2013-05-14T10:48:35-05:00 2012-06-30 PRICEWATERHOUSECOOPERS LLP 125 HIGH STREET BOSTON MA 02110 990 2011-07-01 042103579 TRUSTEES OF PHILLIPS ACADEMY % STEPHEN D CARTER TRUS 9787494000 180 MAIN STREET ANDOVER MA 018104161 STEPHEN D CARTER 2013-05-10 true 6175305000 2011 2016-02-24 21:20:13Z BARBARA L CHASE 180 MAIN STREET ANDOVER MA 018104161 251043680 false X WWW.ANDOVER.EDU X 1778 MA SEE SCHEDULE O 23 22 1088 2338 463583 -112917 26960742 46114578 50376886 52324602 58052068 37605003 850207 471932 136239903 136516115 16729643 17677994 0 0 46933630 49798058 16265 23773 8604507 39428235 39212744 103107773 106712569 33132130 29803546 1131294796 1120609083 140004778 146657542 991290018 973951541 X SEE SCHEDULE O false false 79359030 17045789 48036193 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. 2732587 425855 4228109 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. 661104 7503 0 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. 854076 198847 67733 83606797 true true false true false false false true false true true true false false true true true false true false true false false true true false false true true true true false false false false false true true false true false true true false false false true false false false false true 410 0 true 1088 true true true false false false false true true false false false false X 23 22 true false false false false false false true false false false true true true true true false true true false ME MA NY X STEPHEN D CARTER 9787494000 180 MAIN STREET ANDOVER MA 018104161 BARBARA L CHASE 60.0 X X 374075 0 204967 ROBERT J CAMPBELL 3.0 X 0 DANIEL P CUNNINGHAM 3.0 X 0 PETER LS CURRIE 3.0 X 0 LOUIS G ELSON 3.0 X 0 AMY C FALLS 3.0 X 80684 8077 SHELLY D GUYER 3.0 X 0 THOMAS C ISRAEL 4.0 X X 0 MOLLIE L LASATER 3.0 X 0 CHIEN LEE 3.0 X 0 GARY LEE 3.0 X 0 WILLIAM M LEWIS JR 3.0 X 0 SCOTT MEAD 3.0 X 0 TAMMY SNYDER MURPHY 3.0 X 0 STEPHEN C SHERRILL 3.0 X 0 JOSHUA L STEINER 3.0 X 0 OSCAR L TANG 4.0 X X 0 CHRISTOPHER S AUGUSTE 3.0 X 0 SUSAN URIE DONAHUE 3.0 X 0 CORINNE T FIELD 3.0 X 0 STEVEN T HO 3.0 X 0 GEORGE R IRELAND 3.0 X 0 RONALD TAKVORIAN MD 3.0 X 0 STEPHEN D CARTER 55.0 X 240134 76212 MICHAEL REIST 55.0 X 348992 29671 PETER R RAMSEY 55.0 X 277584 82323 TEMBA T MAQUBELA 55.0 X 198944 93392 REBECCA M SYKES 55.0 X 200719 79622 JANE F FRIED 55.0 X 192985 88474 BRIAN T ALLEN 55.0 X 175937 28366 BARBARA D GROSS 55.0 X 170218 35492 DAVID A FLASH 55.0 X 179358 50290 CHRISTINE M ADAMS 55.0 X 173571 19373 DOMINIC VENETO 55.0 X 149428 23830 J LAWRENCE MUENCH 55.0 X 147689 21859 2910318 0 841948 36 false true false 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 27 290854 9740 45813984 2002080 46114578 TUITION AND FEES 900099 49225644 49225644 OTHER INCOME 900099 3098958 3098958 52324602 4848711 -351993 5200704 0 0 146846540 114090248 32756292 32756292 217079 32539213 286556 290854 420554 -133998 -133998 0 24196 16763 7433 7433 RINK RENTAL 713940 485530 485530 CHILD CARE CENTER 624410 102475 102475 ALL OTHER REVENUE 900099 10492 10492 598497 136516115 52332035 463583 37605919 165497 165497 17512497 17512497 0 0 0 0 3833109 703035 2149950 980124 304020 180118 123902 35661832 27770735 4649612 3241485 3320383 2558065 437111 325207 3709274 2955854 391285 362135 2969440 2185953 461500 321987 0 546928 546928 138125 138125 0 0 23773 23773 1545009 1545009 147478 97744 49082 652 121956 121956 4745307 2987505 957959 799843 335026 167513 100508 67005 51482 51482 4310169 3814063 423785 72321 748576 334964 82520 331092 0 139305 88123 0 51182 3911604 2980429 664217 266958 0 7421889 6350295 924855 146739 667260 548012 88353 30895 REPLACEMENT & RENEWAL 4214171 4214171 FOOD SERVICE 2611818 2611818 INSTRUCTION 1943305 1943305 OFFICE OF ACADEMY RESOURCES 1458561 1458561 4154775 3263663 890466 646 106712569 83606797 14501265 8604507 22945424 33614654 0 0 47640919 53560637 245151 614854 546910 260602 0 0 806351 747649 544289 668230 