2015-05-12T09:47:35-05:00 2014-06-30 PricewaterhouseCoopers LLP 125 High Street Boston MA 02110 990 2013-07-01 020222174 PHILLIPS EXETER ACADEMY % MERRIL A DWYER PHIL 6037724311 20 MAIN STREET Suite EXETER NH 038332460 DAVID HANSON CFO 6037724311 2015-05-11 true Erin Couture P01390592 6037724311 2013 2016-03-07 17:11:31Z THOMAS E HASSAN 20 MAIN STREET EXETER NH 038332460 462776938 false X WWW.EXETER.EDU X 1781 NH SEE SCHEDULE O. 20 18 1288 4445 3452277 15765028 23904289 53646504 56318515 74378626 88517005 1108785 1257378 144898943 169997187 20272738 21042497 0 0 49322875 51593485 0 0 5302249 32642944 36148274 102238557 108784256 42660386 61212931 1399135646 1511337203 132869389 140939420 1266266257 1370397783 X SEE SCHEDULE O. false false 88471207 19605872 49507318 SEE SCHEDULE O. 6050609 1436625 6799739 SEE SCHEDULE O. 1595350 744388 AUXILIARY ENTERPRISES INCLUDE STUDENT GRILL AND GYMSTORE WHICH SERVE STUDENTS DURING BOTH SUMMER AND REGULAR SESSIONS. 96117166 true true false true false false false true false true true true false false true true true false true false true false false false false false false false true true true false false false false false true true false true false true false false false false true true true false false true 595 0 true 1288 true true true false false false false true true false false false false X 20 18 false false false false false true false true true false false false true true true true true true true false CA NH OK X X MERRIL A DWYER 6037773436 20 MAIN STREET EXETER NH 038332460 X WOLE CCOAXUM TRUSTEE 2.0 X FLOBELLE BURDEN DAVIS TRUSTEE 2.0 X MARC CHOPIN DE LA BRUYERE TRUSTEE 2.0 X WALTER C DONOVAN TRUSTEE 2.0 X JOHN ADOWNER TRUSTEE 2.0 X MARK A EDWARDS TRUSTEE 2.0 X DAVID R HORN TRUSTEE 2.0 X G THOMPSON HUTTON PRESIDENT/TRUSTEE 2.0 X EUNICE JOHNSON PANETTA VICE PRESIDENT/TRUSTEE 2.0 X WILLIAM K RAWSON TRUSTEE 2.0 X NINA D RUSSELL MD TRUSTEE 2.0 X J DOUGLAS SMITH TRUSTEE 2.0 X REMY WHITE TRAFELET TRUSTEE 2.0 X THOMAS E HASSAN PRINCIPAL 38.0 X X 361922 0 134377 JENNIFER P HOLLERAN TRUSTEE 2.0 X DELLA SPRING TRUSTEE 2.0 X MORGAN C SZE TRUSTEE 2.0 X JONATHAN W GALASSI TRUSTEE 2.0 X DAVID E GOEL TRUSTEE 2.0 X KERRY LANDRETH REED TRUSTEE 2.0 X JUSTIN MERRILL INTERIM CFO 7/1/13 to 1/21/14 38.0 X 157944 0 33329 DAVID W HANSON CFO as of 1/21/14 38.0 X EDWARD W PROBERT DIR INSTITUTIONAL ADVANCEMENT 38.0 X 233344 0 49562 ROGER WAKEMAN DIR. FACILITIES MANAGEMENT 38.0 X 177843 0 39625 DIANE FANDRICH DIR. OF INFORMATION TECHNOLOGY 38.0 X 155953 0 19238 RONALD P SUDUIKO DIRECTOR OF MAJOR GIFTS 38.0 X 173621 0 56260 RONALD KIM DEAN OF FACULTY 38.0 X 151521 0 78744 CHRISTOPHER V WEJCHERT FORMER CFO Until 6/30/2013 38.0 X 126193 0 26902 1538341 0 438037 41 true true false HARVEY CONSTRUCTION COMPANY 10 HARVEY ROAD BEDFORD NH 03110 CONTRACT SERVICES 2426473 WINDOVER CONSTRUCTION 13 ELM STREET MANCHESTER NH 03101 CONTRACT SERVICES 2636398 CUTLER ASSOCIATES 43 HARVARD STREET WINCHESTER MA 01615 CONTRACT SERVICES 1470008 HINTZHOLMAN ROBILLARD 400 CONNELL DRIVE BERKLEY HEIGHTS NJ 07922 INVESTMENT SERVICES 1248259 MCLANEGRAFRAULERSON MIDDLETON 900 ELM STREET MANCHESTER NH 03101 LEGAL SERVICES 352845 21 23904289 6166756 23904289 STUDENT TUITION & FEES 611710 48774388 48774388 AUX. & SUMMER PROGRAMS 611710 7544127 7544127 56318515 7828300 3299339 4528961 0 0 513156 513156 0 513156 360218 152938 373146366 292457661 80688705 