2024-05-10T11:11:06-05:00 2023-06-30 PwC US Tax LLP 2001 MARKET ST STE 1800 PHILADELPHIA PA 19103 990 2022-07-01 042103579 TRUSTEES OF PHILLIPS ACADEMY % FERNANDO R ALONSO TRUS 9787494000 180 MAIN STREET ANDOVER MA 018104166 FERNANDO R ALONSO ASST HEAD OF SCHOOL 9787494000 2024-05-08 true FERNANDO R ALONSO 999009999 ERICA R MCREYNOLDS P00977806 2673303000 2024-05-06 3 2022 2023-04-26 12:10:37Z RAYNARD KINGTON 180 MAIN STREET ANDOVER MA 018104166 501703802 false X WWW.ANDOVER.EDU X 1778 MA SEE SCHEDULE O 23 22 1132 3983 1603185 0 43904998 45200612 77519566 82390133 119658266 58678292 17866 499556 241100696 186768593 22900779 25473175 0 0 67940387 70880054 12588 10950 12957966 51819633 54372965 142673387 150737144 98427309 36031449 1868875809 1911522647 208933808 206135384 1659942001 1705387263 X SEE SCHEDULE O false false 112181745 24589015 76557587 EDUCATION, 1,149 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 ASPIRE EQUALLY TO KNOWLEDGE AND GOODNESS. 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. 3964898 342859 5388547 EDUCATION, 510 STUDENTS, 191 E-SUMMER STUDENTS, AND 63 ADVANTAGE STUDENTS - SUMMER SESSION: THE SUMMER SESSION OFFERS ITS STUDENTS INTENSIVE ACADEMIC ENRICHMENT THROUGH A VARIETY OF ON-CAMPUS AND VIRTUAL PROGRAMS. ITS FLAGSHIP ON-CAMPUS PROGRAM, A FIVE-WEEK RESIDENTIAL EXPERIENCE, IS CHARACTERIZED BY DEMANDING CLASSES, ENGAGING RECREATIONAL AFTERNOON ACTIVITIES, SOCIAL EVENTS, AND CULTURAL OPPORTUNITIES, AS WELL AS WELCOMING DORMITORIES, ALL OF WHICH ARE DESIGNED TO PREPARE STUDENTS IN GRADES 7 - 12 FOR SECONDARY SCHOOL AND COLLEGIATE RESIDENTIAL LIFE. IN ADDITION, THE FULLY-VIRTUAL E-SUMMER PROGRAM OFFERS STUDENTS FROM AROUND THE GLOBE AN OPPORTUNITY TO ENGAGE MEANINGFULLY WITH TALENTED FACULTY IN A PERSONALIZED, MASTERY-BASED EXPERIENCE, COMBINING SYNCHRONOUS CLASS SESSIONS AND 1:1 LEARNING CONFERENCES WITH ASYNCHRONOUS, SELF-PACED ONLINE LEARNING. IN KEEPING WITH ONE OF THE ACADEMY'S IDEALS "TO BE A PRIVATE SCHOOL WITH A PUBLIC PURPOSE," SUMMER SESSION STRIVES YEARLY TO USE ITS FINANCIAL AID BUDGET IN ORDER TO OFFER THE EXPERIENCE TO AS MANY QUALIFIED AND DESERVING APPLICANTS AS POSSIBLE. SUMMER SESSION WORKS COOPERATIVELY WITH OTHER PROGRAMS SUCH AS MINDS MATTER, THE EOS FOUNDATION, REACH MEMPHIS, THE WIGHT FOUNDATION, AND OTHERS TO IDENTIFY SCHOLARS "FROM EVERY QUARTER" TO SPONSOR FOR THIS SUMMER OPPORTUNITY. FINALLY, SUMMER SESSION SERVES AS THE UMBRELLA FOR THE OTHER OUTREACH PROGRAMS THAT WORK DIRECTLY WITH STUDENTS DURING THE SUMMER, BOTH ON-CAMPUS AND VIRTUALLY, MAKING SURE THAT THEY RECEIVE APPROPRIATE SUPPORT, HAVE ACCESS TO ACADEMY RESOURCES, AND SHARE AS FULLY AS POSSIBLE IN THE SUMMER COMMUNITY. 895082 31200 115600 THE INSTITUTE FOR RECRUITMENT OF TEACHERS (IRT) ADDRESSES THE LACK OF DIVERSITY IN THE NATION'S TEACHING FACULTIES BY RECRUITING OUTSTANDING STUDENTS OF COLOR AND OTHER SCHOLARS COMMITTED TO DIVERSITY IN EDUCATION, PREPARING THEM FOR THE DEMANDS OF CAREERS IN EDUCATION, COUNSELING THEM THROUGH THE GRADUATE SCHOOL APPLICATION PROCESS, AND ADVOCATING FOR SUFFICIENT FUNDING FOR ADVANCED STUDY. SINCE 1990, THE IRT HAS BUILT A NATIONAL CONSORTIUM OF COLLEGES AND UNIVERSITIES THAT ARE EAGER TO ENROLL IRT STUDENTS TO DIVERSIFY THEIR GRADUATE STUDENT BODIES AND 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 OVER 100 TALENTED STUDENTS WHO ARE MAJORING IN THE ARTS, HUMANITIES, SOCIAL SCIENCES, OR EDUCATION, TO ITS ASSOCIATE PROGRAM FOR COLLEGE SENIORS AND GRADUATES WHO WISH TO CONTINUE THEIR EDUCATIONAL STUDIES. SINCE ITS INCEPTION, NEARLY EVERY IRT APPLICANT HAS BEEN ADMITTED TO AT LEAST ONE GRADUATE SCHOOL WITHIN THE IRT CONSORTIUM OF 43 COLLEGES AND UNIVERSITIES; MOST HAVE BEEN ADMITTED TO FOUR OR MORE. APPROXIMATELY 50 PERCENT OF THESE STUDENTS HAVE RECEIVED PARTIAL TO FULL TUITION WAIVERS AND FULL FELLOWSHIP ASSISTANCESHIP FUNDING FOR UP TO SIX YEARS OF GRADUATE STUDY. TO DATE, THE IRT HAS WORKED WITH OVER 2,800 INTERNS AND ASSOCIATES. OF THAT NUMBER, OVER 1,000 PARTICIPANTS HAVE ALREADY RECEIVED TERMINAL MASTER'S DEGREES AND 418 HAVE EARNED PH.D.S. IRT ALUMNI SERVE IN THE ADMINISTRATIVE AND TEACHING RANKS AT OVER 130 COLLEGES AND UNIVERSITIES AS WELL AS NUMEROUS PUBLIC, PRIVATE AND PAROCHIAL SCHOOLS.IN THE COMING DECADES, A NUMBER OF THESE SCHOLARS WILL EMERGE AS EDUCATIONAL LEADERS. 