2026-05-12T10:58:02-05:00 2025-06-30 991856619 GRANT THORNTON ADVISORS LLC 53 STATE STREET SUITE 1600 BOSTON MA 02109 990 2024-07-01 020222174 PHILLIPS EXETER ACADEMY PHIL 6037724311 20 MAIN STREET EXETER NH 038332460 MARIJKA BEAUCHESNE CFO 6037773211 2026-05-12 1 1 ERIN COUTURE P01390592 6177237900 2024 2025-03-06 01:10:19Z WILLIAM RAWSON 20 MAIN STREET EXETER NH 038332460 859456356 0 X WWW.EXETER.EDU X 1781 NH SEE SCHEDULE O 22 21 1314 4177 1640461 0 18954636 33235586 76281596 81450292 90935806 123847094 1107110 1332980 187279148 239865952 26783813 29264227 0 0 75083387 80559488 0 0 9350106 56321018 56526072 158188218 166349787 29090930 73516165 2078494595 2196295020 193261045 180825707 1885233550 2015469313 X SEE SCHEDULE O 0 0 136389993 28186523 74497070 SEE SCHEDULE OPHILLIP EXETER ACADEMY'S PRIMARY PROGRAM SERVICE IS THE EDUCATION OF STUDENTS IN GRADES 9 THROUGH 12 IN A RESIDENTIAL BOARDING SCHOOL ENVIRONMENT. APPROXIMATELY 20% OF STUDENTS ARE DAY STUDENTS AND DO NOT RESIDE ON CAMPUS. ENROLLMENT FOR 2024-2025 WAS 1,106. THE FOUNDATION OF EXETER'S REGULAR SESSION CURRICULUM CONTINUES TO BE THE TEACHING METHOD MADE POSSIBLE IN 1931 BY THE GENEROSITY OF EDWARD HARKNESS: DISCUSSION IN SMALL CLASSES MEETING AROUND SEMINAR TABLES WHERE MAXIMUM STUDENT INVOLVEMENT AND INTERCHANGE ARE BOTH ENCOURAGED AND REQUIRED. SINCE 1931, THIS PROCESS HAS CONTINUED WHILE THE CONTENT OF THE CURRICULUM HAS UNDERGONE SEVERAL REVISIONS AS EXETER HAS SOUGHT TO BLEND ITS RESPECT FOR TRADITION WITH ITS COMMITMENT TO EDUCATE YOUNG PEOPLE FOR A RAPIDLY CHANGING WORLD.THE CURRENT CURRICULUM IS BASED ON TWO FUNDAMENTAL ASSUMPTIONS ABOUT AN EXETER EDUCATION. FIRST, EXETER VIEWS ITS CHARGE AS PROVIDING STUDENTS WITH A BROAD, LIBERAL ARTS PROGRAM THAT CREATES A STRONG FOUNDATION FOR CONTINUING STUDY AT THE COLLEGE AND UNIVERSITY LEVEL. SECOND, THE ACADEMY BELIEVES THE PROCESS OF EDUCATION IS AS IMPORTANT AS ITS CONTENT. FACULTY EMPHASIZE NOT MERELY WHAT THEY WANT STUDENTS TO KNOW, BUT ALSO WHAT SORTS OF INDIVIDUALS THEY WANT THEM TO BECOME: YOUNG PEOPLE WHOSE PASSION FOR LEARNING EXCEEDS WHAT THEY ALREADY KNOW AND WHOSE INTEREST IN OTHERS AND IN THE WORLD SURPASSES THEIR SELF-CONCERN. EXETER'S SCHOOL YEAR CONSISTS OF THREE TERMS, WHICH ALLOWS EXPANDED ELECTIVE CHOICES ACROSS A RANGE OF DISCIPLINES TO BE COMBINED WITH A FOCUS ON DEPTH OF STUDY IN ADVANCED COURSES IN EACH DEPARTMENT. STUDENTS NORMALLY ENROLL IN FIVE COURSES AND PARTICIPATE IN A SPORT EACH TERM.EVERY YEAR, STUDENTS COME TO US FROM AROUND THE WORLD AND ARE ADMITTED WITHOUT REGARD TO THE FAMILY'S ABILITY TO PAY. THE ACADEMY IS COMMITTED TO MEETING THE FULL DEMONSTRATED FINANCIAL NEED OF EACH ADMITTED STUDENT AND APPROXIMATELY HALF OF ALL ADMITTED STUDENTS RECEIVE FINANCIAL AID. 6406686 896328 7151052 SEE SCHEDULE OPHILLIPS EXETER ACADEMY'S SUMMER SCHOOL: TYPICALLY, EVERY SUMMER PHILLIPS EXETER ACADEMY'S EXETER SUMMER PROGRAM, WHICH HAS BEEN IN OPERATION SINCE 1919, WELCOMES STUDENTS TO CAMPUS FOR FIVE WEEKS OF ACADEMIC STUDY, ATHLETICS, AND EXPLORATION THAT CARRY PARTICIPANTS FAR BEYOND THE CLASSROOMS AND THE PLAYING FIELDS. 