80688705 80688705 0 0 544244 322090 222154 222154 APPLICATION FEES 611710 105733 105733 BOOKSTORE COMMISSIONS 611710 149356 149356 TUITION REFUND INSURANCE 611710 109037 109037 157942 157942 522068 169997187 57051445 3452277 85589176 0 21042497 21042497 0 0 767744 251211 432796 83737 144497 144497 37213328 32375801 1673315 3164212 4229451 3770278 137098 322075 6505656 5885494 229341 390821 2732809 2377559 122882 232368 0 477565 477565 283648 283648 0 0 1821806 1821806 2078144 1727317 177289 173538 290057 253591 19547 16919 1570704 1355007 39849 175848 944464 833395 65357 45712 0 5153119 4206156 889703 57260 1095999 770193 23748 302058 0 737590 536908 127844 72838 1805165 1745602 37366 22197 0 9833736 9489977 215654 128105 1080325 734711 304919 40695 STUDENT RELATED EXPENSES 3153223 3029479 123744 FOOD/PROVISIONS 1998157 1998157 PLANT RELATED ACTIVITIES 3503949 3381461 76842 45646 MISCELLANEOUS EXPENSES 221102 152641 58887 9574 99521 55234 25641 18646 108784256 96117166 7364841 5302249 8453564 6506256 84552048 116482386 37316228 5064212 466742 580296 0 285153 0 0 4137 0 218169 218060 2747072 2492734 331486014 114949863 209083610 216536151 193641690 207660590 803957571 892020004 0 0 0 0 58694815 63491361 1399135646 1511337203 5583856 5926620 0 0 19607783 18696554 50000000 50000000 0 0 0 0 0 0 0 0 57677750 66316246 132869389 140939420 X 300433439 328654824 634726142 732990305 331106676 308752654 1266266257 1370397783 1399135646 1511337203 X 61212931 82153964 -39235369 X false true X true false X 12735963 28177981 21446108 15765028 23904289 102029369 0 0 12735963 28177981 21446108 15765028 23904289 102029369 10980453 91048916 3893325 3770583 6823167 8259050 4889179 27635304 0 772512 616281 686382 681670 693600 3450445 133115118 258447481 0.68399 0.00000 X SCHEDULE A, PART II, LINE 10 OTHER INCOME 2009 2010 2011 2012 2013 TOTAL ____ ____ ____ ____ ____ ______ $772,512 $616,281 $686,382 $681,670 $693,600 $3,450,445 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 104861 104861 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, THE STEPPINGSTONE FOUNDATION, NBOA, SCHOOL YEAR ABROAD, MOTION PICTURE LICENSING CORP, NACAC, THE SURVEY GROUP, 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 7/1/13 AND 6/30/14 WAS $104,861. THE PORTION OF MEMBERSHIP DUES ALLOCATED TO LOBBYING ACTIVITIES BY THESE ORGANIZATIONS IS NOT DETERMINABLE. X X X false 1128897000 -25828490 168716676 16794997 32010716 265848 1222713625 1037463274 120095 137918010 16834059 29506147 264173 1128897000 1048980009 6864697 24059288 15949758 26234480 256482 1037463274 936598421 12798975 137016912 14835919 22350028 248352 1048980009 916995589 3911704 55273508 14616377 24731868 234135 936598421 0.16000 0.25000 0.59000 true false 3591495 3591495 307553899 104213111 203340788 15046143 10736752 4309391 5294477 5294477 216536151 GLOBAL EQUITIES 171652516 F ABSOLUTE RETURN & LONG /SHORT 453400523 F PRIVATE EQUITY & REAL ESTATE 260023796 F OTHER 6943169 F 892020004 0 ANNUITIES & DEFERRED GIVING AR 32387249 ASSET RETIREMENT OBLIGATION 3404139 BOND INTEREST RATE SWAP 10965306 STUDENT ORGANIZATION FUNDS 120863 PENSION & OTHR EMPLYMNT RLTD 19438689 66316246 X 250424525 82153964 1621039 83775003 166649522 1953745 1393920 3347665 169997187 113967920 8209234 8209234 105758686 1953745 1071825 3025570 108784256 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. 