEMY RESOURCES	1458561		1458561

All Other Expenses AllOtherExpenses

Field	Value	IRS element (for citing)
Total	4154775	Total
Program Services	3263663	ProgramServices
Management And General	890466	ManagementAndGeneral
Fundraising	646	Fundraising

Total Functional Expenses TotalFunctionalExpenses

Field	Value	IRS element (for citing)
Total	106712569	Total
Program Services	83606797	ProgramServices
Management And General	14501265	ManagementAndGeneral
Fundraising	8604507	Fundraising

Cash Non Interest Bearing CashNonInterestBearing

Field	Value	IRS element (for citing)
BOY	22945424	BOY
EOY	33614654	EOY

Savings And Temp Cash Investments SavingsAndTempCashInvestments

Field	Value	IRS element (for citing)
BOY	0	BOY
EOY	0	EOY

Pledges And Grants Receivable PledgesAndGrantsReceivable

Field	Value	IRS element (for citing)
BOY	47640919	BOY
EOY	53560637	EOY

Accounts Receivable AccountsReceivable

Field	Value	IRS element (for citing)
BOY	245151	BOY
EOY	614854	EOY

Receivables From Officers Etc ReceivablesFromOfficersEtc

Field	Value	IRS element (for citing)
BOY	546910	BOY
EOY	260602	EOY

Receivables From Disqual Persons ReceivablesFromDisqualPersons

Field	Value	IRS element (for citing)
BOY	0	BOY
EOY	0	EOY

Other Notes Loans Receivable Net OtherNotesLoansReceivableNet

Field	Value	IRS element (for citing)
BOY	806351	BOY
EOY	747649	EOY

Inventories For Sale Or Use InventoriesForSaleOrUse

Field	Value	IRS element (for citing)
BOY	544289	BOY
EOY	668230	EOY

Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges

Field	Value	IRS element (for citing)
BOY	3321356	BOY
EOY	3386624	EOY

Field	Value	IRS element (for citing)
Land Buildings Equipment Basis	310232801	LandBuildingsEquipmentBasis
Land Bldg Equipment Accum Deprec	82971204	LandBldgEquipmentAccumDeprec

Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet

Field	Value	IRS element (for citing)
BOY	223522091	BOY
EOY	227261597	EOY

Investments Pub Traded Securities InvestmentsPubTradedSecurities

Field	Value	IRS element (for citing)
BOY	152572753	BOY
EOY	132975037	EOY

Investments Other Securities InvestmentsOtherSecurities

Field	Value	IRS element (for citing)
BOY	671011277	BOY
EOY	661221904	EOY

Investments Program Related InvestmentsProgramRelated

Field	Value	IRS element (for citing)
BOY	451155	BOY
EOY	303556	EOY

Intangible Assets IntangibleAssets

Field	Value	IRS element (for citing)
BOY	0	BOY
EOY	0	EOY

Other Assets Total OtherAssetsTotal

Field	Value	IRS element (for citing)
BOY	7687120	BOY
EOY	5993739	EOY

Total Assets TotalAssets

Field	Value	IRS element (for citing)
BOY	1131294796	BOY
EOY	1120609083	EOY

Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses

Field	Value	IRS element (for citing)
BOY	11306156	BOY
EOY	10548035	EOY

Grants Payable GrantsPayable

Field	Value	IRS element (for citing)
BOY	0	BOY
EOY	0	EOY

Deferred Revenue DeferredRevenue

Field	Value	IRS element (for citing)
BOY	11429428	BOY
EOY	11522676	EOY

Tax Exempt Bond Liabilities TaxExemptBondLiabilities

Field	Value	IRS element (for citing)
BOY	95300000	BOY
EOY	93300000	EOY

Escrow Account Liability EscrowAccountLiability

Field	Value	IRS element (for citing)
BOY	0	BOY
EOY	0	EOY

Loans From Officers Directors LoansFromOfficersDirectors

Field	Value	IRS element (for citing)
BOY	0	BOY
EOY	0	EOY

Mort Notes Pybl Secured Invest Prop MortNotesPyblSecuredInvestProp

Field	Value	IRS element (for citing)
BOY	0	BOY
EOY	0	EOY

Unsecured Notes Loans Payable UnsecuredNotesLoansPayable

Field	Value	IRS element (for citing)
BOY	0	BOY
EOY	0	EOY

Other Liabilities OtherLiabilities

Field	Value	IRS element (for citing)
BOY	21969194	BOY
EOY	31286831	EOY

Total Liabilities TotalLiabilities

Field	Value	IRS element (for citing)
BOY	140004778	BOY
EOY	146657542	EOY

Field	Value	IRS element (for citing)
Follow SFAS117	X	FollowSFAS117

Unrestricted Net Assets UnrestrictedNetAssets

Field	Value	IRS element (for citing)
BOY	325948330	BOY
EOY	309362687	EOY

Temporarily Restricted Net Assets TemporarilyRestrictedNetAssets

Field	Value	IRS element (for citing)
BOY	388333902	BOY
EOY	362613536	EOY

Permanently Restricted Net Assets PermanentlyRestrictedNetAssets

Field	Value	IRS element (for citing)
BOY	277007786	BOY
EOY	301975318	EOY

Total Net Assets Fund Balances TotalNetAssetsFundBalances

Field	Value	IRS element (for citing)
BOY	991290018	BOY
EOY	973951541	EOY

Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances

Field	Value	IRS element (for citing)
BOY	1131294796	BOY
EOY	1120609083	EOY

Field	Value	IRS element (for citing)
Info In Schedule O Part XI	X	InfoInScheduleOPartXI
Reconcilation Revenue Expenses	29803546	ReconcilationRevenueExpenses
Reconcilation Other Changes	-47142023	ReconcilationOtherChanges
Method Of Accounting Accrual	X	MethodOfAccountingAccrual
Accountant Compile Or Review	false	AccountantCompileOrReview
FS Audited	true	FSAudited
Audit Committee	true	AuditCommittee
Financial Statement Separate	X	FinancialStatementSeparate
Federal Grant Audit Required	false	FederalGrantAuditRequired

Schedule A IRS990ScheduleA

Field	Value	IRS element (for citing)
School170b1 Aii	X	School170b1Aii

Schedule B IRS990ScheduleB

Contributor Info ContributorInfo

Field	Value	IRS element (for citing)
Contributor Number	RESTRICTED	ContributorNumber

Contributor Name Business ContributorNameBusiness

Field	Value	IRS element (for citing)
Business Name Line1	RESTRICTED	BusinessNameLine1

Contributor Address US ContributorAddressUS

Field	Value	IRS element (for citing)
Address Line1	RESTRICTED	AddressLine1
Address Line2	RESTRICTED	AddressLine2
City	RESTRICTED	City
State	RESTRICTED	State
ZIP Code	RESTRICTED	ZIPCode