755038 181376 1844321 AUXILIARY ENTERPRISES INCLUDE STUDENT GRILL, FACILITY RENTALS, AND THE CHILDREN'S CENTER WHICH SERVICE THE ACADEMY DURING BOTH SUMMER AND REGULAR SESSIONS. 143551717 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 1 426 0 1 1314 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 22 21 0 0 0 0 0 1 0 1 1 0 0 0 1 1 1 1 1 1 1 0 CA IN NH OK X SAMANTHA K SLINEY 6037773211 20 MAIN STREET EXETER NH 038332460 WILLIAM RAWSON PRINCIPAL 40.00 0.00 X X 655338 0 213372 KRISTYN MCLEOD VAN OSTERN PRESIDENT/TRUSTEE 2.00 0.00 X 0 0 0 SUZI K COHEN VICE PRESIDENT/TRUSTEE 2.00 0.00 X 0 0 0 BRADFORD BRINER TRUSTEE 2.00 0.00 X 0 0 0 SAMUEL J BROWN TRUSTEE 2.00 0.00 X 0 0 0 ELIZABETH A FLEMING TRUSTEE 2.00 0.00 X 0 0 0 SCOTT SANG-WON HAHN TRUSTEE 2.00 0.00 X 0 0 0 IRA D HELFAND TRUSTEE 2.00 0.00 X 0 0 0 PAULINA L JEREZ TRUSTEE 2.00 0.00 X 0 0 0 GILES K KEMP TRUSTEE 2.00 0.00 X 0 0 0 ERIC A LOGAN TRUSTEE 2.00 0.00 X 0 0 0 EUGENE P LYNCH TRUSTEE 2.00 0.00 X 0 0 0 CIA BUCKLEY MARAKOVITS TRUSTEE 2.00 0.00 X 0 0 0 CHRISTINE M ROBSON WEAVER TRUSTEE 2.00 0.00 X 0 0 0 GENISHA SAVERIMUTHU TRUSTEE 2.00 0.00 X 0 0 0 MICHAEL J SCHMIDTBERGER TRUSTEE 2.00 0.00 X 0 0 0 PETER M SCOCIMARA TRUSTEE 2.00 0.00 X 0 0 0 SANJAY SHETTY TRUSTEE 2.00 0.00 X 0 0 0 LEROY SIMS TRUSTEE 2.00 0.00 X 0 0 0 RHODA K TAMAKLOE TRUSTEE 2.00 0.00 X 0 0 0 BELINDA A TATE TRUSTEE 2.00 0.00 X 0 0 0 E JANNEY WILSON TRUSTEE 2.00 0.00 X 0 0 0 MARIJKA BEAUCHESNE CHIEF FINANCIAL OFFICER 40.00 0.00 X 379566 0 58265 TOM TSENG DIR. INTL. & PRINCIPAL GIFTS 40.00 0.00 X 229420 0 28003 MORGAN DUDLEY DIR. OF INSTITUTIONAL ADVANCEMENT 40.00 0.00 X 362476 0 82011 JUSTIN MERRILL DIRECTOR OF INVESTMENTS 40.00 0.00 X 398869 0 60247 HOLLY BARCROFT GENERAL COUNSEL 40.00 0.00 X 330202 0 90496 KAREN LASSEY ASSISTANT PRINCIPAL 40.00 0.00 X 222075 0 123419 2577946 0 655813 136 0 1 0 HARVEY CONSTRUCTION CO INC 10 HARVEY ROAD BEDFORD NH 03110 CONSTRUCTION SERVICES 34064482 CONSIGLI CONSTRUCTION CO INC 72 SUMNER STREET MILFORD NH 01757 CONSTRUCTION SERVICES 4570742 BEYER BLINDER BELLE ARCH & PLANNERS LLP 120 BROADWAY 20TH FL NEW YORK NY 10271 ARCHITECT CONSULTING 659742 MARTINI NORTHERN LLC 10 MAIN STREET PO BOX 164 NEWFIELDS NH 03856 CONTRACT SERVICES 603640 BLACKBAUD INC 65 FAIRCHILD STREET CHARLESTON SC 29492 IT CONSULTING SERVICES 514245 43 33235586 10842077 33235586 STUDENT TUITION & FEES 611710 73256376 73256376 AUXILIARY & SUMMER PROGRAMS 611710 8193916 8193916 81450292 8966107 1186827 -299657 8078937 580587 0 580587 580587 391710 188877 733724015 618843028 114880987 114880987 1751241 113129746 975073 747376 227697 227697 APPLICATION FEES 611710 159650 159650 BOOKSTORE COMMISSIONS 611710 61082 61082 TUITION REFUND INSURANCE 611710 9242 9242 294722 294722 524696 239865952 83492443 1640461 121497462 29264227 29264227 1223452 466751 601117 155584 57296169 47265217 4717771 5313181 6060194 5051328 500706 508160 11742897 9705415 972340 1065142 4236776 3437674 412666 386436 495239 495239 452392 452392 