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). AS OF JUNE 30, 2014 & 2013, THE ACADEMY DID NOT HAVE ANY UNCERTAIN TAX CONDITIONS. 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 REVENEUE 322,090 ASSET RETIREMENT OBLIGATION ADJ. 123,379 CHANGE IN VALUE OF FUNDS HELD FOR DEFERRED GIVING 740,570 PHASED RETIREMENT PLAN PV ADJ 435,000 ___________ TOTAL 1,621,039 FORM 990, SCHEDULE D, PART XI, LINE 4B AMOUNTS INCLUDED ON PART VIII, LINE 12, BUT NOT ON LINE 1 OTHER: SUMMER FINANCIAL AID NETTED AGAINST TUITION 1,393,920 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 7,172,467 INTEREST RATE SWAP ADJ. 1,033,431 STUDENT LOAN REVENUE 3,336 ___________ TOTAL 8,209,234 FORM 990, SCHEDULE D, PART XII, LINE 4B AMOUNTS INCLUDED ON PART IX, LINE 15, BUT NOT ON LINE 1 OTHER: SUMMER FINANCIAL AID NETTED AGAINST TUITION 1,393,920 COST OF SALES (322,090) MISC ( 5) ___________ TOTAL 1,071,825 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) Program Services STUDY PROGRAM 273720 East Asia and the Pacific Program Services STUDY PROGRAM 78397 South America Program Services STUDY PROGRAM 90788 Central America and the Caribbean Program Services STUDY PROGRAM 24734 North America Program Services STUDY PROGRAM 22201 Sub-Saharan Africa Program Services STUDY PROGRAM 32164 South Asia Program Services STUDY PROGRAM 21343 Central America and the Caribbean Program Services FACULTY DEVELOPMENT 2517 Europe (Including Iceland and Greenland) Program Services FACULTY DEVELOPMENT 458 East Asia and the Pacific Fundraising FUNDRAISING 67947 Europe (Including Iceland and Greenland) Fundraising FUNDRAISING 26526 North America Fundraising FUNDRAISING 1326 South America Fundraising FUNDRAISING 13189 Central America and the Caribbean Program Services STUDENT RECRUITMENT 1842 East Asia and the Pacific Program Services STUDENT RECRUITMENT 16117 Europe (Including Iceland and Greenland) Program Services STUDENT RECRUITMENT 2285 North America Program Services STUDENT RECRUITMENT 4747 South America Program Services STUDENT RECRUITMENT 10070 Central America and the Caribbean Investments 168726076 Europe (Including Iceland and Greenland) Investments 40727655 680301 209463801 210144102 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 514 18896042 FMV TUITION/FEES ASSIST. REGULAR SESSION OTHER AID 514 66908 642922 FMV OTHER FIN. ASSIST. SUMMER PROGRAM SCHOLARSHIPS 274 1418299 FMV TUITION/FEES ASSIST. SUMMER PROGRAM - OTHER AID 120 18326 FMV OTHER FINANCIAL AID 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 true true X X X X X false true false false false false false false false EDWARD W PROBERT DIR INSTITUTIONAL ADVANCEMENT 233206 0 0 0 138 0 28780 0 20782 0 282906 0 0 0 THOMAS E HASSAN PRINCIPAL 348511 0 0 0 13411 0 71649 0 62728 0 496299 0 0 0 CHRISTOPHER V WEJCHERT FORMER CFO Until 6/30/2013 126064 0 0 0 129 0 15592 0 11310 0 153095 0 0 0 ROGER WAKEMAN DIR. FACILITIES MANAGEMENT 177753 0 0 90 0 17898 0 21727 0 217468 0 0 0 DIANE FANDRICH DIR. OF INFORMATION TECHNOLOGY 155815 0 0 0 138 0 18698 0 540 0 175191 0 0 0 JUSTIN MERRILL INTERIM CFO 7/1/13 to 1/21/14 157890 0 0 0 54 0 16554 0 16775 0 191273 0 0 0 RONALD P SUDUIKO DIRECTOR OF MAJOR GIFTS 173225 0 0 0 396 0 21315 0 34945 0 229881 0 0 0 RONALD KIM DEAN OF FACULTY 150469 0 0 0 1052 0 17020 0 61724 0 230265 0 0 0 COMPENSATION INFORMATION SCHEDULE J, PART I, LINE 1 THE PRINCIPAL 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. THE