Field	Value	IRS element (for citing)
Aggregate Contributions	RESTRICTED	AggregateContributions

Schedule C IRS990ScheduleC

Field	Value	IRS element (for citing)
Total Grassroots Lobbying		TotalGrassrootsLobbying
Total Direct Lobbying		TotalDirectLobbying
Total Lobbying Expenditures		TotalLobbyingExpenditures
Other Exempt Purpose Expenditures		OtherExemptPurposeExpenditures
Total Exempt Purpose Expenditures		TotalExemptPurposeExpenditures
Lobbying Nontaxable		LobbyingNontaxableAmount
Grassroots Nontaxable		GrassrootsNontaxableAmount
Tot Lobbying Grassroot Minus Non Tx		TotLobbyingGrassrootMinusNonTx
Tot Lobby Expend Mns Lobbying Nontx		TotLobbyExpendMnsLobbyingNontx
Volunteers	false	Volunteers
Paid Staff Or Management	false	PaidStaffOrManagement
Media Advertisements	false	MediaAdvertisements
Mailings Members	false	MailingsMembers
Publications Or Broadcast	false	PublicationsOrBroadcast
Grants Other Organizations	false	GrantsOtherOrganizations
Direct Contact Legislators	false	DirectContactLegislators
Rallies Demonstrations	false	RalliesDemonstrations
Other Activities	true	OtherActivities
Other Activities	$900	OtherActivitiesAmount
Total Lobbying Expenditures IIB	900	TotalLobbyingExpendituresIIB
Not Described In501c3	false	NotDescribedIn501c3

Form990 Schedule C Part IV Form990ScheduleCPartIV

Field	Value	IRS element (for citing)
Identifier	SCHEDULE C, PART II-B, LINE 1I:	Identifier
Explanation	THE ACADEMY PAYS MEMBERSHIP DUES TOTALING $900 TO AN ORGANIZATION WHICH MAY ENGAGE IN LOBBYING ACTIVITIES. THEREFORE, A PORTION OF THE DUES MAY BE ATTRIBUTABLE TO LOBBYING ACTIVITIES.	Explanation

Schedule D IRS990ScheduleD

Field	Value	IRS element (for citing)
Art Public Exhibition Amts		ArtPublicExhibitionAmts
Held Works Of Art Amts		HeldWorksOfArtAmts
Collect Used For Public Exhibition	X	CollectUsedForPublicExhibition
Collect Used For Scholar Research	X	CollectUsedForScholarResearch
Collect Used For Preservation	X	CollectUsedForPreservation
Collect Used For Loan Or Exch Prgrms	X	CollectUsedForLoanOrExchPrgrms
Solicited Assets For Sale	false	SolicitedAssetsForSale

Current Year CurrentYear

Field	Value	IRS element (for citing)
Beginning Of Year Balance	805549086	BeginningOfYearBalance
Contributions	23590616	Contributions
Investment Earnings Or Losses	-334285	InvestmentEarningsOrLosses
Grants Or Scholarships	11297472	GrantsOrScholarships
Other Expenditures	30492612	OtherExpenditures
End Of Year Balance	787015333	EndOfYearBalance

Current Year Minus1 Year CurrentYearMinus1Year

Field	Value	IRS element (for citing)
Beginning Of Year Balance	693422473	BeginningOfYearBalance
Contributions	13544789	Contributions
Investment Earnings Or Losses	140245872	InvestmentEarningsOrLosses
Grants Or Scholarships	11862027	GrantsOrScholarships
Other Expenditures	29802021	OtherExpenditures
End Of Year Balance	805549086	EndOfYearBalance

Current Year Minus2 Years CurrentYearMinus2Years

Field	Value	IRS element (for citing)
Beginning Of Year Balance	621185698	BeginningOfYearBalance
Contributions	20370772	Contributions
Investment Earnings Or Losses	88775296	InvestmentEarningsOrLosses
Grants Or Scholarships	10902048	GrantsOrScholarships
Other Expenditures	26007245	OtherExpenditures
End Of Year Balance	693422473	EndOfYearBalance

Current Year Minus3 Years CurrentYearMinus3Years

Field	Value	IRS element (for citing)
Beginning Of Year Balance	778477208	BeginningOfYearBalance
Contributions	6778003	Contributions
Investment Earnings Or Losses	-124048818	InvestmentEarningsOrLosses
Grants Or Scholarships	12172240	GrantsOrScholarships
Other Expenditures	27848455	OtherExpenditures
End Of Year Balance	621185698	EndOfYearBalance

Field	Value	IRS element (for citing)
Board Designated EOY Balance	0.26040	BoardDesignatedEOYBalance
Permanent Endowment EOY Balance	0.73960	PermanentEndowmentEOYBalance
Term Endowment EOY Balance	0.00000	TermEndowmentEOYBalance
Endowments Held By Unrelated Orgs	true	EndowmentsHeldByUnrelatedOrgs
Endowments Held By Related Orgs	false	EndowmentsHeldByRelatedOrgs

Land Land

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	1457175	OtherCostOrOtherBasis
Book Value	1457175	BookValue

Buildings Buildings

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	280245360	OtherCostOrOtherBasis
Depreciation	73355837	Depreciation
Book Value	206889523	BookValue

Field	Value	IRS element (for citing)
Leasehold Improvements		LeaseholdImprovements

Equipment Equipment

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	7014921	OtherCostOrOtherBasis
Depreciation	2761449	Depreciation
Book Value	4253472	BookValue

Other Land Buildings OtherLandBuildings

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	21515345	OtherCostOrOtherBasis
Depreciation	6853918	Depreciation
Book Value	14661427	BookValue

Field	Value	IRS element (for citing)
Total Of Book Value Land Buildings	227261597	TotalOfBookValueLandBuildings
Financial Derivatives		FinancialDerivatives
Closely Held Equity Interests		CloselyHeldEquityInterests

Other Securities OtherSecurities (8 entries)

DescriptionDescription	Book ValueBookValue	Method Of ValuationMethodOfValuation
PRIV REAL ASSTS/ABSLT RTN/OTHR	108884911	F
CASH AND CASH EQUIVALENTS	866303	F
DOMESTIC EQUITIES	17016981	F
INTERNATIONAL EQUITIES	93560830	F
HEDGE FUNDS	254340159	F
PRIVATE EQTY & VENTURE CAPITAL	147874495	F
REAL ESTATE	33471461	F
DOMESTIC FIXED INCOME	5206764	F