522004 522004 3808178 2905553 591394 311231 208959 153422 55537 2662531 2476905 73876 111750 3145638 2716661 268419 160558 7126642 5385227 1681950 59465 2450644 1962679 91453 396512 1863101 1296598 135320 431183 2928046 2827849 69441 30756 19447930 18772200 468310 207420 1979824 999990 942105 37729 FOOD/PROVISIONS 2890923 2890923 STUDENT REL. EXPENSES 2653315 2602459 36608 14248 PLANT REL. ACTIVITIES 1993801 1924525 48011 21265 MEMBERSHIP DUES 408095 346225 26583 35287 1488810 1099889 340259 48662 166349787 143551717 13447964 9350106 10999901 18729002 73730597 97050215 27098728 26017246 103480 200271 397338 387659 4419403 3913277 651139641 260003683 375078157 391135958 113583622 29222580 1398732064 1536051169 74351305 93587643 2078494595 2196295020 16615382 12703359 16681171 15576513 80000000 80000000 79964492 72545835 193261045 180825707 X 527502839 575319408 1357730711 1440149905 1885233550 2015469313 2078494595 2196295020 X 73516165 52327422 4392176 X 0 1 X 1 0 X 50175585 55133970 37964153 18954636 33235586 195463930 50175585 55133970 37964153 18954636 33235586 195463930 15653298 179810632 6374696 3082238 17288192 10296020 9546694 46587840 175161 673439 967616 948388 1036155 3800759 245852529 363444168 0.73140 0.72600 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2020 AMOUNT: $ 175,161. 2021 AMOUNT: $ 673,439. 2022 AMOUNT: $ 967,616. 2023 AMOUNT: $ 948,388. 2024 AMOUNT: $ 1,036,155. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 0 1 105451 105451 0 PART II-B, LINE 1: PHILLIPS EXETER ACADEMY IS A MEMBER OF A NUMBER OF PROFESSIONAL AND EDUCATIONAL ASSOCIATIONS BENEFITTING BUSINESS OPERATIONS, EDUCATIONAL EXPERIENCES, AND STUDENT LIFE THAT MAY USE A PORTION OF MEMBERSHIP DUES TO LOBBY ON BEHALF OF THEIR MEMBERS. TOTAL MEMBERSHIP DUES PAID BETWEEN 7/1/24 AND 6/30/25 WAS $105,451. THE PORTION OF MEMBERSHIP DUES ALLOCATED TO LOBBYING ACTIVITIES BY THESE ASSOCIATIONS IS NOT DETERMINABLE. X X X 0 1563434897 20887190 173415520 23991914 55817928 521963 1677405802 1518755827 12235929 128721364 22904037 72867426 506760 1563434897 1432678577 18254460 138381111 22475570 47590751 492000 1518755827 1616411173 23826079 -141813214 21619501 43715960 410000 1432678577 1313339317 34203091 337216640 22015150 45929792 402933 1616411173 0.16880 0.25540 0.57580 1 0 4152977 4152977 603089047 238614227 364474820 30640367 21389456 9250911 13257250 13257250 391135958 PUBLIC EQUITY 706457529 F PRIVATE EQUITY & REAL ESTATE 415402708 F ABSOLUTE RETURN & LONG/SHORT 382813971 F FIXED INCOME 26569572 F OTHER 4807389 F 1536051169 ANNUITIES & DEFERRED GIVING 33502095 BONDS PAYABLE 30000000 BOND INTEREST RATE SWAP 4370124 ASSET RETIREMENT OBLIGATION 4030669 EMPLOYMENT RELATED OBLIGATIONS 432588 STUDENT ORGANIZATION FUNDS 191422 STUDENT INSURANCE PAYABLE & MEALS & ROOMS 18937 72545835 X 296319237 52327422 7116321 59443743 236875494 2094130 896328 2990458 239865952 166083420 1976715 1976715 164106705 2094130 148952 2243082 166349787 PART III, LINE 1A: THE ACADEMY'S COLLECTIONS INCLUDE WORKS OF ART, LITERARY WORKS, HISTORICAL