FOLLOWING INDIVIDUALS HAVE MEMBERSHIPS TO UNIVERSITY CLUBS IN CONNECTION WITH THE ORGANIZATION'S BUSINESS PURPOSES AND INSTITUTIONAL ADVANCEMENT. THOMAS E. HASSAN EDWARD W. PROBERT SCHEDULE J, PART I, LINE 4B In connection with the Principal's employment agreement, the Principal will be 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 will be entitled to six months of his annual base salary; and (b) upon attaining ten full years of service he will be entitled to an additional six month of base salary. The Principal will not be entitled to payment if he is terminated for cause. For calendar year 2013, Phillips Exeter Academy accrued under the Agreement $41,049 which is included in Schedule J, Part II, Column (c). SCHEDULE J, PART II, COLUMN (D) RONALD SUDUIKO - NONTAXABLE BENEFITS INCLUDE THE VALUE OF TUITION REMISSION. RONALD KIM 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 2007-09-19 50000000 SEE PART VI false false false A 0 0 50322058 0 0 0 336409 0 0 24946437 25039212 0 2008 true false true true A false false false false 0 0.00553 0.00553 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 PROJECTS AND REFUNDING OF 2003 BOND SCHEDULE K, PART II, LINE 3 INCLUDES INTEREST EARNED OF $322,058. RONALD KIM FACULTY MORTGAGE X 303750 285153 false true true 285153 17445 TUIT. REMISSION TUITION REMISSION Matthew Rawson Son of W.Rawson, trustee 32341 COMPENSATION FOR INTERNSHIP false Leah Merrill Wife of J.Merrill,Int.CFO 110462 COMPENSATION AS AN INSTRUCTOR false SCHEDULE L, PART IV, LINES 1 & 2 INDIVIDUALS REPORTED WERE COMPENSATED IN ACCORDANCE WITH STANDARD ACADEMY POLICY FOR SERVICES PROVIDED TO THE ORGANIZATION. SCHEDULE L, PART IV, LINE 2 COMPENSATION REPORTED INCLUDES AN AMOUNT FOR HOUSING ALLOWANCE OF $39,529. FACULTY ARE REQUIRED TO LIVE ON CAMPUS AS A CONDITION OF EMPLOYMENT AND FOR THE CONVENIENCE OF THE EMPLOYER, TO PARTICIPATE IN ACTIVITIES WITH STUDENTS AND TO CONDUCT BUSINESS OUTSIDE OF NORMAL BUSINESS HOURS. X 218 6166756 FMV X TECHNOLOGY EQUIPMENT 5 0 N/A X MUSICAL INSTRUMENTS 4 0 N/A X RARE BOOKS & MANUSCRIPTS 2 0 N/A 2 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 2014, THE ACADEMY RECEIVED GIFTS OF TECHNOLOGY EQUIPMENT, MUSICAL INSTRUMENTS 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 2013-2014 WAS 1,060. 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 780 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. 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 27 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 PRESENTS THE FORM 990 TO THE AUDIT COMMITTEE FOR REVIEW AND COMMENT. THE COMPLETED FORM 990, EXCLUDING THE NAME OF ANONYMOUS DONORS, 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 $ 740,570 PENSION RELATED CHARGES OTHER THAN NET PERIODIC PENSION COST ($ 7,172,467) INTEREST RATE SWAP ADJUSTMENT ($ 1,033,431) OP/NONOP TRANSFERS ($32,327,017) MISCELLANEOUS $ 556,976 -------------- TOTAL ($39,235,369) 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 Investment DE EXCLUDED 1250277 16971270 false 0 false 0.54230 POOLED INCOME FUND (2) FUNDRAISING NH NA T false CHARITABLE REMAINDER TRUST (99) FUNDRAISING NA T false true false true false false false false false false false false false false false false false false false false MAP 2006(A) LP A 1376505 FMV PART IV, LINE (2), COLUMN (C) CA, DE, FL, IA, IL, IRELAND, MA, MN, NC, NH, NJ, NY, OH, PA, RI, TX, VA, VT, WI