1316649 510101 10000 118358374 true true false false false false false true false true true true false false true true true false true false true false false false false false false true true true true false false false false false false false false false false true true false false false true true false false false true 525 0 true 1132 true true true false false false false false false false false false false false X 23 22 false false false false false false false true true false false false true true true true true true true false MA NY X X FERNANDO R ALONSO 9787494000 180 MAIN STREET ANDOVER MA 018104166 X RAYNARD S KINGTON HEAD OF SCHOOL/TRUSTEE 60.0 0.0 X X 858643 0 274721 KIRSTEN A GLANTZ CHIEF INVESTMENT OFFICER 55.0 0.0 X 966514 0 82042 THOMAS P LOCKERBY SECRETARY OF THE ACADEMY 55.0 0.0 X 560838 0 78237 XUE YANG INVESTMENT ASSOCIATE 55.0 0.0 X 413230 0 48724 FERNANDO R ALONSO ASST HEAD OF SCHOOL/CFO 55.0 0.0 X 316874 0 115801 ANDREW JAFFONI ASSOC DIRECTOR OF INVESTMENTS 55.0 0.0 X 312153 0 42094 CHRISTIAN A REUSCHE ASSOC DIRECTOR OF INVESTMENTS 55.0 0.0 X 307117 0 45490 JAMES F VENTRE ASST HEAD OF SCHOOL ADMISSION 55.0 0.0 X 198882 0 143402 JEFFREY C DOMINA DEAN OF FACULTY 55.0 0.0 X 167971 0 153520 RAJESH MUNDRA INTERIM DEPUTY HEAD OF SCHOOL 55.0 0.0 X 208934 0 92517 JESSICA L HERBSTER GENERAL COUNSEL 55.0 0.0 X 235736 0 27056 LEONARD E COREY ASSOCIATE COMPTROLLER 40.0 0.0 X 239100 0 897 J LAWRENCE MUENCH DIRECTOR OF FACILITIES 55.0 0.0 X 200920 0 25194 CHRISTOPHER S AUGUSTE TRUSTEE 3.0 0.0 X 0 0 0 GIL CAFFRAY TRUSTEE/TREASURER 3.0 0.0 X X 0 0 0 AMY CHRISTODOULO TRUSTEE 3.0 0.0 X 0 0 0 DAVID J CORKINS TRUSTEE 3.0 0.0 X 0 0 0 AMY C FALLS TRUSTEE/PRESIDENT 3.0 0.0 X X 0 0 0 KEITH T FLAHERTY TRUSTEE 3.0 0.0 X 0 0 0 ANDREW J GUFF JR TRUSTEE 3.0 0.0 X 0 0 0 STEFAN L KALUZNY TRUSTEE 3.0 0.0 X 0 0 0 GARY LEE TRUSTEE 3.0 0.0 X 0 0 0 TRISTIN BATCHELDER MANNION TRUSTEE 3.0 0.0 X 0 0 0 CARLOS MONTEMAYOR TRUSTEE 3.0 0.0 X 0 0 0 ALLISON E PICOTT TRUSTEE 3.0 0.0 X 0 0 0 TAMARA ELLIOTT ROGERS TRUSTEE 3.0 0.0 X 0 0 0 MICHAEL SCHMERTZLER TRUSTEE 3.0 0.0 X 0 0 0 YICHEN ZHANG TRUSTEE 3.0 0.0 X 0 0 0 ERIC L ZINTERHOFER TRUSTEE 3.0 0.0 X 0 0 0 JENNIFER AMSTUTZ ALUMNI TRUSTEE 3.0 0.0 X 0 0 0 ANNA DURHAM ALUMNI TRUSTEE 3.0 0.0 X 0 0 0 CHRISTOPHER JWB LEGGETT ALUMNI TRUSTEE 3.0 0.0 X 0 0 0 AISHA JORGE MASSENGILL ALUMNI TRUSTEE 3.0 0.0 X 0 0 0 LOYCE LASHAWNDRA PACE ALUMNI TRUSTEE 3.0 0.0 X 0 0 0 WILLIAM M TONG ALUMNI TRUSTEE 3.0 0.0 X 0 0 0 4986912 0 1129695 90 false true false ARCHITECTURAL RESOURCES CAMBRIDGE 501 BOYLSTON ST 4101 BOSTON MA 02116 ARCHITECTURE 1408936 WATERFORD HOTEL GROUP 914 HARTFORD TURNPIKE WATERFORD CT 06385 CAP PROJECT/MGMT FEE 1260394 DORE WHITTIER ARCHITECTS INC 212 BATTERY STREET BURLINGTON VT 05401 ARCHITECTURE 516887 NORTHERN TRUST COMPANY 50 S LASALLE STREET CHICAGO IL 60675 INVESTMENT CUSTODIAN 454239 GALANIS CONSULTING LLC ONE LILLIAN DRIVE IPSWICH MA 01938 CONSTRUCTION MGMT 368820 20 45200612 4730286 45200612 TUITION AND FEES 900099 77134168 77134168 COURSE PROGRAM & MATERIALS 900099 2618898 2618898 HOCKEY RINK 713940 1165047 846942 318105 ALUMNI EVENTS 900099 328849 328849 FOOD SERVICES 900099 171466 171466 971705 971705 82390133 10834495 837292 9997203 0 0 0 0 0 362776921 314933124 47843797 47843797 421638 47422159 0 0 0 0 0 0 1691 2085 -394 -294 -100 COURTS & CAGE 713940 26250 26250 INCOME FROM AUCTION OF ART 459920 473700 473700 499950 186768593 82071734 1603185 57893062 489613 489613 24983562 24983562 0 0 4650571 609714 2929286 1111571 0 49637621 39787029 3717779 6132813 4284441 3375367 370867 538207 8411633 