2017-05-12T08:08:12-05:00 2016-06-30 PricewaterhouseCoopers LLP 101 SEAPORT BLVD SUITE 500 BOSTON MA 02210 990 2015-07-01 020222174 PHILLIPS EXETER ACADEMY % MERRIL A DWYER PHIL 6037724311 20 MAIN STREET EXETER NH 038332460 DAVID W HANSON CFO 6037773436 2017-05-11 true ERIN COUTURE P01390592 6175305000 2015 2021-01-29 14:40:06Z LISA MACFARLANE 20 MAIN STREET EXETER NH 038332460 487310046 false X WWW.EXETER.EDU X 1781 NH SEE SCHEDULE O. 21 20 1271 4388 1046350 -286831 23523287 47217066 56966864 58035663 53723159 85754077 1180405 1244836 135393715 192251642 22458216 23190536 0 0 55023517 55612643 0 0 4896670 35762334 38599523 113244067 117402702 22149648 74848940 1518753532 1508967364 146978469 183394589 1371775063 1325572775 X SEE SCHEDULE O. false false 94212970 21520124 50290127 SEE SCHEDULE O. 6311062 1670412 7269223 SEE SCHEDULE O. 1613140 1159409 AUXILIARY ENTERPRISES INCLUDE STUDENT GRILL AND GYMSTORE WHICH SERVE STUDENTS DURING BOTH SUMMER AND REGULAR SESSIONS. 102137172 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 true false false false false true false false false false true true true false false true 566 0 true 1271 true true true false false false false true true false false false false X 21 20 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 FLOBELLE BURDEN DAVIS 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 WILLIAM K RAWSON 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 THOMAS E HASSAN FORMER PRINCIPAL (END 8/31/15) 38.0 0.0 X X 465336 0 85030 JENNIFER P HOLLERAN TRUSTEE 2.0 0.0 X 0 0 0 MORGAN C SZE TRUSTEE 2.0 0.0 X 0 0 0 JONATHAN W GALASSI 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 MITCHELL BRADBURY TRUSTEE 2.0 0.0 X 0 0 0 DEIDRE O'BYRNE TRUSTEE 2.0 0.0 X 0 0 0 EIICHIRO KUWANA TRUSTEE(AS OF 7/1/15) 2.0 0.0 X 0 0 0 SALLY JUTABHA MICHAELS TRUSTEE (AS OF 7/1/15) 2.0 0.0 X 0 0 0 LISA MACFARLANE PRINCIPAL (START 9/1/15) 38.0 0.0 X X 140179 0 24779 DAVID W HANSON CFO 38.0 0.0 X 258164 0 39427 ROGER WAKEMAN DIR. FACILITIES MANAGEMENT 38.0 0.0 X 197871 0 44039 JUSTIN MERRILL DIRECTOR OF INVESTMENTS & FIN. 38.0 0.0 X 197777 0 43201 RONALD KIM DEAN OF FACULTY/ASST PRINCIPAL 38.0 0.0 X 185456 0 112989 DIANE FANDRICH DIRECTOR ITS 38.0 0.0 X 163368 0 20163 HAROLD BROWN DIRECTOR ALUMNI/AE & INTERNATL 38.0 0.0 X 224595 0 70082 1832746 0 439710 56 false true false CUTLER ASSOCIATES 43 HARVARD STREET WINCHESTER MA 01615 CONTRACT SERVICES 3562573 ARC 501 Boylston St Suite 401 BOSTON MA 02116 ARCHITECTURAL 1401088 ENGELBERTH CONSTRUCTION 463 MTVIEW DRIVE COLCHESTER VT 05446 CONTRACT SERVICES 2628741 CONSIGLI CONSTRUCTION 72 SUMMER STREET MILFORD MA 01757 CONTRACT SERVICES 2516903 QUIRK CONSTRUCTION 1 MARTEL WAY GEORGETOWN MA 01833 CONTRACT SERVICES 1175717 29 47217066 1245450 47217066 STUDENT TUITION & FEES 611710 49989342 49989342 AUX.