Field	Value	IRS element (for citing)
Total Of Book Value Securities	661221904	TotalOfBookValueSecurities
Federal Income Tax Liability	0	FederalIncomeTaxLiability

Other Liabilities OtherLiabilities (4 entries)

DescriptionDescription	AmountAmount
ASSET RETIREMENT OBLIGATION	$1,757,609
INTEREST RATE SWAPS	$19,012,488
PREMIUM ON BONDS PAYABLE	$1,126,285
LIABILITY FOR SPLIT-INTEREST GIFTS	$9,390,449

Field	Value	IRS element (for citing)
Total Of Amounts	31286831	TotalOfAmounts
Total Revenue	136516115	TotalRevenue
Total Expenses	106712569	TotalExpenses
Excess Or Deficit For Year	29803546	ExcessOrDeficitForYear
Net Unrealized GL On Investments	-35796133	NetUnrealizedGLOnInvestments
Other	-$11,345,890	OtherAmount
Total Adjustments	-47142023	TotalAdjustments
Excess Or Deficit Per FS	-17338477	ExcessOrDeficitPerFS
Tot Revenue Etc Audited Fincl Stmt	77273408	TotRevenueEtcAuditedFinclStmt
Net Unrealized Gains Investments	-35796133	NetUnrealizedGainsInvestments
Other Revenues	-23456775	OtherRevenues
Revenue Not Rptd F990	-59252908	RevenueNotRptdF990
Revenue Subtotal	136526316	RevenueSubtotal
Other Revenues Not Included	-10201	OtherRevenuesNotIncluded
Revenue Not Rptd On Fin Stmt	-10201	RevenueNotRptdOnFinStmt
Total Revenue Per Form990	136516115	TotalRevenuePerForm990
Tot Expenses Etc Audited Fincl Stmt	94611885	TotExpensesEtcAuditedFinclStmt
Other Expenses Included	10309232	OtherExpensesIncluded
Expenses Not Rptd F990	10309232	ExpensesNotRptdF990
Expenses Subtotal	84302653	ExpensesSubtotal
Investment Expenses Not Included2	1959436	InvestmentExpensesNotIncluded2
Other Expenses Not Included	20450480	OtherExpensesNotIncluded
Expenses Not Rptd On Fin Stmt	22409916	ExpensesNotRptdOnFinStmt
Total Expenses Per Form990	106712569	TotalExpensesPerForm990

Form990 Schedule D Part XIV Form990ScheduleDPartXIV (10 entries)

IdentifierIdentifier	ExplanationExplanation
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 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 16,000 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 MUSUEM'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, 2012 WAS $5,454,321.
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 787 MILLION AT JUNE 30, 2012, THE ENDOWMENT CURRENTLY SUPPORTS APPROXIMATELY 38% 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 8:	CHANGE IN BAD DEBT EXPENSE (434,385) CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS (1,046,859) UNREALIZED LOSS ON SWAP MARKET VALUE (9,864,646) ------------ TOTAL TO SCHEDULE D, PART XI, LINE 8: (11,345,890)
SCHEDULE D, PART XII, LINE 2D:	FINANCIAL AID (16,390,698) CAPITAL CAMPAIGN EXPENSES (4,059,782) CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS (1,046,859) INVESTMENT EXPENSE (1,959,436) ------------- TOTAL TO SCHEDULE D, PART XII, LINE 2D: (23,456,775)
SCHEDULE D, PART XII, LINE 4B:	CHANGE IN BAD DEBT EXPENSE 434,385 COST OF GOODS SOLD (24,032) FUNDRAISING DIRECT EXPENSES (420,554) ---------- TOTAL TO SCHEDULE D, PART XII, LINE 4B (10,201)
SCHEDULE D, PART XIII, LINE 2D:	UNREALIZED LOSS ON SWAP MARKET VALUE 9,864,646 COST OF GOODS SOLD 24,032 FUNDRAISING DIRECT EXPENSES 420,554 ----------- TOTAL TO SCHEDULE D, PART XIII, LINE 2D 10,309,232
SCHEDULE D, PART XIII, LINE 4B:	FINANCIAL AID 16,390,698 CAPITAL CAMPAIGN EXPENSES 4,059,782 ----------- TOTAL TO SCHEDULE D, PART XIII, LINE 4B 20,450,480

Schedule E IRS990ScheduleE

Field	Value	IRS element (for citing)
Nondiscriminatory Policy Stmt	true	NondiscriminatoryPolicyStmt
Policy Statement In Brochures Etc	true	PolicyStatementInBrochuresEtc
Policy Publ Via Broadcast Media	true	PolicyPublViaBroadcastMedia
Maint Racial Composition Records	true	MaintRacialCompositionRecords
Maint Scholarships Records	true	MaintScholarshipsRecords
Maint Copies Of Brochures Etc	true	MaintCopiesOfBrochuresEtc
Maint Copies Of All Solicitations	true	MaintCopiesOfAllSolicitations
Discriminate Race Students Rights	false	DiscriminateRaceStudentsRights
Discriminate Race Admiss Policies	false	DiscriminateRaceAdmissPolicies
Discriminate Race Emplmn Faculty	false	DiscriminateRaceEmplmnFaculty
Discriminate Race Scholarships	false	DiscriminateRaceScholarships
Discriminate Race Educ Policies	false	DiscriminateRaceEducPolicies
Discriminate Race Use Of Fclts	false	DiscriminateRaceUseOfFclts
Discriminate Race Athletic Prog	false	DiscriminateRaceAthleticProg
Discriminate Race Other Acty	false	DiscriminateRaceOtherActy
Government Financial Aid Received	true	GovernmentFinancialAidReceived
Government Financial Aid Revoked	false	GovernmentFinancialAidRevoked
Compliance With Rev Proc7550	true	ComplianceWithRevProc7550

Form990 Schedule E Part II Form990ScheduleEPartII (2 entries)

IdentifierIdentifier

ExplanationExplanation

SCHEDULE E, PART I, LINE 3:

PHILLIPS ACADEMY'S NON-DISCRIMINATION POLICY IS STATED ON PAGE 1 OF THE 2011 - 2012 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.