7197478 439820 774335 3895788 2897048 437470 561270 303981 114748 189233 77997 77997 225064 225064 0 10950 10950 1019981 1019981 881075 526504 267145 87426 194362 152043 42298 21 5969116 3116099 2225191 627826 1531232 984383 380280 166569 26061 23116 2945 4681687 4146984 511331 23372 1144574 653450 192700 298424 0 841140 311935 156080 373125 5305543 3649229 994986 661328 0 10088854 7528025 2351285 209544 737477 659953 68128 9396 FOOD SERVICE 5909610 5909610 0 0 OFFICE OF PHYSICAL PLANT 5136037 4403675 732362 0 ADMINISTRATION 2018930 0 2018930 0 OFFICE OF ACADEMY RESOURCES 1467669 1467669 0 0 6812575 5371140 69646 1371789 150737144 118358374 19420804 12957966 112018542 88710783 0 0 79184693 90063872 4039003 6098667 0 0 0 0 3602 5883 669284 625086 3440576 4497941 538832236 171247022 349502019 367585214 177709653 210504459 1137761438 1138487078 0 0 0 0 4546999 4943664 1868875809 1911522647 16084621 18002741 0 0 22129121 22178403 59681802 59702719 0 0 0 0 0 0 80791888 80809847 30246376 25441674 208933808 206135384 X 544980309 561930322 1114961692 1143456941 1659942001 1705387263 1868875809 1911522647 X 36031449 4172754 5241059 X false true X true false X 47674752 50706945 34057782 43904998 45200612 221545089 0 0 47674752 50706945 34057782 43904998 45200612 221545089 39048929 182496160 5238901 4857324 5613388 11677569 10834495 38221677 0 0 259766766 367961990 0.70254 0.79858 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X false 1292180600 13029357 58524976 17316403 20403041 1326015489 1431381335 28958372 -74734725 31386879 62037503 1292180600 1123899696 14854974 344812750 16933713 35252372 1431381335 1134918251 13611849 33923331 14580695 43973040 1123899696 1113151218 15943241 60317726 16638637 37855297 1134918251 0.23860 0.76140 true false 2593005 2593005 476869422 140597769 336271653 23099521 14914852 8184669 36270288 15734401 20535887 367585214 PRIV REAL ASSTS/ABSLT RTN/OTHR 202957801 F DOMESTIC EQUITIES 44122549 F INTERNATIONAL EQUITIES 147547208 F HEDGE FUNDS 314818930 F PRIVATE EQTY & VENTURE CAPITAL 355846679 F REAL ESTATE 69422605 F DOMESTIC FIXED INCOME 3771306 F 1138487078 0 ASSET RETIREMENT OBLIGATION 1350128 INTEREST RATE SWAPS 3254626 LIABILITY FOR PLANNED GIFTS 20836920 25441674 X 171045987 4172754 -17106024 -12933270 183979257 2079263 710073 2789336 186768593 125600725 2085 2085 125598640 2079263 23059241 25138504 150737144 SCHEDULE D, PART III, LINE 1A: GIFTS TO THE ACADEMY'S COLLECTIONS OF ART, ARTIFACTS, ANTIQUES, AND RARE BOOKS ARE NOT CAPITALIZED UNDER ITS ACCOUNTING POLICY FOR COLLECTIONS AND, AS SUCH, DONATIONS OF THESE ITEMS ARE NOT REFLECTED IN THE ACADEMY'S FINANCIAL STATEMENTS. SCHEDULE D, PART III, LINE 4: THE ACADEMY MAINTAINS THE ADDISON, AN ACADEMIC ART MUSEUM DEDICATED TO THE COLLECTION OF AMERICAN ART. THE MUSEUM'S PURPOSE IS TO ACQUIRE, PRESERVE, INTERPRET, AND EXHIBIT WORKS OF ART FOR THE EDUCATION AND ENJOYMENT OF LOCAL, REGIONAL, NATIONAL, AND INTERNATIONAL AUDIENCES, INCLUDING THE STUDENTS, FACULTY, AND COMMUNITY OF PHILLIPS ACADEMY, AND OTHER STUDENTS, TEACHERS, SCHOLARS, AND THE GENERAL PUBLIC. THE ACADEMY ALSO MAINTAINS THE PEABODY INSTITUTE, 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 STUDENT 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, 2023 WAS $6,715,328. SCHEDULE D, PART V, LINE 4: ANDOVER'S ENDOWMENT IS A CRITICAL SOURCE OF SUPPORT FOR THE ACADEMY. THE ENDOWMENT COMPRISES A WIDE VARIETY OF FUNDS WITH A WIDE VARIETY OF PURPOSES, INCLUDING UNRESTRICTED FUNDS, AND RESTRICTED FUNDS FOR FINANCIAL AID, FACULTY CHAIRS, THE ADDISON, THE PEABODY AND OTHER SPECIAL INTENTS. TOTALLING $1,326 MILLION AT JUNE 30, 2023, THE ENDOWMENT CURRENTLY SUPPORTS APPROXIMATELY 40.3% 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 REVENUES AS RELATED OR UNRELATED AS ITS ONLY TAX POSITIONS; HOWEVER, THE ACADEMY HAS DETERMINED THAT THESE TAX POSITIONS DO NOT RESULT IN UNCERTAINTIES REQUIRING RECOGNITION. THE ACADEMY IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAXING JURISDICTION. ITS FEDERAL AND STATE INCOME TAX RETURNS ARE GENERALLY OPEN FOR EXAMINATION FOR THREE YEARS FOLLOWING THE DATE FILED. SCHEDULE D, PART XI, LINE 2D: UNREALIZED GAIN ON SWAP MARKET VALUE $3,129,891 FINANCIAL AID ($23,059,241) CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS $2,823,326 ------------ TOTAL TO SCHEDULE D, PART XI, LINE 2D: ($17,106,024) SCHEDULE D, PART XI, LINE 4B: CHANGE IN BAD DEBT EXPENSE $712,158 COST OF GOODS SOLD ($2,085) ------------ TOTAL TO SCHEDULE D, PART XI, LINE 4B $710,073 SCHEDULE D, PART XII, LINE 2D: COST OF GOODS SOLD $2,085 ------------ TOTAL TO SCHEDULE D, PART XII, LINE 2D $2,085 SCHEDULE D, PART XII, LINE 4B: FINANCIAL AID $23,059,241 ------------ TOTAL TO SCHEDULE D, PART XII, LINE 4B $23,059,241 true true false true true true true false false false false false false false false false false true SCHEDULE E, PART I, LINE 3: PHILLIPS ACADEMY'S NON-DISCRIMINATION POLICY APPEARS ON ITS PUBLIC FACING WEBSITE, WWW.ANDOVER.EDU, AND IS ALSO INCLUDED IN THE SCHOOL CATALOG, WHICH IS ALSO AVAILABLE FREE-OF-CHARGE THROUGH THE WEBSITE. THE TEXT OF THIS POLICY IS AS FOLLOWS: PHILLIPS ACADEMY ADMITS QUALIFIED STUDENTS OF ANY RACE, COLOR, NATIONAL OR ETHNIC ORIGIN, SEX, GENDER IDENTITY OR EXPRESSION, RELIGION, SEXUAL ORIENTATION, DISABILITY STATUS, OR ANY OTHER STATUS PROTECTED BY APPLICABLE LAW, AND EXTENDS TO THEM ALL THE RIGHTS, PRIVILEGES, PROGRAMS, AND ACTIVITIES GENERALLY ACCORDED OR MADE AVAILABLE TO STUDENTS AT THE SCHOOL. PHILLIPS ACADEMY DOES NOT DISCRIMINATE ON THE BASIS OF RACE, COLOR, NATIONAL OR ETHNIC ORIGIN, SEX, GENDER IDENTITY OR EXPRESSION, RELIGION, SEXUAL ORIENTATION, DISABILITY STATUS, OR ANY OTHER STATUS PROTECTED BY APPLICABLE LAW, IN THE ADMINISTRATION OF ITS EDUCATIONAL, ADMISSIONS, FINANCIAL AID, ATHLETIC, AND OTHER SCHOOL-ADMINISTERED PROGRAMS. Central America and the Caribbean 0 0 Investments 547811948 Europe (Including Iceland and Greenland) 0 0 Investments 40460070 East Asia and the Pacific 0 0 Program Services ADMISSION RECRUITING 12380 East Asia and the Pacific 0 0 Fundraising 69302 East Asia and the Pacific 0 0 Program Services OFF-CAMPUS LEARNING 7534 East Asia and the Pacific 0 0 Investments 31559 Europe (Including Iceland and Greenland) 0 0 Program Services ADMISSION RECRUITING 6461 Europe (Including Iceland and Greenland) 0 0 Fundraising 26755 Europe (Including Iceland and Greenland) 0 0 Program Services OFF-CAMPUS LEARNING 44315 Europe (Including Iceland and Greenland) 0 0 Program Services PROGRAM ACTIVITY 77 Europe (Including Iceland and Greenland) 0 0 Investments 19212 Europe (Including Iceland and Greenland) 0 0 Program Services PROFESSIONAL DEVELOPMT 26016 North America 0 0 Program Services ADMISSION RECRUITING 4594 North America 0 0 Program Services PROFESSIONAL DEVELOPMT 2159 Middle East and North Africa 0 0 Program Services ADMISSION RECRUITING 10788 Middle East and North Africa 0 0 Fundraising 38279 Middle East and North Africa 0 0 Program Services PROGRAM ACTIVITY 3255 Sub-Saharan Africa 0 0 Program Services OFF-CAMPUS LEARNING 7084 South America 0 0 Program Services PROFESSIONAL DEVELOPMT 2236 Central America and the Caribbean 0 0 Program Services OFF-CAMPUS LEARNING 31658 Central America and the Caribbean 0 0 Program Services PROGRAM ACTIVITY 1578 Central America and the Caribbean 0 0 Program Services PROFESSIONAL DEVELOPMT 5709 0 0 0 0 0 0 588574704 48265 588622969 true false true true true false SCHEDULE F, PART I, LINE 3: THE ORGANIZATION IDENTIFIES THE EXPENSES DISCLOSED ON PART I BY REVIEWING ITS EXPENSE REPORTING SOFTWARE AND ITS GENERAL LEDGER. true TOWN OF ANDOVER 36 BARTLETT ST ANDOVER MA 01810 046001069 GOVERNMENT 463275 SEE PART IV CITY OF METHUEN 41 PLEASANT ST METHUEN MA 01844 046001220 GOVERNMENT 26338 SEE PART IV 2 FINANCIAL AID 9-MONTH PROGRAM 494 22743966 FINANCIAL AID OTHER AID TO 9-MONTH PROGRAM STUDENTS 494 285749 1536902 SEE PART IV FINANCIAL AID SUMMER