& SUMMER PROGRAMS 611710 8046321 8046321 58035663 3692211 864257 2827954 0 0 563195 563195 0 563195 381102 182093 376795645 294733779 82061866 82061866 82061866 0 0 561356 324625 236731 236731 APPLICATION FEES 611710 103055 103055 BOOKSTORE COMMISSIONS 611710 142916 142916 TUITION REFUND INSURANCE 611710 71193 71193 127746 127746 444910 192251642 58718759 1046350 85269467 0 23190536 23190536 0 0 838631 320120 411805 106707 0 39483963 34285001 2332023 2866938 4395070 3903343 217952 273775 8004831 7136064 433805 434962 2890148 2490027 191903 208218 0 2542037 2542037 375307 375307 0 0 942942 942942 2503148 1546243 618540 338365 227765 210450 16663 652 1558024 1321571 154193 82260 1145595 1009168 85972 50455 0 5873626 4875660 926259 71707 876156 681325 59276 135555 0 748446 626057 80493 41896 1982422 1914970 40547 26905 0 10421448 10050444 223019 147985 1139126 727895 373611 37620 STUDENT RELATED EXPENSES 3180090 3122081 58009 FOOD/PROVISIONS 2044398 2044398 PLANT RELATED ACTIVITIES 2601509 2508896 55672 36941 MEMBERSHIP DUES 92238 55012 23655 13571 345246 117911 205177 22158 117402702 102137172 10368860 4896670 6326520 8952973 130042056 154440236 3857710 4362532 533040 255734 352581 266603 0 0 0 0 297775 308896 2744405 2529266 383599052 135263708 226626379 248335344 68513394 54318856 1016372675 974959979 0 0 0 0 63086997 60236945 1518753532 1508967364 6951905 9269252 0 0 20140942 18340177 50000000 80000000 0 0 0 0 0 0 0 0 69885622 75785160 146978469 183394589 X 330673571 321090584 729255453 689864108 311846039 314618083 1371775063 1325572775 1518753532 1508967364 X 74848940 -110711548 -10339680 X false true X true false X 21446108 15765028 23904289 23523287 47217066 131855778 0 0 21446108 15765028 23904289 23523287 47217066 131855778 15794885 116060893 6823167 8259050 4889179 6029981 4074521 30075898 0 686382 681670 693600 678826 704272 3444750 165376426 278759047 0.70180 0.70151 X SCHEDULE A, PART II, LINE 10 OTHER INCOME 2011 2012 2013 2014 2015 TOTAL ____ ____ ____ ____ ____ _____ $686,382 $681,670 $693,600 $678,826 $704,272 $3,444,750 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 97752 97752 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, A BETTER CHANCE, CSEE, CASE, ISANNE, COLLEGE BOARD, SCHOOL NUTRITION ASSOCIATION, NACUBO, NACUFS, NAFSA, AMERICAN PSYCHOLOGICAL ASSOCIATION, ABOPS, AMERICAN ACADEMY OF PEDIATRICS, EXETER AREA CHAMBER OF COMMERCE, NBOA, SCHOOL YEAR ABROAD, MOTION PICTURE LICENSING CORP, NACAC, 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 7/1/15 and 6/30/16 was $97,752. THE PORTION OF MEMBERSHIP DUES ALLOCATED TO LOBBYING ACTIVITIES BY THESE ORGANIZATIONS IS NOT DETERMINABLE. X X X false 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 1048980009 6864697 24059288 15949758 26234480 256482 1037463274 0.16000 0.28000 0.56000 true false 3904495 3904495 340697122 122073149 218623973 16563678 13190559 3373119 22433757 22433757 248335344 GLOBAL EQUITIES 306484880 F ABSOLUTE RETURN & LONG /SHORT 428343447 F PRIVATE EQUITY & REAL ESTATE 233562983 F OTHER 6568669 F 974959979 0 ANNUITIES & DEFERRED GIVING AR 31238944 ASSET RETIREMENT OBLIGATION 3033813 BOND INTEREST RATE SWAP 22541998 STUDENT ORGANIZATION FUNDS 130314 PENSION & OTHR EMPLYMNT RLTD 18833911 STUDENT INSURANCE PAYABLE 6180 75785160 X 77117211 -110711548 -2579494 -113291042 190408253 1843389 1843389 192251642 120841816 6938016 6938016 113903800 1843389 1655513 3498902 117402702 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, 2016 & 2015, 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: COGS: NETTED AGAINST REVENUE 324,625 ASSET RETIREMENT OBLIGATION ADJ. 189,894 CHANGE IN VALUE OF FUNDS HELD FOR DEFERRED GIVING -1,873,502 PHASED RETIREMENT PLAN PV ADJ 435,000 SUMMER