SCHEDULE E, PART I, LINE 6:

STATE: ADDISON GALLERY MASSACHUSETTS CULTURAL COUNCIL: $9,740 TOTAL GOVERNMENT CONTRIBUTIONS (GRANTS): $9,740

Schedule F IRS990ScheduleF

Accts Actvs Out US Table AcctsActvsOutUSTable (4 entries)

RegionRegion	Type Of Activities ConductedTypeOfActivitiesConducted	Total ExpendituresTotalExpenditures
East Asia and the Pacific	Fundraising	60859
Europe (Including Iceland and Greenland)	Fundraising	19291
Central America and the Caribbean	Investments	156024262
North America	Investments	638172679

Field	Value	IRS element (for citing)
Subtotal Amount Spent	794277091	SubtotalAmountSpent
Total Amount Spent	794277091	TotalAmountSpent
Transfer To Foreign Corp	true	TransferToForeignCorp
Interest In Foreign Trust	false	InterestInForeignTrust
Own Foreign Corp	true	OwnForeignCorp
Passive Foreign Invest Co	true	PassiveForeignInvestCo
Foreign Partnership	true	ForeignPartnership
Boycott Countries	false	BoycottCountries

Form990 Schedule F Part V Form990ScheduleFPartV

Field	Value	IRS element (for citing)
Identifier	SCHEDULE F, PART I, LINE 3:	Identifier
Explanation	THE ACADEMY SOLICITS CHARITABLE CONTRIBUTIONS FROM ALUMNI LOCATED OUTSIDE OF THE UNITED STATES. THE PROGRAM ELEMENTS CONSIST OF MAJOR GIFT OFFICER TRAVEL, FACULTY TRAVEL, HEAD OF SCHOOL AND SENIOR ADMINISTRATOR TRAVEL TO EUROPE AND ASIA. THE ACTIVITY CONSISTS OF ONE-ON-ONE VISITS, LEADERSHIP GIFT RECEPTIONS, DINNERS AND CONFERENCES. AREAS VISITED IN THE CURRENT REPORTING PERIOD WERE CHINA, ENGLAND, FRANCE, INDONESIA, KOREA, SINGAPORE, AND THAILAND. THE ORGANIZATION IDENTIFIES FOREIGN TRAVEL EXPENSE BY REVIEWING ITS GENERAL LEDGER.	Explanation

Schedule G IRS990ScheduleG

Field	Value	IRS element (for citing)
Mail Solicitations	X	MailSolicitations
Email Solicitations	X	EmailSolicitations
Phone Solicitations	X	PhoneSolicitations
In Person Solicitations	X	InPersonSolicitations
Solicitation Of Non Govt Grants	X	SolicitationOfNonGovtGrants
Solicitation Of Govt Grants	X	SolicitationOfGovtGrants
Agreement Ref Fundraising	true	AgreementRefFundraising

Fundraiser Activity Information FundraiserActivityInformation

Field	Value	IRS element (for citing)
Name Of Individual	MARTS LUNDY	NameOfIndividual

Address US AddressUS

Field	Value	IRS element (for citing)
Address Line1	1200 WALL ST	AddressLine1
City	LYNDHURST	City
State	NJ	State
ZIP Code	07071	ZIPCode

Field	Value	IRS element (for citing)
Activity	CONSULTING	Activity
Fundraiser Control Of Funds	false	FundraiserControlOfFunds
Amount Retained By Contractor	22388	AmountRetainedByContractor

Field	Value	IRS element (for citing)
Total Retained By Contractors	22388	TotalRetainedByContractors
Licensed States	ME	LicensedStates
Licensed States	MA	LicensedStates

Events Information EventsInformation

Field	Value	IRS element (for citing)
Name Of Event1	AUCTION	NameOfEvent1
Gross Receipts Event1	262024	GrossReceiptsEvent1
Charitable Contributions Event1	74573	CharitableContributionsEvent1
Gross Revenue Event1	187451	GrossRevenueEvent1
Non Cash Prizes Event1	27351	NonCashPrizesEvent1
Food And Beverage Event1	3972	FoodAndBeverageEvent1
Other Direct Expenses Event1	156128	OtherDirectExpensesEvent1
Name Of Event2	GALA	NameOfEvent2
Gross Receipts Event2	315386	GrossReceiptsEvent2
Charitable Contributions Event2	216281	CharitableContributionsEvent2
Gross Revenue Event2	99105	GrossRevenueEvent2
Rent Facility Costs Event2	153415	RentFacilityCostsEvent2
Food And Beverage Event2	36126	FoodAndBeverageEvent2
Entertainment Event2	16415	EntertainmentEvent2
Other Direct Expenses Event2	27147	OtherDirectExpensesEvent2
Total Number Of Other Events	0	TotalNumberOfOtherEvents
Gross Receipts Total	577410	GrossReceiptsTotal
Charitable Contributions Total	290854	CharitableContributionsTotal
Gross Revenue Total Events	286556	GrossRevenueTotalEvents
Non Cash Prizes Total Events	27351	NonCashPrizesTotalEvents
Rent Facility Costs Total Events	153415	RentFacilityCostsTotalEvents
Food And Beverage Total Events	40098	FoodAndBeverageTotalEvents
Entertainment Total Events	16415	EntertainmentTotalEvents
Other Direct Expenses Total Events	183275	OtherDirectExpensesTotalEvents
Direct Expense Summary Events	420554	DirectExpenseSummaryEvents
Net Income Summary	-133998	NetIncomeSummary

Form990 Schedule G Part IV Form990ScheduleGPartIV

Field	Value	IRS element (for citing)
Identifier	SCHEDULE G, PART I, LINE 2B	Identifier
Explanation	LIST OF TEN HIGHEST PAID FUNDRAISERS: MARTS & LUNDY 1200 WALL STREET LYNDHURST, NJ 07071	Explanation

Schedule I IRS990ScheduleI

Field	Value	IRS element (for citing)
Records Maintained	true	RecordsMaintained

Recipient Table RecipientTable

Recipient Name Business RecipientNameBusiness

Field	Value	IRS element (for citing)
Business Name Line1	TOWN OF ANDOVER	BusinessNameLine1

Address US AddressUS

Field	Value	IRS element (for citing)
Address Line1	36 BARTLETT ST	AddressLine1
City	ANDOVER	City
State	MA	State
ZIP Code	01810	ZIPCode

Field	Value	IRS element (for citing)
EIN Of Recipient	046001069	EINOfRecipient
IRC Section	GOVERNMENT	IRCSection
Amount Of Cash Grant	165497	AmountOfCashGrant

Field	Value	IRS element (for citing)
Total Nbr Of501 C3 And Govt Grants	1	TotalNbrOf501C3AndGovtGrants

Form990 Schedule I Part III Form990ScheduleIPartIII (4 entries)

Type Of GrantTypeOfGrant	Number Of RecipientsNumberOfRecipients	Amount Of Non Cash AssistanceAmountOfNonCashAssistance	Description Of Non Cash AssistanceDescriptionOfNonCashAssistance	Amount Of Cash GrantAmountOfCashGrant
TUITION REMISSION 9-MONTH PROGRAM	506	15949840	TUITION REMISSION
OTHER AID TO 9-MONTH PROGRAM STUDENTS	506	751342	SEE PART IV	301524
TUITION REMISSION FACULTY CHILDREN OFF CAMPUS	4	43083	SEE PART IV
TUITION REMISSION SUMMER SESSION	78	429635	TUITION REMISSION	37073

Form990 Schedule I Part IV Form990ScheduleIPartIV (3 entries)

IdentifierIdentifier	ExplanationExplanation
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:	UNDER THE TERMS OF AN AGREEMENT BETWEEN THE ACADEMY AND THE TOWN OF ANDOVER (THE "TOWN"), THE ACADEMY MAKES AN ANNUAL VOLUNTARY CONTRIBUTION TO THE TOWN. THE PAYMENT IS NOT RESTRICTED TO ANY PARTICULAR USE BY THE TOWN AND IS MADE WITHOUT CONSIDERATION OF THE TAX STATUS OF ACADEMY PROPERTY.
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 506 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 AND MISCELLANEOUS PERSONAL EXPENSES.