3321356 3386624 310232801 82971204 223522091 227261597 152572753 132975037 671011277 661221904 451155 303556 0 0 7687120 5993739 1131294796 1120609083 11306156 10548035 0 0 11429428 11522676 95300000 93300000 0 0 0 0 0 0 0 0 21969194 31286831 140004778 146657542 X 325948330 309362687 388333902 362613536 277007786 301975318 991290018 973951541 1131294796 1120609083 X 29803546 -47142023 X false true true X false X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 900 900 false SCHEDULE C, PART II-B, LINE 1I: 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. X X X X false 805549086 23590616 -334285 11297472 30492612 787015333 693422473 13544789 140245872 11862027 29802021 805549086 621185698 20370772 88775296 10902048 26007245 693422473 778477208 6778003 -124048818 12172240 27848455 621185698 0.26040 0.73960 0.00000 true false 1457175 1457175 280245360 73355837 206889523 7014921 2761449 4253472 21515345 6853918 14661427 227261597 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 661221904 0 ASSET RETIREMENT OBLIGATION 1757609 INTEREST RATE SWAPS 19012488 PREMIUM ON BONDS PAYABLE 1126285 LIABILITY FOR SPLIT-INTEREST GIFTS 9390449 31286831 136516115 106712569 29803546 -35796133 -11345890 -47142023 -17338477 77273408 -35796133 -23456775 -59252908 136526316 -10201 -10201 136516115 94611885 10309232 10309232 84302653 1959436 20450480 22409916 106712569 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 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 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 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 794277091 794277091 true false true true true false SCHEDULE F, PART I, LINE 3: 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. X X X X X X true MARTS LUNDY 1200 WALL ST LYNDHURST NJ 07071 CONSULTING false 22388 22388 ME MA AUCTION 262024 74573 187451 27351 3972 156128 GALA 315386 216281 99105 153415 36126 16415 27147 0 577410 290854 286556 27351 153415 40098 16415 183275 420554 -133998 SCHEDULE G, PART I, LINE 2B LIST OF TEN HIGHEST PAID FUNDRAISERS: MARTS & LUNDY 1200 WALL STREET LYNDHURST, NJ 07071 true TOWN OF ANDOVER 36 BARTLETT ST ANDOVER MA 01810 046001069 GOVERNMENT 165497 1 TUITION REMISSION 9-MONTH PROGRAM 506 15949840 TUITION REMISSION OTHER AID TO 9-MONTH PROGRAM STUDENTS 506 301524 751342 SEE PART IV TUITION REMISSION FACULTY CHILDREN OFF CAMPUS 4 43083 SEE PART IV TUITION REMISSION SUMMER SESSION 78 37073 429635 TUITION REMISSION 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. X X X false true X X X X false true false false false false false true false 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 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. 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 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 false false true true false 0.00000 0.00000 0.00000 true false false false false 0.00000 0.00000 0.00000 true false false false 0 false 0 false true false true true MORGAN STANLEY BANK 22.2 false false false 0 false true PART I AND PART V: 0 SEE SCHEDULE O BRAIN T ALLEN - MORTGAGE X 99000 91959 false true true TEMBA T MAQUBELA -LOAN & TUITION LOAN X 62400 31358 false true true PETER R RAMSEY - MORTGAGE X 200000 41000 false true true REBECCA M SYKES - MORTGAGE X 276400 96285 false true true 260602 INTERESTED PERSONS TUITION REMISSION 62130 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 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. X 193 N/A X 137 2002080 AVG. OF HIGH/LOW PRI 8 false true false SCHEDULE M, LINE 33: THE ACADEMY REPORTED ZERO VALUE ON FORM 990, PART VIII, STATEMENT OF REVENUE, LINE 1G AS PERMITTED UNDER SFAS 116. IT DOES NOT CAPITALIZE 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 $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. CHARITABLE TRUSTS (33) 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 true 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.