2018-05-15T11:16:51-05:00 2017-06-30 PRICEWATERHOUSECOOPERS LLP 101 SEAPORT BLVD SUITE 500 BOSTON MA 02210 990 2016-07-01 020222174 PHILLIPS EXETER ACADEMY % MERRIL A DWYER PHIL 6037724311 20 MAIN STREET EXETER NH 038332460 DAVID W HANSON CHIEF FINANCIAL OFF. 2018-05-02 true ERIN COUTURE P01390592 6175305000 2016 2022-09-23 18:48:47Z LISA MACFARLANE 20 MAIN STREET EXETER NH 038332460 498837948 false X WWW.EXETER.EDU X 1781 NH SEE SCHEDULE O. 20 19 1272 4732 182857 -898063 47217066 20288108 58035663 59179063 85754077 64712435 1244836 1161170 192251642 145340776 23190536 23978764 0 0 55612643 57009578 0 0 5274563 38599523 43145101 117402702 124133443 74848940 21207333 1508967364 1622609153 183394589 174626481 1325572775 1447982672 X SEE SCHEDULE O. false false 98075182 22414029 51249621 SEE SCHEDULE O. 5813534 1564735 7463631 SEE SCHEDULE O. 1539853 1113365 AUXILIARY ENTERPRISES INCLUDE STUDENT GRILL AND GYMSTORE WHICH SERVE STUDENTS DURING BOTH SUMMER AND REGULAR SESSIONS. 105428569 true true false true false false false true false true true true false false true true true false true true true false false false false false false false true true true false false false false false false false false false false true false false false false true true true false false true 424 0 true 1272 true true true false false false false true true false false false false X 20 19 false false false false false true false true true false false true true true true true true true true false CA IN NH OK X X MERRIL A DWYER 6037773436 20 MAIN STREET EXETER NH 038332460 X WOLE C COAXUM TRUSTEE 2.0 0.0 X 0 0 0 MARC CHOPIN DE LA BRUYERE VICE PRESIDENT/TRUSTEE 2.0 0.0 X 0 0 0 WALTER C DONOVAN TRUSTEE 2.0 0.0 X 0 0 0 JOHN A DOWNER TRUSTEE 2.0 0.0 X 0 0 0 MARK A EDWARDS TRUSTEE 2.0 0.0 X 0 0 0 EUNICE JOHNSON PANETTA PRESIDENT/TRUSTEE 2.0 0.0 X 0 0 0 NINA D RUSSELL MD TRUSTEE 2.0 0.0 X 0 0 0 J DOUGLAS SMITH TRUSTEE 2.0 0.0 X 0 0 0 REMY WHITE TRAFELET TRUSTEE 2.0 0.0 X 0 0 0 JENNIFER P HOLLERAN TRUSTEE 2.0 0.0 X 0 0 0 MORGAN C SZE TRUSTEE 2.0 0.0 X 0 0 0 DAVID E GOEL TRUSTEE 2.0 0.0 X 0 0 0 KERRY LANDRETH REED TRUSTEE 2.0 0.0 X 0 0 0 DEIDRE O'BYRNE TRUSTEE 2.0 0.0 X 0 0 0 SALLY JUTABHA MICHAELS TRUSTEE 2.0 0.0 X 0 0 0 LISA MACFARLANE PRINCIPAL 38.0 0.0 X X 385057 0 79574 JACQUELINE J HAYES TRUSTEE (AS OF 7/1/16) 2.0 0.0 X 0 0 0 PETER M SCOCIMARA TRUSTEE (AS OF 7/1/16) 2.0 0.0 X 0 0 0 SERENA WILLE SIDES TRUSTEE (AS OF 7/1/16) 2.0 0.0 X 0 0 0 NANCY H WILDER TRUSTEE (AS OF 7/1/16) 2.0 0.0 X 0 0 0 EIICHIRO KUWANA TRUSTEE (THRU DECEMBER 2016) 2.0 0.0 X 0 0 0 DAVID W HANSON CFO 38.0 0.0 X 266383 0 40549 ROGER WAKEMAN DIR. FACILITIES MANAGEMENT 38.0 0.0 X 201544 0 46780 JUSTIN MERRILL DIRECTOR OF INVESTMENTS & FIN. 38.0 0.0 X 201592 0 45260 RONALD KIM ASSISTANT PRINCIPAL 38.0 0.0 X 195157 0 130868 MORGAN DUDLEY DIRECTOR INSTITUTIONAL ADV. 38.0 0.0 X 190838 0 41483 HAROLD BROWN DIRECTOR ALUMNI/AE & INTERNATL 38.0 0.0 X 202805 0 66232 THOMAS E