TREASURES, AND ARTIFACTS. THESE COLLECTIONS ARE PROTECTED AND PRESERVED FOR PUBLIC EXHIBITION, EDUCATION, RESEARCH, AND FURTHERANCE OF PUBLIC SERVICE. THE COLLECTIONS, THAT WERE ACQUIRED THROUGH PURCHASES AND CONTRIBUTIONS SINCE THE ACADEMY'S INCEPTION, ARE NOT RECOGNIZED AS ASSETS IN THE STATEMENT OF FINANCIAL POSITION OR CONTRIBUTIONS IN THE STATEMENT OF ACTIVITIES. PROCEEDS FROM DEACCESSIONS OR INSURANCE RECOVERIES ARE REFLECTED AS INCREASES IN THE APPROPRIATE NET ASSET CLASSES. THE COLLECTIONS ARE SUBJECT TO A POLICY THAT REQUIRES PROCEEDS FROM THEIR DEACCESSIONS OR INSURANCE RECOVERIES TO BE USED TO ACQUIRE OTHER ITEMS FOR COLLECTIONS. PART III, LINE 4: THE ACADEMY HAS BOOKS, PAINTINGS, AND OTHER ITEMS WITH HISTORICAL SIGNIFICANCE THAT ARE HELD FOR STUDY AND OBSERVATION BY OUR STUDENTS AND FACULTY. THESE OBJECTS ARE PRESERVED SO THAT THEY MAY PROVIDE EDUCATIONAL EXPERIENCE TO FUTURE GENERATIONS OF STUDENTS AND ADULTS IN THE CAMPUS COMMUNITY. PART V, LINE 4: PHILLIPS EXETER ACADEMY'S ENDOWED FUNDS ARE INVESTED INTO PERPETUITY AND THE INCOME IS USED TO FUND ACADEMY PROGRAMS. THE FUNDS ARE INVESTED FOR LONG TERM GROWTH SO THAT CURRENT AND FUTURE GENERATIONS OF STUDENTS WILL RECEIVE BENEFIT FROM THE FUNDS. PART X, LINE 2: THE ACADEMY IS A TAX-EXEMPT ORGANIZATION ACCORDING TO SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC); HOWEVER, THE ACADEMY IS SUBJECT TO FEDERAL INCOME TAXES ON UNRELATED BUSINESS INCOME RELATED TO CERTAIN INVESTMENTS. DURING THE YEARS ENDED JUNE 30, 2025 AND 2024, THE ACADEMY EVALUATED ITS TAX POSITIONS AND CONCLUDED IT DID NOT HAVE ANY MATERIAL UNCERTAIN TAX POSITIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: TRANSFERS FROM ENDOWMENT TO PLANT 5,031,169. CHANGE IN VALUE OF FUNDS FOR DEFERRED GIVING 1,602,716. COS NETTED AGAINST GROSS REVENUE 747,376. PV ADJUSTMENTS FOR PHASED RETIREMENT PLAN 435,000. ASSET RETIREMENT OBLIGATION ADJUSTMENT -139,942. OTHER PLANT RELATED CHANGES -559,998. PART XI, LINE 4B - OTHER ADJUSTMENTS: SUMMER FIN AID NETTED AGAINST TUITION 896,328. PART XII, LINE 2D - OTHER ADJUSTMENTS: TRANSFER TO/FROM ENDOWMENT 5,222,591. INTEREST RATE SWAP ADJUSTMENT 43,425. OTHER PLANT RELATED -559,998. OTHER POST EMPLOYMENT BENEFIT COST -2,729,303. PART XII, LINE 4B - OTHER ADJUSTMENTS: SUMMER FIN AID NETTED AGAINST TUITION 896,328. COS NETTED AGAINST GROSS REVENUE -747,376. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 SEE SUPPLEMENTAL PAGE SCHEDULE E, PART I, LINE 3: RACIALLY NONDISCRIMINATORY POLICY THE POLICY IS EXPLAINED TO ALL CANDIDATES UPON APPLYING TO THE ACADEMY AND TO GUIDANCE COUNSELORS OF SCHOOLS THROUGHOUT THE COUNTRY AND FOREIGN COUNTRIES BY MEANS OF THE ACADEMY APPLICATION FORM AND WEBSITE. THE ACADEMY MEETS THE REQUIREMENTS OF SECTIONS 4.01 THROUGH 4.05 OF REV. PROC 75-50, COVERING RACIAL NONDISCRIMINATION, BECAUSE IT DRAWS A SUBSTANTIAL PERCENTAGE OF ITS STUDENTS FROM AROUND THE U.S. AND WORLD, ENROLLS STUDENTS FROM WIDE RANGING BACKGROUNDS, AND FOLLOWS A RACIALLY NONDISCRIMINATORY POLICY AS TO STUDENTS. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 569845268 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 34742406 NORTH AMERICA 0 0 INVESTMENTS 7647984 EUROPE (INCLUDING ICELAND & GREENLAND) 0 1 PROGRAM SERVICES STUDY PROGRAMS 249603 EAST ASIA AND THE PACIFIC 0 0 FUNDRAISING 66957 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES ADMISSIONS RECRUITMENT 32681 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES FACULTY DEVELOPMENT 23757 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 FUNDRAISING 17382 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDY PROGRAMS 11202 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES FACULTY DEVELOPMENT 8492 NORTH AMERICA 0 0 PROGRAM SERVICES ADMISSIONS RECRUITMENT 8087 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES STUDY PROGRAMS 2965 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES ADMISSIONS RECRUITMENT 2728 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES ADMISSIONS RECRUITMENT 2651 SOUTH AMERICA 0 0 PROGRAM SERVICES FACULTY DEVELOPMENT 2294 SOUTH AMERICA 0 0 PROGRAM SERVICES STUDY PROGRAMS 1779 SOUTH ASIA 0 0 PROGRAM SERVICES ADMISSIONS RECRUITMENT 1470 NORTH AMERICA 0 0 PROGRAM SERVICES FACULTY DEVELOPMENT 884 NORTH AMERICA 0 0 PROGRAM SERVICES STUDY PROGRAMS 574 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES ADMISSIONS RECRUITMENT 399 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES STUDY PROGRAMS 216 NORTH AMERICA 0 0 FUNDRAISING 41 0 1 0 0 0 1 612626038 43782 612669820 1 0 1 1 1 0 PART I, LINE 3: THE ACADEMY USES THE ACCRUAL METHOD OF ACCOUNTING AND REPORTS THE TOTAL BOOK VALUE OF INVESTMENTS IN THE AGGREGATE BY REGION ON THE 990. FOREIGN TRAVEL EXPENSES ARE REPORTED ON THE 990 BASED ON THE ACCRUAL METHOD USED TO ACCOUNT FOR THEM IN THE FINANCIAL STATEMENTS. AT YEAR END THE EXPENSES ARE MANUALLY AGGREGATED BY REGION, ACTIVITY AND TYPE OF SERVICE. 1 REGULAR SESSION SCHOLARSHIP 498 26160572 FMV TUITION FEES/ASSISTANCE REGULAR SESSION OTHER AID 498 95632 1930319 FMV OTHER FINANCIAL ASSISTANCE SUMMER PROGRAM SCHOLARSHIPS 135 896328 FMV TUITION FEES/ASSISTANCE AUXILIARY AID 181376 FMV OTHER FINANCIAL ASSISTANCE PART I, LINE 2: MONITORING GRANT FUNDS SCHOLARSHIPS AND MOST FINANCIAL ASSISTANCE CREDITS ARE NON CASH AND ARE APPLIED DIRECTLY TO STUDENT ACCOUNTS AT THE ACADEMY. ON OCCASION FINANCIAL AID STUDENTS ARE REIMBURSED FOR NECESSARY EXPENSES SUCH AS TRANSPORTATION OR THE COST OF COMPUTER EQUIPMENT. DOCUMENTATION EVIDENCING PAYMENT BY THE STUDENT IS REQUIRED BEFORE DISBURSEMENT OF CASH AID IS MADE. PHILLIPS EXETER ACADEMY MAINTAINS EXTENSIVE RECORDS TO JUSTIFY BOTH AWARDS AND THE FINANCIAL NEED ELIGIBILITY OF THE RECIPIENTS. X X X 1 1 X X X X X 0 1 0 0 0 0 0 0 0 WILLIAM RAWSON PRINCIPAL 618959 0 0 0 36379 0 165546 0 47826 0 868710 0 0 0 JUSTIN MERRILL DIRECTOR OF INVESTMENTS 398779 0 0 0 90 0 38852 0 21395 0 459116 0 0 0 MORGAN DUDLEY DIR. OF INSTITUTIONAL ADVANCEMENT 362080 0 0 0 396 0 41400 0 40611 0 444487 0 0 0 MARIJKA BEAUCHESNE CHIEF FINANCIAL OFFICER 379491 0 0 0 75 0 38852 0 19413 0 437831 0 0 0 HOLLY