SESSION 41 416945 FINANCIAL AID SCHEDULE I, PART I, LINE 2: MOST AID TO ACADEMY STUDENTS IS IN-KIND IN THE FORM OF TUITION REMISSION AND PAYMENT OF MANDATORY AND OTHER ACADEMY FEES. OTHER NON CASH AID DISCLOSED IN SCHEDULE I, PART III IS MONITORED THROUGH THE USE OF THE ACADEMY'S STUDENT DEBIT CARD OR STORE VOUCHERS, WHICH ARE RECEIPTED. CASH GRANTS IN PART III ARE STUDENT STIPENDS AND ARE DISBURSED DIRECTLY TO STUDENT BANK ACCOUNTS OR ARE PROVIDED DIRECTLY BY THE ACADEMY'S FINANCIAL AID OFFICE IN CASE OF EMERGENCY. SCHEDULE I, PART II, LINE 1: UNDER THE TERMS OF AN AGREEMENT BETWEEN THE ACADEMY AND THE TOWN OF ANDOVER ("ANDOVER"), THE ACADEMY MAKES AN ANNUAL VOLUNTARY CONTRIBUTION TO ANDOVER. THE PAYMENT IS NOT RESTRICTED TO ANY PARTICULAR USE BY ANDOVER AND IS MADE WITHOUT CONSIDERATION OF THE TAX STATUS OF ACADEMY PROPERTY. SCHEDULE I, PART II, LINE 2: THE ACADEMY ACQUIRED AND DEVELOPED A PARCEL IN THE TOWN OF METHUEN ("METHUEN") THAT IT USES TO FURTHER ITS TAX-EXEMPT PROGRAMS. THE ACADEMY MAKES AN ANNUAL VOLUNTARY PAYMENT TO METHUEN, THE AMOUNT OF WHICH APPROXIMATES THE TAX REVENUE METHUEN DERIVED FROM THE PARCEL BEFORE THE ACADEMY ACQUIRED IT. THE PAYMENT IS NOT RESTRICTED TO ANY PARTICULAR USE BY METHUEN. SCHEDULE I, PART III: STATED IN THE ACADEMY'S CONSTITUTION OF 1778, AND REAFFIRMED IN ITS STATEMENT OF PURPOSE, THE SCHOOL IS CHARGED TO EDUCATE "YOUTH FROM EVERY QUARTER." THE ACADEMY PROVIDES ALL ASSISTANCE ON A NON DISCRIMINATORY BASIS AND IN FURTHERANCE OF THE OBJECTIVE OF ATTRACTING A DIVERSE STUDENT BODY. A TOTAL 0F 494 STUDENTS RECEIVED SOME COMPONENT OF THE TOTAL AID DISCLOSED ON LINES 1 AND 2 OF PART III. OTHER NON-CASH ASSISTANCE TO 9-MONTH PROGRAM STUDENTS CONSISTS OF STUDENT TRAVEL TO AND FROM CAMPUS, SPECIALIZED INSTRUCTION AND TUTORING TO INCLUDE MUSIC GRANTS, TECHNOLOGY, TEXTBOOKS, COLLEGE APPLICATIONS, MEDICAL EXPENSES, CLOTHING, LAUNDRY SERVICE, PHONE, ATHLETIC EQUIPMENT, SCHOOL SUPPLIES, PARTICIPATION IN OFF-CAMPUS PROGRAMS AND MISCELLANEOUS PERSONAL EXPENSES. X X X true true X X X X X false true false false false false false true true true KIRSTEN A GLANTZ CHIEF INVESTMENT OFFICER 432709 0 533805 0 0 0 35240 0 46802 0 1048556 0 0 0 RAYNARD S KINGTON HEAD OF SCHOOL/TRUSTEE 683643 0 0 0 175000 0 108990 0 165731 0 1133364 0 131250 0 THOMAS P LOCKERBY SECRETARY OF THE ACADEMY 410838 0 0 0 150000 0 35240 0 42997 0 639075 0 50000 0 FERNANDO R ALONSO ASST HEAD OF SCHOOL/CFO 316874 0 0 0 0 0 35240 0 80561 0 432675 0 0 0 JAMES F VENTRE ASST HEAD OF SCHOOL ADMISSION 198882 0 0 0 0 0 22713 0 120689 0 342284 0 0 0 RAJESH MUNDRA INTERIM DEPUTY HEAD OF SCHOOL 208934 0 0 0 0 0 22708 0 69809 0 301451 0 0 0 JEFFREY C DOMINA DEAN OF FACULTY 167971 0 0 0 0 0 17740 0 135780 0 321491 0 0 0 XUE YANG INVESTMENT ASSOCIATE 280836 0 132394 0 0 0 35240 0 13484 0 461954 0 0 0 ANDREW JAFFONI ASSOC DIRECTOR OF INVESTMENTS 215153 0 97000 0 0 0 27875 0 14219 0 354247 0 0 0 JESSICA L HERBSTER GENERAL COUNSEL 235736 0 0 0 0 0 26159 0 897 0 262792 0 0 0 J LAWRENCE MUENCH DIRECTOR OF FACILITIES 200920 0 0 0 0 0 21910 0 3284 0 226114 0 0 0 CHRISTIAN A REUSCHE ASSOC DIRECTOR OF INVESTMENTS 161717 0 145400 0 0 0 31490 0 14000 0 352607 0 0 0 LEONARD E COREY ASSOCIATE COMPTROLLER 239100 0 0 0 0 0 0 0 897 0 239997 0 0 0 SCHEDULE J, PART I, LINE 1A: FIRST CLASS OR CHARTER TRAVEL: THOMAS P. LOCKERBY FLEW FIRST-CLASS TRAVEL FOR A BUSINESS EVENT. THIS WAS A ONE-TIME CIRCUMSTANCE AND IS NOT TAXABLE INCOME TO HIM DUE TO DOCUMENTED BUSINESS PURPOSE. HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: FERNANDO R. ALONSO, JEFFREY C. DOMINA, RAYNARD S. KINGTON, RAJESH MUNDRA, AND JAMES F. VENTRE RECEIVED HOUSING AS A CONDITION OF EMPLOYMENT FOR THE CONVENIENCE OF THE EMPLOYER. THE ACADEMY HAS VALUED HOUSING AT 5% OF THE APPRAISED VALUE OF THE HOME AS DETERMINED BY THE ASSESSOR'S OFFICE OF THE TOWN OF ANDOVER, MASSACHUSETTS, WHERE THE ACADEMY IS LOCATED. SUCH AMOUNTS ARE NOT TAXABLE COMPENSATION. PERSONAL SERVICES: IN ADDITION TO HOUSING THE HEAD OF SCHOOL, HIS RESIDENCE IS USED THROUGHOUT THE YEAR FOR NUMEROUS FUNDRAISING EVENTS, PARTIES, MEETINGS, AND OTHER ACADEMY-RELATED GATHERINGS. TIME SPENT BY A HOUSEKEEPER IN THE RESIDENCE IS IDENTIFIED AS EITHER CLEANING OF THE RESIDENCE, WHICH IS ASCRIBED AS INCOME TO THE HEAD OF SCHOOL, OR OF THE PUBLIC SPACE, WHICH IS NOT INCOME TO THE HEAD OF SCHOOL. SCHEDULE J, PART I, LINE 4B: IN 2020, RAYNARD S. KINGTON PARTICIPATED IN A DEFERRED COMPENSATION PLAN WITH THE ACADEMY. THIS PLAN PROVIDES THAT A YEARLY CONTRIBUTION WILL BE MADE TO RAYNARD S. KINGTON'S ACCOUNT OVER A 5-YEAR TERM, SUBJECT TO VESTING ON JUNE 2022, 2024, AND 2025. THE CURRENT YEAR DEFERRAL IS INCLUDED IN SCHEDULE J, PART II, COLUMN C.THE AMOUNT VESTED IS INCLUDED IN SCHEDULE J, PART II, COLUMN B(III). IN 2019, THOMAS P. LOCKERBY PARTICIPATED IN A DEFERRED COMPENSATION PLAN WITH THE ACADEMY. THIS PLAN PROVIDES THAT A YEARLY CONTRIBUTION WILL BE MADE TO THOMAS P. LOCKERBY'S ACCOUNT OVER A THREE YEAR TERM, VESTING IN JUNE 2022. THE AMOUNT VESTED IN 2022 IS INCLUDED IN SCHEDULE J, PART II, COLUMN B(III). SCHEDULE J, PART I, LINE 7: KIRSTEN A. GLANTZ, XUE YANG, ANDREW JAFFONI, AND CHRISTIAN A. REUSCHE RECEIVED NON-FIXED PAYMENTS APPROVED BY THE COMPENSATION COMMITTEE AND THE AMOUNT OF SUCH BONUSES ARE SHOWN ON SCHEDULE J, PART II, COLUMN (B) (II). SCHEDULE J, PART I, LINES 8 AND 9: RAYNARD S. KINGTON, NEW HEAD OF SCHOOL, HAS AN INITIAL EMPLOYMENT CONTRACT THAT DESCRIBES HIS INITIAL COMPENSATION AND BENEFITS. A MA DEVELOPMENT FINANCE AGENCY 043431814 57583UZZ4 2014-01-14 53875221 REFUNDING OF 2008 BONDS & CONST. true false false B MA DEVELOPMENT FINANCE AGENCY 043431814 57583FL25 2003-02-04 59910000 REFUNDING OF 1993 BONDS & CONST. false false false A 0 50920000 53875221 0 0 0 452094 0 0 20034983 35041375 0 2016 false true true true B 0 0 59910000 0 0 0 671812 0 0 20013672 39224516 0 2004 false true true true A false false true true false 0 false false false true B false false false false 0 false false false true A false false false true false false 0 false 0 false true B false false false true true true MORGAN STANLEY BANK 30.6 false false false 0 false true A true B true BOND A ARBITRAGE ANALYSIS OPINION LETTER ISSUED ON 9/11/2023 FOR BOND A. BOND B ARBITRAGE ANALYSIS OPINION LETTER ISSUED ON 11/27/2023 FOR BOND B. X 2800 0 N/A X 165 4730286 AVG. OF HIGH/LOW PRI X 2 0 N/A 14 false true true SCHEDULE M, PART I, COLUMN (B): THE ACADEMY REPORTS BOTH THE NUMBER OF ITEMS CONTRIBUTED AND NUMBER OF CONTRIBUTORS IN PART I, COLUMN (B). SCHEDULE M, PART I, LINE 32A: THE ACADEMY UTILIZED THE ASSISTANCE OF PROFESSIONAL AUCTION HOUSES TO SELL ART. SCHEDULE M, PART I, 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 THE COLLECTIONS OF THE ADDISON GALLERY OF AMERICAN ART AND THE PEABODY INSTITUTE OF ARCHAEOLOGY. FORM 990, PART I, LINE 1 & PART III, LINE I: PHILLIPS ACADEMY IS A COEDUCATIONAL, BOARDING SCHOOL LOCATED IN ANDOVER, MASSACHUSETTS FOR STUDENTS IN GRADES NINE THROUGH TWELVE AND POST-GRADUATES. THE SCHOOL STRIVES TO HELP YOUNG PEOPLE FROM DIVERSE BACKGROUNDS ACHIEVE THEIR POTENTIAL NOT ONLY INTELLECTUALLY, BUT ALSO ARTISTICALLY, ATHLETICALLY AND MORALLY, SO THAT THEY MAY LEAD RESPONSIBLE AND FULFULLING LIVES. FORM 990, PART III, LINE 4D: TOTAL OF ALL OTHER PROGRAM SERVICES EXPENSES $1,316,649. INCLUDING GRANTS OF $510,101. REVENUE $10,000. EDUCATION, 107 STUDENTS - MATHEMATICS AND SCIENCE FOR MINORITY STUDENTS (MS) 2: (MS) 2, FOUNDED IN 1977, OFFERS ACADEMICALLY TALENTED BLACK/AFRICAN AMERICAN, LATIN AND NATIVE AMERICAN PUBLIC SCHOOL STUDENTS FROM SPECIFIC REGIONS ACROSS THE UNITED STATES THE OPPORTUNITY TO IMMERSE THEMSELVES IN THE STUDY OF MATHEMATICS AND SCIENCE FOR FIVE WEEKS FOR THREE CONSECUTIVE SUMMERS AT PHILLIPS ACADEMY. THE PROGRAM IS FREE TO ALL STUDENTS ACCEPTED AND INCLUDES TRAVEL TO AND FROM ANDOVER. STUDENTS APPLY DURING THE FALL OF THEIR 9TH GRADE YEAR AND BEGIN THE PROGRAM THE