HASSAN FORMER PRINCIPAL (END 8/31/15) 0.0 0.0 X 100209 0 15546 1743585 0 466292 56 true true false ARC 501 Boylston St Suite 401 BOSTON MA 02116 ARCHITECTURAL 1722029 CONSIGLI CONSTRUCTION 72 SUMMER STREET MILFORD MA 01757 CONTRACT SERVICES 5036049 HARVEY CONSTRUCTION CO 10 HARVEY ROAD BEDFORD NH 03110 CONTRACT SERVICES 2600956 DANIEL O'CONNELL SONS INC 800 KELLY WAY HOLYOKE MA 01040 CONTRACT SERVICES 2092029 TOD WILLIAMS BILLIE TSIEN ARCHITECT 222 CENTRAL PARK SOUTH NEW YORK NY 10019 ARCHITECTURAL 2893615 41 20288108 1267196 20288108 STUDENT TUITION & FEES 611710 50945113 50945113 AUX.& SUMMER PROGRAMS 611710 8233950 8233950 59179063 5463236 20366 5442870 0 0 505537 505537 0 505537 343046 162491 412407641 353158442 59249199 59249199 59249199 0 0 0 0 0 0 565746 338730 227016 227016 APPLICATION FEES 611710 110294 110294 BOOKSTORE COMMISSIONS 611710 124109 124109 TUITION REFUND INSURANCE 611710 60709 60709 133505 133505 428617 145340776 59826617 182857 65043194 0 23978764 23978764 0 0 789823 275848 422025 91949 46772 28063 9354 9354 40669633 34740119 2791998 3137516 4503360 3919301 276350 307709 7930596 7011812 457144 461640 3069394 2598005 236752 234636 0 5086424 5086424 283327 283327 0 0 801218 801218 2329614 1658028 540437 131150 248587 216007 26769 5811 1607070 1339620 155994 111456 1186934 1032600 104829 49505 0 5420985 4350050 1003267 67668 1319700 954098 77921 287681 0 668080 525835 102260 39986 2704658 2607473 57786 39399 0 10904380 10500918 239896 163566 1114532 698375 382467 33690 STUDENT RELATED EXPENSES 3403716 3322722 80994 FOOD/PROVISIONS 1993195 1993195 PLANT RELATED ACTIVITIES 3637195 3502619 80018 54558 MEMBERSHIP DUES 101852 57093 25059 19700 333634 118024 188022 27589 124133443 105428569 13430311 5274563 8952973 6936316 154440236 108611762 4362532 4752983 255734 1326070 266603 0 0 0 0 0 308896 310440 2529266 2397707 429249866 145968057 248335344 283281809 54318856 20866950 974959979 1125320672 0 0 0 0 60236945 68804444 1508967364 1622609153 9269252 11719710 0 0 18340177 19367127 80000000 80000000 0 0 0 0 0 0 0 0 75785160 63539644 183394589 174626481 X 321090584 362411089 689864108 757780489 314618083 327791094 1325572775 1447982672 1508967364 1622609153 X 21207333 85185845 16016719 X false true X true false X 15765028 23904289 23523287 47217066 20288108 130697778 0 0 15765028 23904289 23523287 47217066 20288108 130697778 18723217 111974561 8259050 4889179 6029981 4074521 5964319 29217050 0 681670 693600 678826 704272 689855 3448223 163363051 286352853 0.68543 0.70180 X SCHEDULE A, PART II, LINE 10 OTHER INCOME: 2012 2013 2014 2015 2016 Total ____ ____ ____ ____ ____ _____ 681,670 693,600 678,826 704,272 689,855 3,448,223 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 108121 108121 false LOBBYING ACTIVITIES SCHEDULE C, PART II-B, LINE 1i PHILLIPS EXETER ACADEMY IS A MEMBER OF THE ASSOCIATION OF BOARDING SCHOOLS, EIGHT SCHOOL ASSOCIATION, AISNE, CSEE, CASE, ISANNE, COLLEGE