BARCROFT GENERAL COUNSEL 330127 0 0 0 75 0 38852 0 51644 0 420698 0 0 0 KAREN LASSEY ASSISTANT PRINCIPAL 219417 0 0 0 2658 0 27923 0 95496 0 345494 0 0 0 TOM TSENG DIR. INTL. & PRINCIPAL GIFTS 229162 0 0 0 258 0 27499 0 504 0 257423 0 0 0 PART I, LINE 1A THE PRINCIPAL AND ASSISTANT PRINCIPAL LIVE ON CAMPUS AS A CONDITION OF EMPLOYMENT AND FOR THE CONVENIENCE OF THE EMPLOYER, TO PARTICIPATE IN ACTIVITIES WITH THE STUDENTS AND TO CONDUCT BUSINESS OUTSIDE NORMAL BUSINESS HOURS. THE VALUE OF ON-CAMPUS HOUSING IS A NONTAXABLE BENEFIT REPORTED ON SCHEDULE J, PART II, COLUMN D. THE RESIDENCE OF THE PRINCIPAL IS USED THROUGHOUT THE YEAR FOR ACADEMY RELATED EVENTS. A HOUSEKEEPING SERVICE CLEANS THE RESIDENCE. THE SERVICE IS ALLOCATED BETWEEN THE PUBLIC AND PRIVATE SPACES. CLEANING OF THE PRIVATE RESIDENCE IS INCLUDED IN PRINCIPAL RAWSON'S TAXABLE COMPENSATION. FOR CALENDAR YEAR 2024, MORGAN DUDLEY AND WILLIAM RAWSON HAD SOCIAL CLUB MEMBERSHIPS IN CONNECTION WITH THE ORGANIZATION'S BUSINESS PURPOSES AND INSTITUTIONAL ADVANCEMENT. PART I, LINE 4B THE PRINCIPAL PARTICIPATED IN A DEFERRED COMPENSATION ARRANGEMENT DURING CALENDAR YEAR 2024. AMOUNTS ACCRUED UNDER THE PLAN FOR THE YEAR ARE REPORTED ON SCHEDULE J, PART II, COLUMN (C). THE ACCRUED AMOUNTS ARE SUBJECT TO FUTURE PERFORMANCE OBLIGATIONS. NO AMOUNTS WERE PAID OR DISTRIBUTED UNDER THE PLAN DURING CALENDAR YEAR 2024. A NH HEALTH & EDUCATION FACILITIES AUTHORITY 020279866 644614SZ3 2016-04-01 80000000 SEE PART VI 0 0 0 A 80130819 490448 29640371 50000000 2018 1 0 1 1 A 0 0 0 0 0.00260 0.00260 0 0 1 A 0 0 0 1 1 1 BNY MELLON 34.250000000000 0 0 0 0 1 A 1 PART I, LINE A, COLUMN F: BOND PURPOSE : CAPITAL CONSTRUCTION AND REFUNDING OF 2007 BOND PART II, LINE 3: INCLUDES INTEREST EARNED OF $130,819 PART IV, LINE 2C: REBATE CALCULATION PERFORMED 4/1/2025 X 1 0 X 142 10842077 FMV X 2 0 1 0 1 0 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS ARE USED FOR REPORTING THE LIST OF NONCASH CONTRIBUTIONS. PART I, LINE 33: GIFTS IN KIND LISTED IN PART I OF SCHEDULE M THAT ARE NOT LIQUIDATED AND ARE IMMATERIAL IN NATURE ARE CONSIDERED PART OF THE ACADEMY'S COLLECTIONS AND MAY INCLUDE WORKS OF ART, LITERARY WORK, HISTORICAL TREASURES, AND ARTIFACTS. THESE COLLECTIONS ARE PROTECTED AND PRESERVED FOR PUBLIC EXHIBITION, EDUCATION OR RESEARCH. THESE COLLECTIONS ARE NOT RECOGNIZED AS ASSETS OR CONTRIBUTIONS IN THE ACADEMY'S FINANCIAL STATEMENTS. FORM 990, PART I, LINE 1 AND PART III, DESCRIPTION OF ORGANIZATION MISSION: UNITE GOODNESS AND KNOWLEDGE AND INSPIRE YOUTH FROM EVERY QUARTER TO LEAD PURPOSEFUL LIVES. [TEXT IN QUOTATIONS IS TAKEN FROM THE ACADEMY'S DEED OF GIFT, DRAFTED IN 1781] KNOWLEDGE AND GOODNESS "ABOVE ALL, IT IS EXPECTED THAT THE ATTENTION OF INSTRUCTORS TO THE DISPOSITION OF THE MINDS AND MORALS OF THE YOUTH UNDER THEIR CHARGE WILL EXCEED EVERY OTHER CARE; WELL CONSIDERING THAT THOUGH GOODNESS WITHOUT KNOWLEDGE IS WEAK AND FEEBLE, YET KNOWLEDGE WITHOUT GOODNESS IS DANGEROUS, AND THAT BOTH UNITED FORM THE NOBLEST CHARACTER, AND LAY THE SUREST FOUNDATION OF