FOLLOWING SUMMER. THE PROGRAM PROVIDES THE SCHOLARS WITH RIGOROUS COURSEWORK AND OFFERS THEM OPPORTUNITIES TO GAIN VALUABLE LIFE SKILLS TO PREPARE THEM BETTER FOR COLLEGE AND CAREERS IN SCIENCE, TECHNOLOGY, ENGINEERING, AND MATHEMATICS FIELDS. ANDOVER BREAD LOAF (ABL), FOUNDED IN 1987, IS BASED ON THE PHILLIPS ACADEMY CAMPUS. A COLLABORATION BETWEEN PHILLIPS ACADEMY AND THE BREAD LOAF SCHOOL OF ENGLISH, MIDDLEBURY COLLEGE'S GRADUATE SCHOOL OF ENGLISH, ABL FOCUSES ITS WORK IN COMMUNITIES WITH HIGH POVERTY RATES AND PARTICULARLY URBAN AREAS IN THE UNITED STATES AND INTERNATIONALLY. ABL WORKS WITH U.S. AND INTERNATIONAL TEACHERS AND STUDENTS TO ENHANCE THE TEACHING AND LEARNING OF WRITING AND TO HELP CATALYZE EDUCATIONAL RENEWAL IN PUBLIC SCHOOL CLASSROOMS, SCHOOLS AND SCHOOL SYSTEMS. TWO SUMMER WORKSHOPS ARE AT THE HEART OF ABL. THE ABL WRITING WORKSHOP IS A PROFESSIONAL DEVELOPMENT WORKSHOP SERVING 15 - 20 TEACHERS PER SUMMER FROM URBAN SCHOOLS IN THE U.S. THE LAWRENCE STUDENT WRITERS WORKSHOP IS A PROGRAM FOR STUDENTS, ENROLLING 80-90 LAWRENCE, MASSACHUSETTS PUBLIC SCHOOL STUDENTS EVERY SUMMER. IN ADDITION TO THE WORK DONE WITH TEACHERS AND STUDENTS IN THE SUMMER, ABL STAFF WORK YEAR-ROUND TO SUPPORT PROGRAM PARTICIPANTS IN THEIR SCHOOLS AND COMMUNITY ORGANIZATIONS, OFFERING WORKSHOPS, CONFERENCES, AFTER-SCHOOL EVENTS, AND OTHER SIMILAR PROGRAMS. FOUNDED IN 1988, PALS (PHILLIPS ACADEMY - ANDOVER HIGH SCHOOL - LAWRENCE SCHOOLS) IS A NO-COST, ACADEMIC-YEAR AND SUMMER PROGRAM FOR MIDDLE SCHOOL STUDENTS FROM LAWRENCE, MA. PALS OFFERS A FIVE-WEEK SUMMER PROGRAM FOR APPROXIMATELY 40 RISING SEVENTH AND EIGHTH GRADE STUDENTS, PROVIDING PARTICIPANTS WITH ACADEMIC EXPLORATION AND ENRICHMENT OPPORTUNITIES ON THE CAMPUS OF PHILLIPS ACADEMY. THE ACADEMIC-YEAR COMPONENT OFFERS INTERESTED GRADUATES OF PALS THE OPPORTUNITY FOR 1:1 HIGH SCHOOL ADMISSIONS COUNSELING AND PLACEMENT SUPPORT. ACROSS ITS OFFERINGS, PALS AIMS TO PROVIDE PARTICIPATING STUDENTS WITH MENTORSHIP, ACADEMIC SKILL-DEVELOPMENT, AND HIGH SCHOOL TRANSITION SUPPORT IN ORDER FOR THEM TO ACHIEVE FUTURE ACADEMIC SUCCESS. FORM 990, PART VI, SECTION A, LINE 1A: THE PHILLIPS ACADEMY BOARD OF TRUSTEES HAS SEVENTEEN CHARTER TRUSTEES, IDENTIFIED AS MEMBERS OF THE CORPORATION IN THE AMENDED AND RESTATED BYLAWS 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 BYLAWS EMPOWER THE CORPORATION TO APPOINT AN EXECUTIVE COMMITTEE WITH ALL OF THE POWERS OF THE TRUSTEES EXCEPT AS SPECIFICALLY LIMITED BY THE BOARD. FORM 990, PART VI, SECTION A, LINE 8B: 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. THERE WERE NO MATTERS THAT REQUIRED THE EXECUTIVE COMMITTEE TO MEET DURING THE ACADEMY'S 2023 FISCAL YEAR. FORM 990, PART VI, SECTION B, LINE 11: FORM 990 WAS PREPARED BY THE ACADEMY'S PAID PREPARER AND THEN REVIEWED INTERNALLY BY TWO SENIOR FINANCIAL MANAGERS. AT ITS SPRING 2024 MEETING THE ACADEMY'S AUDIT COMMITTEE APPROVED THIS FORM 990 IN ITS FINAL FORM, EXCEPT THAT THE NAME AND ADDRESS OF ONE DONOR ON SCHEDULE B, SCHEDULE OF CONTRIBUTORS, WAS REDACTED TO MAINTAIN ANONYMITY. IMMEDIATELY AFTER THE SPRING AUDIT COMMITTEE MEETING, THIS FORM 990 WITH THE ONE MODIFICATION NOTED WAS POSTED TO THE BOARD OF TRUSTEES WEB SITE WHERE THEY COULD REVIEW IT BEFORE IT WAS FILED. THE FORM AS FILED WITH THE IRS WAS COMPLETE IN ALL RESPECTS. FORM 990, PART VI, SECTION B, LINE 12C: THE ACADEMY HAS TWO SEPARATE CONFLICT OF INTEREST POLICIES. ITS POLICY FOR INTERESTED PERSONS ADDRESSES TRANSACTIONS BETWEEN THE ACADEMY AND ANY CURRENT OR FORMER OFFICERS, DIRECTORS, TRUSTEES AND KEY EMPLOYEES, ANY OTHER PERSON IN A POSITION TO EXERCISE SUBSTANTIAL INFLUENCE OVER THE AFFAIRS OF THE ACADEMY, FAMILY MEMBERS AND OTHER RELATED ENTITIES. THIS POLICY IS DESIGNED TO ELICIT DISCLOSURE OF TRANSACTIONS WHICH WOULD HAVE TO BE INCLUDED IN THE ACADEMY'S FORM 990. AS SUCH, THE THRESHOLDS FOR REPORTING AND DEFINITIONS OF TRANSACTIONS REQUIRED TO BE REPORTED ARE ALIGNED WITH THOSE IN FORM 