BOARD, NACUBO, NACUFS, NAFSA, ABOPS, CENTER FOR THE STUDY OF BOYS AND GIRLS, EXETER AREA CHAMBER OF COMMERCE, NBOA, SCHOOL YEAR ABROAD, NHMEA, NAIS, TABS AND NEASC. THESE ORGANIZATIONS MAY USE A PORTION OF MEMBERSHIP DUES TO LOBBY ON BEHALF OF THEIR MEMBERS. TOTAL MEMBERSHIP DUES PAID BETWEEN 7/1/16 AND 6/30/17 WAS $108,121. THE PORTION OF MEMBERSHIP DUES ALLOCATED TO LOBBYING ACTIVITIES BY THESE ORGANIZATIONS IS NOT DETERMINABLE. X X X false 1134211292 14225801 148329692 19256064 36778424 348002 1240384295 1211880961 2817644 -26494761 18477720 35169985 344847 1134211292 1222713625 1724889 38851062 17789300 33288082 331233 1211880961 1128897000 -25828490 168716676 16794997 32010716 265848 1222713625 1037463274 120095 137918010 16834059 29506147 264173 1128897000 0.16000 0.26000 0.58000 true false 3904495 3904495 360451841 131864047 228587794 17407622 14104010 3303612 47485908 47485908 283281809 GLOBAL EQUITIES 422834975 F ABSOLUTE RETURN & LONG /SHORT 470569488 F PRIVATE EQUITY & REAL ESTATE 225835262 F OTHER 6080947 F 1125320672 0 ANNUITIES & DEFERRED GIVING AR 31410953 ASSET RETIREMENT OBLIGATION 3079849 BOND INTEREST RATE SWAP 15540795 STUDENT ORGANIZATION FUNDS 155863 PENSION & OTHR EMPLYMNT RLTD 13352327 STUDENT INSURANCE PAYABLE -143 63539644 X 227834759 85185845 -890733 84295112 143539647 1801129 1801129 145340776 108522031 -12266318 -12266318 120788349 1801131 1543963 3345094 124133443 SCHEDULE D - SUPPLEMENTAL INFORMATION FORM 990, SCHEDULE D, 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, WHICH 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. FORM 990, SCHEDULE D, 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. FORM 990, SCHEDULE D, 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. FORM 990, SCHEDULE D, PART X - FIN 48 THE ACADEMY IS A TAX-EXEMPT ORGANIZATION ACCORDING TO THE INTERNAL REVENUE CODE SECTION 501(C)(3). HOWEVER, THE ACADEMY IS SUBJECT TO FEDERAL INCOME TAXES ON UNRELATED BUSINESS INCOME RELATED TO CERTAIN INVESTMENTS. AS OF JUNE 30, 2017 & 2016, THE ACADEMY DID NOT HAVE ANY UNCERTAIN TAX POSITIONS. FORM 990, SCHEDULE D, PART XI, LINE 2d AMOUNTS INCLUDED ON LINE 1, BUT NOT FORM 990, PART VIII, LINE 12 OTHER: COS netted against gross revenue 338,730 Asset retirement obligation adjustment (46,036) Change in value of funds for deferred giving (74,464) Summer Fin Aid netted against tuition (1,543,963) PV adjustments for phased ret plan 435,000 _____________ Total (890,733) FORM 990, SCHEDULE D, PART XII, LINE 2D AMOUNTS INCLUDED ON LINE 1, BUT NOT ON FORM 990, PART IX, LINE 25 Pension related charges other than net periodic pension cost (5,604,263) Interest Rate Swap Adjustment (7,001,203) Cost of Sales for Aux Ent 338,730 Student Loan Revenue (reported on Part IX 990) 418 _____________ Total (12,266,318) FORM 990, SCHEDULE D, PART XII, LINE 4B AMOUNTS INCLUDED ON PART IX, LINE 25, BUT NOT ON LINE 1 OTHER: SUMMER FINANCIAL AID NETTED AGAINST TUITION 1,543,963 ____________ TOTAL 1,543,963 true true true true true true true false false false false false false false false false false true RACIALLY NONDISCRIMINATORY POLICY SCHEDULE E, PART I, LINE 3 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. Europe (Including Iceland and Greenland) 7 Program Services STUDY PROGRAM 396774 Central America and the Caribbean Program Services STUDY PROGRAM 66825 East Asia and the Pacific Program Services STUDENT RECRUITMENT 1299 East Asia and the Pacific Program Services FACULTY DEVELOPMENT 3321 Sub-Saharan Africa Program Services STUDY PROGRAM 31296 Central America and the Caribbean Program Services FACULTY DEVELOPMENT 608 East Asia and the Pacific Fundraising 5132 East Asia and the Pacific Program Services STUDY PROGRAM 158352 Europe (Including Iceland and Greenland) Investments 2039 Europe (Including Iceland and Greenland) Fundraising 40155 Europe (Including Iceland and Greenland) Program Services ADMISSIONS RECRUITMENT 3346 Europe (Including Iceland and Greenland) Program Services FACULTY DEVELOPMENT 37465 North America Program Services FACULTY DEVELOPMENT 6516 North America Program Services STAFF DEVELOPMENT 2894 North America Program Services STUDY PROGRAM 2778 Russia and the Newly Independent States Program Services FACULTY DEVELOPMENT 12759 South America Program Services ADMISSIONS RECRUITMENT 4159 South America Program Services FACULTY DEVELOPMENT 11878 South America Program Services STUDY PROGRAM 108292 South Asia Program Services STUDY PROGRAM 111953 Sub-Saharan Africa Program Services FACULTY DEVELOPMENT 7135 Central America and the Caribbean Investments 321032807 Europe (Including Iceland and Greenland) Investments 36899897 North America Investments 855376 7 7 775718 359027338 359803056 true false true true true false SCHEDULE F, 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. true REGULAR SESSION SCHOLARSHIP 532 21227074 FMV Tuition Fees/Assista REGULAR SESSION OTHER AID 532 55681 1131274 FMV OTHER FIN. ASSIST. SUMMER PROGRAM SCHOLARSHIPS 273 1543963 FMV Tuition Fees/Assista SUMMER PROGRAM - OTHER AID 35 20772 FMV Other Financial Assi MONITORING GRANT FUNDS SCHEDULE I, PART I, LINE 2 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 true true X X X X X false false false false false false false false true true THOMAS E HASSAN FORMER PRINCIPAL (END 8/31/15) 58086 42123 4455 11091 115755 ROGER WAKEMAN DIR. FACILITIES MANAGEMENT 201454 90 23122 23658 248324 JUSTIN MERRILL DIRECTOR OF INVESTMENTS & FIN. 201532 60 23185 22075 246852 RONALD KIM ASSISTANT PRINCIPAL 193273 1884 21172 109696 326025 DAVID W HANSON CFO 266293 90 29943 10606 306932 LISA MACFARLANE PRINCIPAL 378998 6059 31800 47774 464631 MORGAN DUDLEY DIRECTOR INSTITUTIONAL ADV. 190623 215 23432 18051 232321 HAROLD BROWN DIRECTOR ALUMNI/AE & INTERNATL 202475 330 20312 45920 269037 COMPENSATION INFORMATION SCHEDULE J, PART I, LINE 1 THE PRINCIPAL, DIRECTOR OF ALUMNI/AE & INTERNATIONAL AFFAIRS AND