USEFULNESS TO [HU]MANKIND." EXETER TODAY CONTINUES THE COMMITMENT TO UNITE KNOWLEDGE AND GOODNESS. THE CHALLENGES THAT STUDENTS MEET AT EXETER AND THE SUPPORT THEY RECEIVE HAVE A COMMON OBJECTIVE: TO STIMULATE THEIR DEVELOPMENT AS INDIVIDUALS AND PREPARE THEM TO LEAD PURPOSEFUL LIVES. ACADEMIC EXCELLENCE ACADEMIC EXCELLENCE IS A SIGNATURE STRENGTH OF PHILLIPS EXETER ACADEMY. IN EVERY DISCIPLINE AND AT EVERY LEVEL WITHIN OUR CURRICULUM WE INSPIRE STUDENTS TO DEVELOP CRITICAL THINKING SKILLS AND SEEK COMPLEX TRUTHS. INTELLECTUAL EXPLORATION THROUGH RIGOROUS INQUIRY AND THOUGHTFUL DISCOURSE AT THE HARKNESS TABLE NURTURES INQUISITIVENESS, CREATIVITY, INSIGHT, EMPATHY, INDEPENDENT THOUGHT AND MASTERY IN OUR STUDENTS. YOUTH FROM EVERY QUARTER "THE ACADEMY SHALL EVER BE EQUALLY OPEN TO YOUTH OF REQUISITE QUALIFICATION FROM EVERY QUARTER." WE SEEK TO BUILD AN INTENTIONALLY DIVERSE COMMUNITY OF STUDENTS AND ADULTS. WE ARE COMMITTED TO TEACHING THE SKILLS, MODELING THE BEHAVIORS, PROVIDING THE RESOURCES AND CULTIVATING THE INCLUSION AND EQUITY THAT ARE REQUIRED TO UNLOCK THE RICHNESS OF THAT DIVERSITY. OUR HARKNESS PEDAGOGY IS GROUNDED IN THE BELIEF THAT WE ARE ALL BETTER EQUIPPED TO LEARN AND TO LEAD WHEN OUR THOUGHTS ARE TESTED BY OTHERS, PARTICULARLY BY THOSE WHOSE IDEAS, PERSPECTIVES, EXPERIENCES OR IDENTITIES DIFFER FROM OUR OWN. YOUTH IS THE IMPORTANT PERIOD THE "TIME OF YOUTH IS THE IMPORTANT PERIOD" TO INSTILL A LASTING CAPACITY TO NURTURE ONE'S SELF, DEVELOP A SENSE OF ONE'S OWN POTENTIAL AND CONSIDER ONE'S PLACE IN THE LARGER WHOLE. OUR RESIDENTIAL COMMUNITY ENCOURAGES STUDENTS TO EXPLORE EMERGING INTERESTS - ACADEMIC, ARTISTIC, ATHLETIC AND EXTRACURRICULAR - WITH SIMILARLY MOTIVATED PEERS AND IN THE PROCESS DEVELOP THEIR VALUES AND PASSIONS AND THE AGENCY NEEDED TO CARRY THESE FORWARD. NON SIBI NON SIBI, OR NOT FOR ONESELF, INSCRIBED ON EXETER'S SEAL, ATTESTS TO THE PHILOSOPHY THAT WISDOM GAINED HERE SHOULD BE USED FOR OTHERS AS WELL AS FOR ONESELF. EXONIANS ARE MOTIVATED BY THIS PHILOSOPHY TO FACE THE CHALLENGES OF THEIR DAY. TEACHING AND LIVING THE PRINCIPLES OF A JUST AND SUSTAINABLE SOCIETY - ENVIRONMENTALLY, ECONOMICALLY AND SOCIALLY - ARE FUNDAMENTAL TO THIS PHILOSOPHY TODAY. EXETER SEEKS TO GRADUATE YOUNG PEOPLE WHOSE AMBITIONS AND ACTIONS ARE INSPIRED BY THEIR INTEREST IN OTHERS AND THE WORLD AROUND THEM. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE WHICH CONSISTS OF THE PRESIDENT, THE VICE PRESIDENT, THE PRINCIPAL AND NOT FEWER THAN TWO OTHER TRUSTEES SHALL HAVE THE POWERS OF THE TRUSTEES IN THE INTERVALS BETWEEN TRUSTEES' MEETINGS. THEY MAY ACT, ON BEHALF OF THE TRUSTEES, UPON ALL MATTERS EXCEPT THOSE WHICH, IN THE OPINION OF THE COMMITTEE SHOULD AWAIT THE NEXT MEETING OF THE TRUSTEES. ALL ACTION SO TAKEN SHALL BE DEEMED THE ACTION OF THE TRUSTEES. FORM 990, PART VI, SECTION A, LINE 7A THE EXETER ALUMNI ASSOCIATION (EAA) BOARD OF DIRECTORS CONSISTS OF 20 REGULAR MEMBERS. THEY ELECT FOUR OFFICERS: PRESIDENT, TWO VICE-PRESIDENTS AND A SECRETARY. THE PRESIDENT AND TWO VICE-PRESIDENTS SERVE