990. THE ACADEMY ALSO HAS A SECOND POLICY FOR FACULTY, STAFF AND OTHER DECISION MAKERS ACTING ON BEHALF OF THE ACADEMY. WHILE THIS SECOND POLICY ALSO SEEKS TO IDENTIFY AND ADDRESS CONFLICTS, THE INQUIRIES ARE LESS EXTENSIVE THAN THOSE IN THE POLICY FOR INTERESTED PERSONS. ANNUALLY IN THE FALL, THE POLICIES ARE DISTRIBUTED AND ALL RECIPIENTS MUST DISCLOSE IN WRITING ALL POTENTIAL CONFLICTS OF INTEREST. CONFLICTS DISCLOSED ARE ADDRESSED IN ACCORDANCE WITH THE POLICIES, EITHER BY THE TRUSTEE AUDIT COMMITTEE, THE BOARD OF TRUSTEES OR THE CONFLICT OF INTEREST OFFICER, THE ACADEMY'S ASSISTANT HEAD OF SCHOOL FOR OPERATIONS AND FINANCE, CFO. THE POLICIES CLEARLY STATE THAT ALL RECIPIENTS OF THE POLICY ARE OBLIGED THROUGHOUT THE YEAR TO ABIDE BY ITS TERMS AND TO TAKE NO STEPS TO ENTER INTO ANY TRANSACTION WHICH MIGHT GIVE RISE TO A CONFLICT OF INTEREST WITHOUT FIRST DISCLOSING SUCH TRANSACTION TO AND RECEIVING APPROVAL TO ENTER INTO THE TRANSACTION FROM THE CONFLICT OF INTEREST OFFICER. DURING THE YEAR, IF APPROPRIATE, NEWLY-HIRED PERSONNEL ARE REQUIRED TO COMPLETE THE POLICY. DURING THE COURSE OF THE YEAR, IF THE CONFLICT OF INTEREST OFFICER BECOMES AWARE OF POTENTIAL CONFLICTS THROUGH ANY OTHER MEANS, HE INVESTIGATES THE TRANSACTION IN ACCORDANCE WITH THE POLICY AND MAINTAINS RECORDS TO EVIDENCE THE RESULTS OF HIS INVESTIGATION. FORM 990, PART VI, SECTION B, LINE 15: COMPENSATION OF THE ACADEMY'S HEAD OF SCHOOL, ITS ASSISTANT HEAD OF SCHOOL FOR OPERATIONS AND FINANCE, CFO, 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, WHICH IS A SUBSET OF THE FINANCE 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 ASSISTANT HEAD OF SCHOOL FOR OPERATIONS AND FINANCE, CFO'S COMPENSATION. THE COMPENSATION COMMITTEE REVIEWS APPROPRIATE EXECUTIVE COMPENSATION COMPARABILITY DATA INCLUDING SALARY COMPARISON SURVEYS FROM VARIOUS ENTITIES, INCLUDING BUT NOT LIMITED TO; THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS (NAIS), THE ASSOCIATION OF BUSINESS OFFICERS OF PREPARATORY SCHOOLS (ABOPS), OTHER INSTITUTIONS' CURRENT 990S, COLLEGE AND UNIVERSITY PERSONNEL ASSOCIATION (CUPA) AND SUMMARIES OF SURVEYS RECEIVED BY THE ACADEMY IN EXCHANGE FOR ITS PARTICIPATION IN THESE SURVEYS. THE COMPENSATION COMMITTEE CONFIRMS WITH THE BOARD THAT FORMAL AND TIMELY PERFORMANCE REVIEWS ARE COMPLETED FOR ALL SENIOR ADMINISTRATORS. THE COMPENSATION COMMITTEE PREPARES AND APPROVES MINUTES OF EACH MEETING, INCLUDING: TERMS AND DATE OF APPROVED COMPENSATION, COMMITTEE MEMBERS PRESENT AND VOTING, THE COMPARABILITY DATA AND THEIR SOURCES AND THE RATIONALE FOR DECISIONS MADE. FORM 990, PART VI, SECTION C, LINE 18: THE ACADEMY MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION THROUGH GUIDESTAR.ORG AND THROUGH THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE. FORM 990, PART VI, SECTION C, LINE 19: THE ACADEMY DOES NOT GENERALLY MAKE ITS GOVERNING DOCUMENTS AND ITS CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. IT WILL FURNISH ITS FINANCIAL STATEMENTS UPON REQUEST, EITHER VIA EMAIL OR IN HARD COPY THROUGH THE MAIL. FORM 990, PART XI, LINE 9: OTHER CHANGES IN NET ASSETS: UNREALIZED GAIN ON SWAP MARKET VALUE $3,129,891 CHANGE IN BAD DEBT EXPENSE ($712,158) CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS $2,823,326 ------------ TOTAL TO FORM 990, PART XI, LINE 9: $5,241,059 CHARITABLE TRUSTS (32) 180 MAIN STREET ANDOVER MA 01810 FUNDRAISING MA NA TRUST true SOF-VIII INVESTOR IV 21 THOMAS STREET BRISTOL BSI 6JS UK INVESTING UK NA C CORP 113213 330737 1.00000 true POOLED INCOME FUND (2) 180 MAIN STREET ANDOVER MA 01810 FUNDRAISING MA NA TRUST true false false true false false false false false false false false false false false false false false false true CHARITABLE LEAD TRUST - RECEIPT OF TRUST DIST S 361744 CASH CHARITABLE LEAD TRUST - RECEIPT OF TRUST DIST C 299950 CASH SCHEDULE R, PART IV: CHARITABLE TRUSTS ARE LOCATED IN THE FOLLOWING JURISDICTIONS: CA, FL, IL, MA, NC, NV, NY, PA, VA, AND WA.