ASSISTANT PRINCIPAL ARE REQUIRED TO 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 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 MACFARLANE'S TAXABLE COMPENSATION. THROUGH 6/30/16, THOMAS E. HASSAN HAD MEMBERSHIPS TO UNIVERSITY CLUBS IN CONNECTION WITH THE ORGANIZATION'S BUSINESS PURPOSES AND INSTITUTIONAL ADVANCEMENT. SCHEDULE J, PART II, COLUMN (D) RONALD KIM - NONTAXABLE BENEFITS INCLUDE THE VALUE OF TUITION REMISSION RONALD KIM, LISA MACFARLANE, AND HAROLD BROWN - NONTAXABLE BENEFITS INCLUDE THE VALUE OF ON-CAMPUS HOUSING PROVIDED FOR THE CONVENIENCE OF THE EMPLOYER. A NH HEALTH & EDUCATION FACILITIES AUTHORITY 020279866 644614SZ3 2016-04-01 80000000 SEE PART VI false false false A 0 0 80074879 0 0 0 490448 0 0 18594603 50000000 10989828 true false false true A false false false false 0 0.00240 0.00240 false false false true A false true true true BNY MELLON 34.25 false false false 0 false true A true SCHEDULE K, PART I, LINE A, COLUMN F BOND PURPOSE : CAPITAL CONSTRUCTION AND REFUNDING OF 2007 BOND SCHEDULE K, PART II, LINE 3 INCLUDES INTEREST EARNED OF $74,879 X 136 1267196 FMV X CLASS REUNION WINE 1 0 N/A X RARE BOOKS & MANUSCRIPTS 1 0 N/A X MUSICAL INSTRUMENTS 2 0 N/A X SWIM TEAM BANNERS 1 0 N/A false true false SCHEDULE M, PART I, COLUMN (B) THE NUMBER OF CONTRIBUTIONS ARE USED FOR REPORTING THE LIST OF NONCASH CONTRIBUTIONS. SCHEDULE M, PART I, LINE 33 THE ACADEMY DOES NOT RECOGNIZE REVENUES FOR GIFTS IN KIND OF THE TYPES LISTED IN PART I OF SCHEDULE M. IN 2017, THE ACADEMY RECEIVED GIFTS OF REUNION GIFTS, MUSICAL INSTRUMENTS, TEAM BANNERS AND BOOKS & MANUSCRIPTS. MISSION STATEMENT FORM 990, PART I, LINE 1 AND PART III, LINE 1 PHILLIPS EXETER ACADEMY, AN INDEPENDENT SECONDARY SCHOOL, CONTINUES THE COMMITMENT TO UNITE GOODNESS AND KNOWLEDGE. WITH A TOTAL ENROLLMENT OF MORE THAN 1,000 STUDENTS APPROXIMATELY 80 PERCENT OF WHOM ARE BOARDERS AND 20 PERCENT OF WHOM ARE DAY STUDENTS, THE SCHOOL SEEKS YOUNG PEOPLE WHO COMBINE PROVEN ACADEMIC ABILITY, INTELLECTUAL CURIOSITY, AND TENACITY WITH DECENCY AND GOOD CHARACTER. AT THE ACADEMY, EXACTING INQUIRY AND THOUGHTFUL DISCOURSE FOSTER THE LIFE OF THE MIND. INSTRUCTION AND ACTIVITY PROMOTE FITNESS AND HEALTH, AND THE DAILY INTERACTIONS OF A RESIDENTIAL SCHOOL NURTURE INTEGRITY, EMPATHY, AND KINDNESS. BECAUSE LEARNING AND GROWTH AT EXETER ARISE FROM EACH INDIVIDUAL'S ENGAGEMENT WITH OTHERS, THE RICHNESS OF EDUCATION REQUIRES DIVERSITY IN ALL ITS DIMENSIONS. STUDENTS AND FACULTY VALUE THE DIFFERENCES THEY BRING TO THE COMMUNITY THEY SHARE. THE CHALLENGES THAT STUDENTS MEET AT EXETER AND THE SUPPORT THEY RECEIVE HAVE A COMMON PURPOSE; TO STIMULATE THEIR DEVELOPMENT AS INDIVIDUALS AND AS MEMBERS OF SOCIETY. EXETER SEEKS TO GRADUATE YOUNG PEOPLE WHOSE CREATIVITY AND INDEPENDENCE OF THOUGHT SUSTAIN THEIR CONTINUING INQUIRY AND REFLECTION, WHOSE INTEREST IN OTHERS AND THE WORLD AROUND THEM SURPASSES THEIR SELF-CONCERN, AND WHOSE PASSION FOR LEARNING IMPELS THEM BEYOND WHAT THEY ALREADY KNOW. PROGRAM SERVICE ACCOMPLISHMENTS FORM 990, PART III, LINE 4A PHILLIP EXETER ACADEMY'S PRIMARY PROGRAM SERVICE IS THE EDUCATION OF STUDENTS IN GRADES 9 THROUGH 12 IN A FULLY RESIDENTIAL BOARDING SCHOOL ENVIRONMENT. ENROLLMENT FOR 2016-2017 WAS 1,079. 