Schedule J IRS990ScheduleJ

Field	Value	IRS element (for citing)
Housing Allowance Or Residence	X	HousingAllowanceOrResidence
Club Dues Or Fees	X	ClubDuesOrFees
Personal Services	X	PersonalServices
Written Policy Re T And E Expenses	false	WrittenPolicyReTAndEExpenses
Substantiation Required	true	SubstantiationRequired
Compensation Committee	X	CompensationCommittee
Form990 Of Other Organizations	X	Form990OfOtherOrganizations
Compensation Survey	X	CompensationSurvey
Board Or Committee Approval	X	BoardOrCommitteeApproval
Severance Payment	false	SeverancePayment
Supplemental Nonqual Retire Plan	true	SupplementalNonqualRetirePlan
Equity Based Comp Arrangement	false	EquityBasedCompArrangement
Comp Based On Revenue Of Filing Org	false	CompBasedOnRevenueOfFilingOrg
Comp Based On Revenue Related Orgs	false	CompBasedOnRevenueRelatedOrgs
Comp Based Net Earnings Filing Org	false	CompBasedNetEarningsFilingOrg
Comp Based Net Earnings Relate Orgs	false	CompBasedNetEarningsRelateOrgs
Any Non Fixed Payments	true	AnyNonFixedPayments
Initial Contract Exception	false	InitialContractException

Form990 Schedule J Part II Form990ScheduleJPartII (13 entries)

Base Compensation Filing OrgBaseCompensationFilingOrg	Comp Based On Related OrgsCompBasedOnRelatedOrgs	Bonus Filing OrgBonusFilingOrg	Bonus Related OrgsBonusRelatedOrgs	Other Compensation Filing OrgOtherCompensationFilingOrg	Other Compensation Related OrgsOtherCompensationRelatedOrgs	Deferred Comp Filing OrgDeferredCompFilingOrg	Deferred Comp Related OrgsDeferredCompRelatedOrgs	Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrg	Nontaxable Benefits Related OrgsNontaxableBenefitsRelatedOrgs	Total Compensation Filing OrgTotalCompensationFilingOrg	Total Compensation Related OrgsTotalCompensationRelatedOrgs	Comp Report Prior990 Filing OrgCompReportPrior990FilingOrg	Comp Report Prior990 Related OrgsCompReportPrior990RelatedOrgs
BARBARA L CHASE
357575	0	0	0	16500	0	153646	0	51321	0	579042	0	0	0
STEPHEN D CARTER
240134						28050		48162		316346
MICHAEL REIST
273992		75000				28646		1025		378663
PETER R RAMSEY
277584						28646		53677		359907
TEMBA T MAQUBELA
198944						23216		70176		292336
REBECCA M SYKES
200719						24034		55588		280341
JANE F FRIED
192985						23034		65440		281459
BRIAN T ALLEN
175937						19698		8668		204303
BARBARA D GROSS
165218		5000				19485		16007		205710
DAVID A FLASH
174358		5000				20023		30267		229648
CHRISTINE M ADAMS
173571						19271		102		192944
DOMINIC VENETO
149428						16164		7666		173258
J LAWRENCE MUENCH
147689						16361		5498		169548

Form990 Schedule J Part III Form990ScheduleJPartIII (3 entries)

IdentifierIdentifier	ExplanationExplanation
SCHEDULE J, PART I, LINE 1A:	WHILE THE ACADEMY DID NOT HAVE A WRITTEN EXPENSE REIMBURSEMENT POLICY DURING CALENDAR YEAR 2011, THE COMPTROLLER'S OFFICE PERSONNEL REVIEWED EACH EXPENSE REIMBURSEMENT REQUEST FOR COMPLIANCE WITH IRS REQUIREMENTS FOR ACCOUNTABLE PLANS BEFORE THE REQUESTOR WAS REIMBURSED FOR THE EXPENSE. THE ACADEMY'S TRUSTEES VOTED TO ADOPT A WRITTEN EXPENSE REIMBURSEMENT POLICY FOR THE SCHOOL IN APRIL, 2013. HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: BARBARA L. CHASE, STEPHEN D. CARTER, REBECCA M. SYKES, TEMBA T. MAQUBELA AND JANE F.FRIED 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. HEALTH OR SOCIAL CLUB DUES OR INITIATION: MRS. CHASE TRAVELS GLOBALLY ON ACADEMY BUSINESS. ANNUALLY THE ACADEMY PAYS $450 FOR MRS. CHASE'S MEMBERSHIP IN AN AIRLINE FLIGHT CLUB. THIS AMOUNT IS NOT TAXABLE COMPENSATION. FOR BUSINESS PURPOSES, MR. ALLEN, THE DIRECTOR OF THE ADDISON GALLERY IS PROVIDED MEMBERSHIP IN A PRIVATE CLUB. THE VALUE OF THE MEMBERSHIP IS NOT INCLUDED IN HIS W-2 AS TAXABLE INCOME. ANY PERSONAL USE OF THIS MEMBERSHIP IS PAID BY MR. ALLEN. PERSONAL SERVICES: THE RESIDENCE OF THE HEAD OF SCHOOL, MRS. CHASE, IS USED THROUGHOUT THE YEAR FOR NUMEROUS FUNDRAISING EVENTS, PARTIES, MEETINGS AND OTHER ACADEMY-RELATED GATHERINGS. A HOUSEKEEPER SPENDS APPROXIMATELY 10 HOURS PER WEEK CLEANING THE RESIDENCE. NO TAXABLE COMPENSATION IS ASSOCIATED WITH THIS SERVICE. THE ACADEMY PAID FOR RETIREMENT PLANNING SERVICES IN THE AMOUNT OF $1,663 FOR MRS. CHASE, WHO RETIRED FROM HER ROLE AS THE ACADEMY'S HEAD OF SCHOOL EFFECTIVE JUNE 30, 2012. MRS. CHASE REIMBURSED THE ORGANIZATION FOR THE SERVICES RECEIVED.
SCHEDULE J, PART I, LINE 4B:	DURING CALENDAR YEAR 2011 MS. CHASE 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 II, COLUMN C.
SCHEDULE J, PART I, LINE 7:	MS. CHASE RECEIVED A NON-FIXED PAYMENT RECOMMENDED BY THE PRESIDENT OF THE BOARD OF TRUSTEES UNDER THE TERMS OF A DEFERRED COMPENSATION AGREEMENT DESCRIBED ABOVE. THE COMPENSATION COMMITTEE APPROVED THE PAYMENT. MR. REIST, MR. FLASH, AND MS. GROSS ALSO RECEIVED NON-FIXED PAYMENTS APPROVED BY THE COMPENSATION COMMITTEE.