WITH THE ACADEMY'S BOARD OF TRUSTEES FOR THEIR TERMS AS EAA OFFICERS WHICH CAN BE A PERIOD FROM 2-6 YEARS. FORM 990, PART VI, SECTION B, LINE 11B PHILLIPS EXETER ACADEMY'S FORM 990 IS PREPARED BY THE FINANCE DEPARTMENT IN COLLABORATION WITH OUTSIDE TAX CONSULTANTS. THE REVIEW PROCESS STARTS WITH THE DIRECTOR OF FINANCE, CFO, AND GENERAL COUNSEL, FOLLOWED BY THE CHAIR OF THE AUDIT AND RISK COMMITTEE. THE COMPLETED FORM, WITH THE EXCEPTION OF ONE LINE ON SCHEDULE B, WHICH REDACTS THE IDENTITY OF A DONOR, IS THEN PROVIDED TO ALL TRUSTEES FOR REVIEW PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C PHILLIPS EXETER ACADEMY MAINTAINS A WRITTEN CONFLICT OF INTEREST POLICY REQUIRING DISCLOSURE OF RELEVANT FACTS THAT GIVE RISE TO A POTENTIAL CONFLICT OF INTEREST. ANNUALLY, TRUSTEES, MEMBERS OF THE INVESTMENT COMMITTEE, ADMINISTRATORS, AND STAFF WITH PURCHASING RESPONSIBILITIES ARE REQUIRED TO ACKNOWLEDGE IN WRITING THAT THEY HAVE READ, UNDERSTAND AND SIGN A CONFLICT OF INTEREST DISCLOSURE. ADDITIONALLY, AT THE END OF THE FISCAL YEAR AND BEFORE THE SUBMISSION OF FORM 990, EACH TRUSTEE, OFFICER AND/OR KEY EMPLOYEE IS PROVIDED WITH A QUESTIONNAIRE REQUIRING DISCLOSURE OF ANY CONFLICTS OF INTEREST THAT MAY HAVE EXISTED DURING THE PRIOR FISCAL YEAR. FORM 990, PART VI, SECTION B, LINE 15 PHILLIPS EXETER ACADEMY MAINTAINS AN EXECUTIVE COMPENSATION PHILOSOPHY INTENDED TO COMPLY WITH IRC 4958 INTERMEDIATE SANCTIONS THAT REQUIRES PERIODIC REVIEW OF PEER INSTITUTIONS FOR COMPENSATION COMPARISONS AMONG EXECUTIVES DEEMED "DISQUALIFIED PERSONS." THE BOARD OF TRUSTEES APPROVES THEIR SALARIES ANNUALLY AND DOCUMENTS THEIR DETERMINATIONS IN MEETING MINUTES. OTHER EXECUTIVE COMPENSATION IS BASED ON A REVIEW OF PEER SCHOOLS USING ABOPS AND OTHER SALARY SURVEY DATA AND IS APPROVED BY THE ADMINISTRATION. THE MOST RECENT COMPENSATION STUDY WAS PERFORMED DURING THE FISCAL YEAR. FORM 990, PART VI, SECTION C, LINE 19 PHILLIPS EXETER ACADEMY'S GOVERNING DOCUMENTS, STATEMENT OF FINANCIAL POSITION, STATEMENT OF ACTIVITIES AND CONFLICT OF INTEREST POLICY ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: OTHER POST EMPLOYMENT BENEFIT COSTS 2,729,304. CHANGE IN VALUE OF FUNDS FOR DEFERRED GIVING 1,602,716. MISCELLEANOUS 585,196. INTEREST RATE SWAP ADJUSTMENT (EB) -43,425. RECLASSIFICATIONS -481,615. HEINZ EXETER SCHOLARSHIP FUND PO BOX 185 PITTSBURGH PA 15201 251482044 SCHOLARSHIP PA 501(C)(3) PF N/A 0 MSSC TRUST FBO PHILLIPS EXETER ACADEMY PO BOX 748 SULLIVANS ISLAND SC 29482 576114852 SCHOLARSHIP SC 501(C)(3) LINE 12D, III-O N/A 0 YOCUM FAMILY PERPETUAL CHARITABLE TRUST 1100 N MARKET ST WILMINGTON DE 19890 237704439 SCHOLARSHIP PA 501(C)(3) LINE 12D, III-O N/A 0 TUW PHILENA R PEABODY-LLOYD 01-34608 PO BOX 803878 CHICAGO IL 60680 366088658 SCHOLARSHIP IL 501(C)(3) LINE 12D, III-O N/A 0 POOLED INCOME FUND (2) FUNDRAISING NH N/A T 0 CHARITABLE REMAINDER TRUST (79) FUNDRAISING CA N/A T 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 PART IV, LINE (2), COLUMN (C): CA, DE, FL, IA, IL, MA, MD, MI, NC, NJ, NY, OH, PA, RI, SD, TX