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, DUE TO INCREASING SPECIALIZATION AT THE COLLEGE LEVEL, EXETER VIEWS ITS CHARGE AS PROVIDING STUDENTS WITH A BROAD, LIBERAL ARTS PROGRAM. 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. FORM 990, PART III, LINE 4B PHILLIPS EXETER ACADEMY'S SUMMER SCHOOL: EVERY SUMMER PHILLIPS EXETER ACADEMY'S SUMMER SCHOOL, WHICH HAS BEEN IN OPERATION SINCE 1919, WELCOMES TO CAMPUS SOME 1,100 STUDENTS FOR FIVE WEEKS OF ACADEMIC STUDY, ATHLETICS, AND EXPLORATION THAT CARRY PARTICIPANTS FAR BEYOND THE CLASSROOMS AND THE PLAYING FIELDS. TYPICALLY, STUDENTS COME TO US FROM MORE THAN 40 STATES, AND 50 COUNTRIES. SUMMER TEACHERS' CONFERENCES: ONE-WEEK CONFERENCES ARE FOR SECONDARY TEACHERS FROM PUBLIC AND PRIVATE SCHOOLS. THE MATH, SCIENCE AND TECHNOLOGY CONFERENCE FEATURES SPEAKERS FROM THE U.S. AND THE U.K. THE CONFERENCE CAN COUNT TOWARDS GRADUATE CREDIT OR PROFESSIONAL DEVELOPMENT. THE CONFERENCE EXPLORES THE MATHEMATICS AND SCIENCE CURRICULA OF TODAY AND TOMORROW WITH SPECIAL FOCUS ON THE IMPACT OF TECHNOLOGY AND ITS APPLICATION IN THE CLASSROOM. PARTICIPANTS IN THE WRITER'S WORKSHOP COME AWAY FROM THIS FIVE-DAY WORKING PROGRAM ARMED WITH A MORE DEFINED AND PROFESSIONAL APPROACH TO TEACHING WRITING IN THE CLASSROOM, AND A PORTFOLIO OF NEW WORK FOR CONTINUED DEVELOPMENT. THE HUMANITIES INSTITUTE IS FOR SECONDARY SCHOOL ENGLISH AND HISTORY TEACHERS. IT IS DESIGNED TO EXPLORE THE USE OF STUDENT-CENTERED, DISCUSSION-BASED EDUCATION THAT IS LOOSELY DESCRIBED AS THE "HARKNESS METHOD" OF TEACHING. ENVIRONMENT LITERATURE INSTITUTE IS A COLLABORATION WITH THE ASSOCIATION FOR THE STUDY OF LITERATURE AND THE ENVIRONMENT (ASLE) AND IS DESIGNED TO ESTABLISH A COMMUNITY OF TEACHERS WORKING IN THE FIELD OF ENVIRONMENTAL HUMANITIES. EXETER DIVERSITY INSTITUTE IS A FIVE DAY CONFERENCE FOR HUMANITIES TEACHERS TO EXPLORE THE ROLE SOCIAL IDENTITY ISSUES PLAY IN A STUDENT-CENTERED HARKNESS CLASSROOM. TEACHERS LEARN TO BROADEN THEIR UNDERSTANDING OF THEMSELVES AS ENGLISH AND HISTORY TEACHERS FOR STUDENTS FROM DIVERGENT BACKGROUNDS. CONFERENCE ATTENDEES LIVE AND LEARN WITH TEACHERS FROM DIVERSE BACKGROUNDS: PUBLIC SCHOOLS, INDEPENDENT SCHOOLS, VETERANS AND NEWCOMERS. THE EXETER ASTRONOMY CONFERENCE IS A WEEKLONG MEETING OF SECONDARY SCHOOL ASTRONOMY EDUCATORS OF ALL LEVELS TO SHARE EXPERIENCES AS ASTRONOMY EDUCATORS, GENERATE LONG-TERM COLLABORATIONS, LEARN ABOUT CHANGES IN ASTRONOMY AND TO REVITALIZE AND REFRESH ASTRONOMY EDUCATORS. THE EXETER MATHEMATICS INSTITUTE (EMI) IS AN INTENSIVE, HANDS-ON, ONSITE PROFESSIONAL DEVELOPMENT PROGRAM FOR PUBLIC MIDDLE AND SECONDARY SCHOOL MATHEMATICS