Schedule K IRS990ScheduleK

Form990 Schedule K Part I Form990ScheduleKPartI (2 entries)

Issuer EINIssuerEIN	CUSIP NumberCUSIPNumber	Date IssuedDateIssued	Issue PriceIssuePrice	Description Of PurposeDescriptionOfPurpose	DefeasedDefeased	On Behalf Of IssuerOnBehalfOfIssuer	Pool FinancingPoolFinancing
MA DEVELOPMENT FINANCE AGENCY
043431814	57583RD69	2008-12-17	40540096	SEE PART V	false	false	false
MA DEVELOPMENT FINANCE AGENCY
043431814	57583FL25	2003-02-04	59910000	SEE PART V	false	false	false

Form990 Schedule K Part II Form990ScheduleKPartII (2 entries)

Amount RetiredAmountRetired	Amount Bond DefeasedAmountBondDefeased	Total ProceedsTotalProceeds	Amount In Reserve FundAmountInReserveFund	Capitalized InterestCapitalizedInterest	Refunding EscrowRefundingEscrow	Issuance Costs From ProceedsIssuanceCostsFromProceeds	Credit EnhancementCreditEnhancement	Working Capital ExpendituresWorkingCapitalExpenditures	Capital ExpendituresCapitalExpenditures	Other Spent ProceedsOtherSpentProceeds	Amount UnspentAmountUnspent	Year Of Subst CompletionYearOfSubstCompletion	Current RefundingCurrentRefunding	Advance RefundingAdvanceRefunding	Final Allocation MadeFinalAllocationMade	Adequate Books And Recds MaintaindAdequateBooksAndRecdsMaintaind
5220000	0	40540096	0	0	0	538442	0	0	40001654	0	0	2009	false	false	true	true
0	0	59910000	0	0	0	671812	0	0	20013672	39224516	0	2003	false	true	true	true

Form990 Schedule K Part III Form990ScheduleKPartIII (2 entries)

Owning Bond Financed PropertyOwningBondFinancedProperty	Any Lease ArrangementsAnyLeaseArrangements	Mngment Cntrct Bond Financd PrprtyMngmentCntrctBondFinancdPrprty	Engage Bond Counsel ContractsEngageBondCounselContracts	Any Research AgreementsAnyResearchAgreements	Prcntge Prvt Business Use By OthersPrcntgePrvtBusinessUseByOthers	Percentage Of Prvt Business Re UBIPercentageOfPrvtBusinessReUBI	Total Private Business UseTotalPrivateBusinessUse	Post Issuance Compliance ProcdrsPostIssuanceComplianceProcdrs
false	false	true	true	false	0.00000	0.00000	0.00000	true
false	false	false		false	0.00000	0.00000	0.00000	true

Form990 Schedule K Part IV Form990ScheduleKPartIV (2 entries)

Form8038 T FiledForm8038TFiled	Variable Rate IssueVariableRateIssue	Hedge Identified In Books And RecdsHedgeIdentifiedInBooksAndRecds	Gross Proceeds Invested In GICGrossProceedsInvestedInGIC	Business Name Line1NameOfGICProvider/BusinessNameLine1	Gross Proceeds InvestedGrossProceedsInvested	Exception To RebateExceptionToRebate	Term Of HedgeTermOfHedge	Superintegrated HedgeSuperintegratedHedge	Hedge TerminatedHedgeTerminated
0
false	false	false	false	0	false	true
MORGAN STANLEY BANK
false	true	true	false	0	false	true	22.2	false	false

Form990 Schedule K Part VI Form990ScheduleKPartVI

Field	Value	IRS element (for citing)
Identifier	PART I AND PART V:	Identifier
Return Reference	0	ReturnReference
Explanation	SEE SCHEDULE O	Explanation

Schedule L IRS990ScheduleL

Loan Table LoanTable (4 entries)

Purpose Of LoanPurposeOfLoan	Loan From OrganizationLoanFromOrganization	Original PrincipalOriginalPrincipalAmount	Balance DueBalanceDue	DefaultDefault	Approved By BoardApprovedByBoard	Written AgreementWrittenAgreement
BRAIN T ALLEN
- MORTGAGE	X	$99,000	91959	false	true	true
TEMBA T MAQUBELA
-LOAN & TUITION LOAN	X	$62,400	31358	false	true	true
PETER R RAMSEY
- MORTGAGE	X	$200,000	41000	false	true	true
REBECCA M SYKES
- MORTGAGE	X	$276,400	96285	false	true	true

Field	Value	IRS element (for citing)
Total Balance Due	260602	TotalBalanceDue

Form990 Schedule L Part III Form990ScheduleLPartIII

Field	Value	IRS element (for citing)
Name Of Interested Person	INTERESTED PERSONS	NameOfInterestedPerson
Relationship With Organization	TUITION REMISSION	RelationshipWithOrganization
Amount Of Grant	62130	AmountOfGrant

Form990 Schedule L Part IV Form990ScheduleLPartIV (3 entries)

RelationshipRelationship	Amount Of TransactionAmountOfTransaction	Description Of TransactionDescriptionOfTransaction	Sharing Of RevenuesSharingOfRevenues
DAVID W CHASE
RELATED TO HEAD OF SCHOOL	122286	ACADEMY EMPLOYEE	false
VUYELWA MAQUBELA
RELATED TO KEY EMPLOYEE	107494	ACADEMY EMPLOYEE	false
ELWIN SYKES
RELATED TO KEY EMPLOYEE	70841	ACADEMY EMPLOYEE	false

Form990 Schedule L Part V Form990ScheduleLPartV (2 entries)

IdentifierIdentifier

ExplanationExplanation

SCHEDULE L, PART II:

LOANS LISTED IN PART II OF SCHEDULE L ARE COMPRISED PRIMARILY OF LOANS UNDER THE ACADEMY'S FACULTY MORTGAGE PROGRAM, AVAILABLE TO ALL QALIFIED FACULTY AFTER SIX YEARS OF SERVICE. THE PROGRAM INTEREST RATE IS RE-SET ANNUALLY BASED UPON THE TEN-YEAR U.S. TREASURY NOTE'S EFFECTIVE YIELD AT JUNE 20. ALSO INCLUDED IN PART II, SCHEDULE L, ARE BALANCES DUE UNDER THE FACULTY AND ADMINISTRATOR TUITION LOAN PROGRAM. THIS PROGRAM ISSUES NON-INTEREST BEARING LOANS IN AMOUNTS FROM $1,200 TO $2,400 PER YEAR FOR UP TO FOUR YEARS PER CHILD TO HELP WITH COLLEGE EXPENSES. THESE LOANS ARE REPAYABLE OVER FIVE YEARS. THE ACADEMY IMPUTES INCOME ON ANY BELOW MARKET RATE LOANS IN ACCORDANCE WITH IRS REQUIREMENTS.

SCHEDULE L, PART IV, COLUMN D:

DISCLOSED IN THIS PART FOR THE FISCAL YEAR ENDED JUNE 30, 2012 ARE THREE ACADEMY EMPLOYEES WHO ARE SPOUSES OF CURRENT OFFICERS OR KEY EMPLOYEES OF THE ACADEMY LISTED IN PART VII AND SCHEDULE J. THE COMPENSATION AND BENEFITS OF THESE THREE INDIVIDUALS ARE AUTHORIZED BY THEIR DEPARTMENT SUPERVISORS AND THE ACADEMY'S HUMAN RESOURCES DEPARTMENT.

Schedule M IRS990ScheduleM

Works Of Art WorksOfArt

Field	Value	IRS element (for citing)
Non Cash Checkbox	X	NonCashCheckbox
Number Of Contributions	193	NumberOfContributions
Method Of Determining Revenues	N/A	MethodOfDeterminingRevenues

Field	Value	IRS element (for citing)
Art Historical Treasures		ArtHistoricalTreasures
Art Fractional Interest		ArtFractionalInterest
Books And Publications		BooksAndPublications
Clothing And Household Goods		ClothingAndHouseholdGoods
Cars And Other Vehicles		CarsAndOtherVehicles
Boats And Planes		BoatsAndPlanes
Intellectual Property		IntellectualProperty

Securities Publicly Traded SecuritiesPubliclyTraded

Field	Value	IRS element (for citing)
Non Cash Checkbox	X	NonCashCheckbox
Number Of Contributions	137	NumberOfContributions
Noncash Contribs Rptd F990	2002080	NoncashContribsRptdF990
Method Of Determining Revenues	AVG. OF HIGH/LOW PRI	MethodOfDeterminingRevenues

Field	Value	IRS element (for citing)
Securities Closely Held Stock		SecuritiesCloselyHeldStock
Securities Prtnrshp Trust Intrsts		SecuritiesPrtnrshpTrustIntrsts
Securities Miscellaneous		SecuritiesMiscellaneous
Qualified Contrib Hist Struct		QualifiedContribHistStruct
Qualified Contrib Other		QualifiedContribOther
Real Estate Residential		RealEstateResidential
Real Estate Commercial		RealEstateCommercial
Real Estate Other		RealEstateOther
Collectibles		Collectibles
Food Inventory		FoodInventory
Drugs And Medical Supplies		DrugsAndMedicalSupplies
Taxidermy		Taxidermy
Historical Artifacts		HistoricalArtifacts
Scientific Specimens		ScientificSpecimens
Archaeological Artifacts		ArchaeologicalArtifacts
Number Of8283 Received	8	NumberOf8283Received
Any Property That Must Be Held	false	AnyPropertyThatMustBeHeld
Review Process Unusual NC Gifts	true	ReviewProcessUnusualNCGifts
Third Parties Used	false	ThirdPartiesUsed

Form990 Schedule M Part II Form990ScheduleMPartII

Field	Value	IRS element (for citing)
Identifier	SCHEDULE M, LINE 33:	Identifier
Explanation	THE ACADEMY REPORTED ZERO VALUE ON FORM 990, PART VIII, STATEMENT OF REVENUE, LINE 1G AS PERMITTED UNDER SFAS 116. IT DOES NOT CAPITALIZE ITS MUSEUM COLLECTIONS.	Explanation

Schedule O IRS990ScheduleO

General Explanation GeneralExplanation (14 entries)