FINANCIAL AID NETTED AGAINST TUITION -1,655,511 ______________ TOTAL -2,579,494 FORM 990, SCHEDULE D, PART XII, LINE 2D AMOUNTS INCLUDED ON LINE 1, BUT NOT ON FORM 990, PART IX, LINE 25 PENSION RELATED CHANGES -1,711,206 INTEREST RATE SWAP ADJ. 8,373,855 STUDENT LOAN REVENUE 742 TRANS TO PLANT RESERVE -50,000 COST OF GOODS SOLD 324,625 ____________ TOTAL 6,938,016 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 1,655,513 ____________ TOTAL 1,655,513 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 317644 Sub-Saharan Africa Program Services STUDY PROGRAM 44541 South America Program Services STUDY PROGRAM 87906 Central America and the Caribbean Program Services FACULTY DEVELOPMENT 4074 Europe (Including Iceland and Greenland) Program Services STUDENT RECRUITMENT 7456 East Asia and the Pacific Program Services STUDY PROGRAM 95670 Russia and the Newly Independent States 1 Program Services STUDY PROGRAM 10568 Sub-Saharan Africa Fundraising 3600 East Asia and the Pacific Fundraising 70468 Europe (Including Iceland and Greenland) Fundraising 87011 North America Fundraising 2187 East Asia and the Pacific Program Services FACULTY DEVELOPMENT 8401 East Asia and the Pacific Program Services STUDENT RECRUITMENT 22209 Europe (Including Iceland and Greenland) Program Services FACULTY DEVELOPMENT 25530 Middle East and North Africa Program Services FACULTY DEVELOPMENT 2488 North America Program Services FACULTY DEVELOPMENT 2052 Sub-Saharan Africa Program Services FACULTY DEVELOPMENT 9498 Central America and the Caribbean Investments 355610847 Europe (Including Iceland and Greenland) Investments 36831118 8 8 801303 392441965 393243268 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 526 20724615 FMV Tuition Fees/Assista REGULAR SESSION OTHER AID 526 60291 735218 FMV OTHER FIN. ASSIST. SUMMER PROGRAM SCHOLARSHIPS 268 1665163 FMV Tuition Fees/Assista SUMMER PROGRAM - OTHER AID 47 5249 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 true false false false false false false true true THOMAS E HASSAN FORMER PRINCIPAL (END 8/31/15) 257536 0 0 0 207800 0 31800 0 53230 0 550366 0 199138 0 ROGER WAKEMAN DIR. FACILITIES MANAGEMENT 197781 0 0 0 90 0 22672 0 21367 0 241910 0 0 0 JUSTIN MERRILL DIRECTOR OF INVESTMENTS & FIN. 197717 0 0 0 60 0 22733 0 20468 0 240978 0 0 0 RONALD KIM DEAN OF FACULTY/ASST PRINCIPAL 183572 0 0 0 1884 0 19836 0 93153 0 298445 0 0 0 DAVID W HANSON CFO 258074 0 0 0 90 0 29527 0 9900 0 297591 0 0 0 LISA MACFARLANE PRINCIPAL (START 9/1/15) 126893 0 0 0 13286 0 11628 0 13151 0 164958 0 0 0 DIANE FANDRICH DIRECTOR ITS 163230 0 0 0 138 0 19588 0 575 0 183531 0 0 0 HAROLD BROWN DIRECTOR ALUMNI/AE & INTERNATL 224337 0 0 0 258 0 22243 0 47839 0 294677 0 0 0 COMPENSATION INFORMATION SCHEDULE J, PART I, LINE 1 THE PRINCIPAL, DIRECTOR OF ALUMNI/AE & INTERNATIONAL AFFAIRS AND DEAN OF FACULTY 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. THOMAS E. HASSAN OCCUPIED THE ON-CAMPUS RESIDENCE THROUGH JULY 31, 2015. THE NEW PRINCIPAL, LISA MACFARLANE, HAS OCCUPIED THE PREMISES SINCE SEPTEMBER 1, 2015. 