TEACHERS. RUN BY PHILLIPS EXETER ACADEMY'S MATHEMATICS DEPARTMENT, EMI CONSISTS OF LOCAL FOUR DAY WORKSHOPS OFFERED DURING THE SUMMER IN SEVEN DIFFERENT AMERICAN SCHOOL DISTRICTS AND IN LONDON, UK. GOVERNING BODY AND MANAGEMENT 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 GENERAL ALUMNI/AE ASSOCIATION (GAA) BOARD OF DIRECTORS CONSISTS OF 26 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 GAA OFFICERS WHICH CAN BE A PERIOD FROM 2-6 YEARS. FORM 990 REVIEW PROCESS FORM 990, PART VI, SECTION B, LINE 11 ONCE PHILLIPS EXETER'S FORM 990 IS COMPLETED, IT IS FIRST REVIEWED BY PHILLIPS EXETER ACADEMY'S INTERNAL MANAGEMENT AND OUTSIDE ADVISORS. FOLLOWING THAT REVIEW, PEA'S INTERNAL MANAGEMENT AND OUTSIDE ADVISORS PRESENT THE FORM 990 TO THE AUDIT COMMITTEE FOR REVIEW AND COMMENT. THE COMPLETED FORM 990 IS PROVIDED TO ALL MEMBERS OF THE BOARD OF TRUSTEES PRIOR TO THE FORM BEING FILED WITH THE IRS. CONFLICT OF INTEREST POLICY FORM 990, PART VI, SECTION B, LINE 12 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. 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. PROCESS FOR DETERMINING COMPENSATION 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. DISCLOSURE FORM 990, PART VI, SECTION C, LINE 19 PHILLIPS EXETER ACADEMY'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE TO THE PUBLIC UPON REQUEST. THE ORGANIZATION'S STATEMENT OF FINANCIAL POSITION AND STATEMENT OF ACTIVITIES ARE AVAILABLE ON THE ORGANIZATION'S WEBSITE IN THE ANNUAL FINANCIAL REPORT. RECONCILIATION OF CHANGE IN NET ASSETS FORM 990, PART XI, Other Changes, Line 9 Change in value of funds for deferred giving (74,464) Pension related charges other than net periodic pension cost 5,604,263 Op/Non Op Transfer (CJ) 3,751,137 Interest rate swap adjustment (EB) 7,001,203 Other Components of NP Pension Cost (653,666) Miscellaneous 388,246 _____________ Total Other Changes, Line 5 16,016,719 HEINZ EXETER SCHOLARSHIP FUND PO BOX 185 PITTSBURG PA 15201 251482044 SCHOLARSHIP PA 501(C)(3) PF NA false MSSC TRUST FBO PHILLIPS EXETER ACADEMY PO BOX 748 SULLIVANS ISLAND SC 29482 576114852 SCHOLARSHIP SC 501(C)(3) 12D, III-O NA false YOUCUM FAMILY PERPETUAL CHARITABLE TRUST 1100 N MARKET ST WILMINGTON DE 19890 237704439 SCHOLARSHIP PA 501(C)(3) 12O, III-O NA false TUW PHILENA R PEABODY-LLOYD 01-34608 PO BOX 803878 CHICAGO IL 60680 366088658 SCHOLARSHIP IL 501(C)(3) 12O, III-O NA false MAP 2006(A) LP 300 El Camino Real 5 Palo Alto Sq Palo Alto CA 94306 205046471 Energy Invest DE NA EXCLUDED 864903 14168228 false 0 false 0.54230 POOLED INCOME FUND (2) FUNDRAISING NH NA T CHARITABLE REMAINDER TRUST (98) SEE SCHEDULE R PART VII FOR LEGAL DOMICILE COLUMN C NH 038332460 FUNDRAISING NA T true false true false false false false false false false false false false false false false false false true MAP 2006(A) LP A 705576 FMV MAP 2006(A) LP S 546876 FMV PART IV, LINE (2), COLUMN (C) CA, DE, FL, IA, IL, IRELAND, MA, MN, NH, NJ, NY, OH, PA, RI, TX, VA, VT