IdentifierIdentifier	ExplanationExplanation
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 $854,076. INCLUDING GRANTS OF $198,847. REVENUE $67,733. 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, OR EDUCATION, 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 1500 INTERNS AND ASSOCIATES. OF THAT NUMBER, OVER 400 PARTICIPANTS HAVE ALREADY RECEIVED MASTER'S DEGRESS, 165 HAVE EARNED PH.D.S, AND OVER 100 ARE ALL-BUT-DISSERTATION. IN THE COMING DECADES, A NUMBER OF THESE SCHOLARS WILL EMERGE AS EDUCATIONAL LEADERS. ANDOVER BREAD LOAF (ABL) FOUNDED IN 1987, ABL 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. PHILLIPS ACADEMY-LEONARD SCHOOL (PALS) 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 40 STUDENTS ANNUALLY FROM THE LEONARD AND PARTHUM SCHOOLS. OPERATING UNDER THE AUSPICES OF THE ACADEMY'S COMMUNITY SERVICE PROGRAM DURING THE ACADEMIC YEAR, PROGRAM 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. EACH YEAR A NUMBER OF THESE STUDENTS ARE ADMITTED TO PRIVATE SCHOOLS, INCLUDING PHILLIPS ACADEMY, TO FURTHER THEIR ACADEMIC AND PERSONAL GROWTH.
FORM 990, PART VI, SECTION A, LINE 1A:	THE PHILIPS ACADEMY BOARD OF TRUSTEES HAS SEVEVENTEEN 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 2012 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 2012.
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, 2013 MEETING FOR PRELIMINARY REVIEW. THE FINAL VERSION OF THIS ENTIRE FORM 990 WAS REVIEWED AND APPROVED BY THE AUDIT COMMITTEE AT ITS MAY, 2013 MEETING. IMMEDIATELY AFTER THE MAY AUDIT COMMITTEE MEETING, THIS FORM 990 WAS POSTED TO THE WEB SITE FOR THE BOARD OF TRUSTEES WHERE IT COULD BE VIEWED BY ALL TRUSTEES UNTIL THE FILING DATE OF MAY 15, 2013.
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 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 14:	THE ORGANIZATION CHECKED 'NO' TO THIS QUESTION ON ITS FORM 990 BECAUSE THIS POLICY HAD NOT BEEN FORMALLY ADOPTED BY THE BOARD OR BY AN AUTHORIZED COMMITTEE OF THE BOARD AS OF JUNE 30, 2012. THE ACADEMY'S TRUSTEES VOTED TO ADOPT A POLICY IN FEBRUARY 2013.
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 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 VII:	MS. FALLS RECEIVED COMPENSATION IN HER CAPACITY AS CHIEF INVESTMENT OFFICER OF THE ORGANIZATION THROUGH MARCH 31, 2011. SHE BECAME A TRUSTEE OF THE ORGANIZATION EFFECTIVE JULY 1, 2011 AND RECEIVES NO COMPENSATION IN CONNECTION WITH THIS POSITION.
FORM 990, PART XI, LINE 5:	OTHER CHANGES IN NET ASSETS: NET UNREALIZED LOSS ON INVESTMENTS: (35,796,133) CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS (1,046,859) UNREALIZED LOSS ON SWAP MARKET VALUE (9,864,646) CHANGE IN BAD DEBT EXPENSE (434,385) -------------- TOTAL TO FORM 990, PART XI, LINE 5: (47,142,023)
SCHEDULE K, PART I:	IN DECEMBER, 2008, THE MASSACHUSETTS DEVELOPMENT FINANCE AGENCY ("MDFA") ISSUED REVENUE BONDS, PHILLIPS ACADEMY ISSUE, SERIES 2008 (THE "2008 BONDS") IN THE AGGREGATE PRINCIPAL AMOUNT OF $38.61 MILLION AT A PREMIUM OF $1.93 MILLION FROM WHICH THE ACADEMY RECOGNIZED TOTAL PROCEEDS UPON ISSUANCE OF $40.54 MILLION. THE ACADEMY USED THE PROCEEDS NET OF $538 THOUSAND OF CAPITALIZED ISSUANCE COSTS TO FINANCE REPAIRS, MAINTENANCE AND IMPROVEMENTS TO THE ACADEMY'S PHYSICAL PLANT. IN FEBRUARY, 2003, THE MASSACHUSETTS DEVELOPMENT FINANCE AGENCY ("MDFA") ISSUED VARIABLE RATE DEMAND REVENUE BONDS, TRUSTEES OF PHILLIPS ACADEMY ISSUE, SERIES 2003 (THE "2003 BONDS") IN THE AGGREGATE PRINCIPAL AMOUNT OF $59.91 MILLION. $39.23 MILLION OF THE PROCEEDS FROM THE 2003 BONDS WERE USED TO ADVANCE REFUND $35 MILLION OF MASSACHUSETTS INDUSTRIAL FINANCE AGENCY BONDS ISSUED IN 1993. THE REMAINING PROCEEDS WERE USED TO FINANCE REPAIRS, MAINTENANCE AND IMPROVEMENTS TO THE ACADEMY'S PHYSICAL PLANT.
SCHEDULE K, PART V:	THE ORGANIZATION APPROVED A NEW POLICY IN FY13 TO ENSURE THAT VIOLATIONS OF FEDERAL TAX REQUIREMENTS ARE TIMELY IDENTIFIED AND CORRECTED THROUGH THE VOLUNTARY CLOSING AGREEMENT PROGRAM IF SELF-REMEDIATION IS NOT AVAILABLE UNDER APPLICABLE REGULATIONS.

Schedule R IRS990ScheduleR

Form990 Schedule R Part IV Form990ScheduleRPartIV

Name Of Related Org NameOfRelatedOrg

Field	Value	IRS element (for citing)
Business Name Line1	CHARITABLE TRUSTS (33)	BusinessNameLine1

Address US AddressUS

Field	Value	IRS element (for citing)
Address Line1	180 MAIN STREET	AddressLine1
City	ANDOVER	City
State	MA	State
ZIP Code	01810	ZIPCode

Field	Value	IRS element (for citing)
Primary Activity	FUNDRAISING	PrimaryActivity
Legal Domicile State	MA	LegalDomicileState

Direct Controlling Entity Name DirectControllingEntityName

Field	Value	IRS element (for citing)
Business Name Line1	NA	BusinessNameLine1

Field	Value	IRS element (for citing)
Type Of Entity	TRUST	TypeOfEntity

Field	Value	IRS element (for citing)
Receipt Of Int Ann Rents Royalties	false	ReceiptOfIntAnnRentsRoyalties
Gift Grant Or Cap Contr To Other Org	false	GiftGrantOrCapContrToOtherOrg
Gift Grant Or Cap Contr Fr Other Org	false	GiftGrantOrCapContrFrOtherOrg
Loans Or Guarantees To Other Org	false	LoansOrGuaranteesToOtherOrg
Loans Or Guarantees From Other Org	false	LoansOrGuaranteesFromOtherOrg
Sale Of Assets To Other Org	false	SaleOfAssetsToOtherOrg
Purchase Of Assets From Other Org	false	PurchaseOfAssetsFromOtherOrg
Exchange Of Assets	false	ExchangeOfAssets
Rental Of Facilities To Other Orgs	false	RentalOfFacilitiesToOtherOrgs
Rental Of Facilities Fr Other Orgs	false	RentalOfFacilitiesFrOtherOrgs
Perform Of Services For Other Orgs	false	PerformOfServicesForOtherOrgs
Perform Of Services By Other Orgs	false	PerformOfServicesByOtherOrgs
Sharing Of Facilities	false	SharingOfFacilities
Sharing Of Paid Employees	false	SharingOfPaidEmployees
Reimbursement Paid To Other Org	false	ReimbursementPaidToOtherOrg
Reimbursement Paid By Other Org	false	ReimbursementPaidByOtherOrg
Other Transfer To Other Org	false	OtherTransferToOtherOrg
Other Transfer From Other Org	true	OtherTransferFromOtherOrg

Transactions Related Orgs Table TransactionsRelatedOrgsTable

Name Of Other Organization NameOfOtherOrganization

Field	Value	IRS element (for citing)
Business Name Line1	CHARITABLE LEAD TRUST - RECEIPT OF TRUST DIST	BusinessNameLine1

Field	Value	IRS element (for citing)
Transaction Type	R	TransactionType
Amount Involved	361744	AmountInvolved
Method Of Amt Determination	CASH	MethodOfAmtDetermination

Form990 Schedule R Part VII Form990ScheduleRPartVII

Field	Value	IRS element (for citing)
Identifier	SCHEDULE R, PART IV:	Identifier
Explanation	CHARITABLE TRUSTS ARE LOCATED IN THE FOLLOWING JURISDICTIONS: IL, FL, MA, GA, NY, NC, VA, WA, AND CA.	Explanation