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 INCLUDE IN PRINCIPAL MACFARLANE'S TAXABLE COMPENSATION. THE FOLLOWING INDIVIDUAL HAD MEMBERSHIPS TO UNIVERSITY CLUBS IN CONNECTION WITH THE ORGANIZATION'S BUSINESS PURPOSES AND INSTITUTIONAL ADVANCEMENT. THOMAS E. HASSAN SCHEDULE J, PART I, LINE 4B IN CONNECTION WITH THE FORMER PRINCIPAL'S EMPLOYMENT AGREEMENT, THE PRINCIPAL WAS ENTITLED TO CONTINUATION OF HIS ANNUAL BASE SALARY UPON TERMINATION OR EXPIRATION OF HIS EMPLOYMENT AGREEMENT IN ACCORDANCE WITH THE FOLLOWING: (A) UPON ATTAINING FIVE FULL YEARS OF SERVICE AS PRINCIPAL HE WAS ENTITLED TO SIX MONTHS OF HIS ANNUAL BASE SALARY; AND (B) UPON ATTAINING TEN FULL YEARS OF SERVICE HE WAS ENTITLED TO AN ADDITIONAL SIX MONTHS OF HIS BASE SALARY. THE PRINCIPAL WAS NOT ENTITLED TO PAYMENT IF HE IS TERMINATED FOR CAUSE. EFFECTIVE JUNE 30, 2014, THE ACADEMY ENTERED INTO A REVISED ARRANGEMENT WITH THE PRINCIPAL THAT SUPERSEDED THE ABOVE IN CONNECTION WITH THE ADDITIONAL 6 MONTHS OF HIS BASE SALARY UPON OBTAINING TEN FULL YEARS OF SERVICES. UNDER THE REVISED AGREEMENT, SUCH PAYMENTS VESTED JUNE 30, 2015. FOR CALENDAR YEAR 2015, PHILLIPS EXETER ACADEMY PAID $193,033 UNDER THIS ARRANGEMENT WHICH IS INCLUDED IN SCHEDULE J, PART II, COLUMN (B)(III). AMOUNTS ACCRUED UNDER THIS AGREEMENT IN PRIOR YEARS ARE INCLUDED IN SCHEDULE J, PART II, COLUMN (F). SCHEDULE J, PART I, LINE 8 THE ACADEMY ENTERED INTO A CONTRACT WITH NEW PRINCIPAL LISA MACFARLANE EFFECTIVE JULY 1, 2015 THAT QUALIFIES FOR THE INITIAL CONTRACT EXCEPTION UNDER TREASURY REGULATION SECTION 53.4958-4(A)(3). SCHEDULE J, PART II, COLUMN (D) RONALD KIM - NONTAXABLE BENEFITS INCLUDE THE VALUE OF TUITION REMISSION RONALD KIM, LISA MACFARLANE, HAROLD BROWN AND THOMAS E. HASSAN - 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 80009652 0 0 0 490448 0 0 7264621 50000000 22254583 true false false true A false false false false 0 0.00371 0.00371 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 $9,652 THOMAS E HASSAN FORMER PRINCIPAL TAXES X 4692 1564 false true true 1564 X 132 1245450 FMV X CLASS REUNION WINE 1 0 N/A X RARE BOOKS & MANUSCRIPTS 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 2016, THE ACADEMY RECEIVED GIFTS OF REUNION GIFTS, AND RARE 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 2015-2016 WAS 1,084. 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 1180 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 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 EIGHT DIFFERENT AMERICAN SCHOOL DISTRICTS. 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 1-6 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, LINE 9 CHANGE IN VALUE IN FUNDS HELD FOR DEFERRED GIVING $ (1,873,502) PENSION RELATED CHARGES OTHER THAN NET PERIODIC PENSION COST $1,711,206 INTEREST RATE SWAP ADJUSTMENT ($ 8,373,855) OP/NONOP TRANSFERS ($ 2,479,325) MISCELLANEOUS $ 675,796 -------------- TOTAL ($ 10,339,680) 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) 11D, III-O NA false YOUCUM FAMILY PERPETUAL CHARITABLE TRUST 1100 N MARKET ST WILMINGTON DE 19890 237704439 SCHOLARSHIP PA 501(C)(3) 11O, III-O NA false TUW PHILENA R PEABODY-LLOYD 01-34608 PO BOX 803878 CHICAGO IL 60680 366088658 SCHOLARSHIP IL 501(C)(3) 11O, 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 340959 14705333 false 0 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 MAP 2006(A) LP A 1131093 FMV PART IV, LINE (2), COLUMN (C) CA, DE, FL, IA, IL, IRELAND, MA, MN, NH, NJ, NY, OH, PA, RI, TX, VA, VT