2014-05-15T11:01:29-05:00 2013-06-30 PricewaterhouseCoopers LLP 125 High Street Boston MA 02110 990 2012-07-01 020222174 PHILLIPS EXETER ACADEMY % BONNIE V OLZACK PHIL 6037724311 20 MAIN STREET Suite EXETER NH 038332460 DAVID HANSON 6037724311 2014-05-14 true 6175305000 2012 2016-03-07 17:11:31Z THOMAS E HASSAN 20 MAIN STREET EXETER NH 038332460 430145115 false X WWW.EXETER.EDU X 1781 NH SEE SCHEDULE O. 20 19 1244 3695 721362 21446108 15765028 50548182 53646504 75045957 74378626 1129899 1108785 148170146 144898943 19030925 20272738 0 0 47144135 49322875 0 0 4951552 31963769 32642944 98138829 102238557 50031317 42660386 1295083866 1399135646 142781527 132869389 1152302339 1266266257 X SEE SCHEDULE O. false false 82215256 18893964 46589967 SEE SCHEDULE O. 6750042 1378774 6590403 SEE SCHEDULE O. 1250159 0 1044924 AUXILIARY ENTERPRISES INCLUDE STUDENT GRILL AND GYMSTORE WHICH SERVE STUDENTS DURING BOTH SUMMER AND REGULAR SESSIONS. 90215457 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 false true false false false true false false false false true false false false true 560 0 true 1244 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 NH X X BONNIE V OLZACK 6037773233 20 MAIN STREET EXETER NH 038332460 X FLOBELLE BURDEN DAVIS 2.0 X MARC CHOPIN DE LA BRUYERE 2.0 X WALTER C DONOVAN 2.0 X JONATHAN W GALASSI 2.0 X DAVID R HORN 2.0 X G THOMPSON HUTTON 2.0 X ALAN R JONES 2.0 X EUNICE JOHNSON PANETTA 2.0 X WILLIAM K RAWSON 2.0 X NINA D RUSSELL MD 2.0 X ROBERT SILBERMAN 2.0 X J DOUGLAS SMITH 2.0 X REMY WHITE TRAFELET 2.0 X THOMAS E HASSAN 38.0 X X 348143 0 90544 JOHN A DOWNER 2.0 X JENNIFER P HOLLERAN 2.0 X WOLE C COAXUM 2.0 0.0 X 0 0 0 MARK A EDWARDS 2.0 0.0 X 0 0 0 DELLA SPRING 2.0 0.0 X 0 0 0 MORGAN C SZE 2.0 0.0 X 0 0 0 CHRISTOPHER V WEJCHERT 38.0 X 247488 0 52129 WILLIAM C DAVISON 38.0 X 213751 0 42359 EDWARD W PROBERT 38.0 X 224905 0 86342 ROGER WAKEMAN 38.0 X 159371 0 42047 BEATRICE J QUINN 38.0 X 153119 0 25899 DIANE FANDRICH 38.0 0.0 X 150693 0 18607 1497470 0 357927 37 false true false HARVEY CONSTRUCTION COMPANY 10 HARVEY ROAD BEDFORD NH 03110 CONTRACT SERVICES 5553664 ARC 5 CAMBRIDGE CENTER 12 FLOOR CAMBRDIGE MA 02142 ARCHITECTURAL SVCS 831138 RIST-FROST SHUMWAY ENGINEERING 71 WATER STREET LACONIA NH 03246 ENGINEERING SERVICES 525984 BUILD-IT CONSTRUCTION SERVICES P O BOX 1610 SALEM NH 03079 CONTRACT SERVICES 413959 MILLER DYER SPEARS INC 99 CHAUNCEY STREET BOSTON MA 02111 Architectural Svcs 436947 22 15765028 1743894 15765028 STUDENT TUITION & FEES 611710 46285529 46285529 AUX. & SUMMER PROGRAMS 611710 7278555 7278555 PROGRAMMATIC GOVERNMENT GRANTS 611710 82420 82420 53646504 8512962 556132 7956830 0 0 467450 467450 0 467450 302220 165230 350794931 284929267 65865664 65865664 65865664 0 0 526415 316905 209510 209510 APPLICATION FEES 611710 111586 111586 BOOKSTORE COMMISSIONS 611710 155255 155255 INSURANCE PROCEEDS 611710 16811 16811 148173 148173 431825 144898943 54225294 721362 74187259 0 0 20272738 20272738 0 0 0 0 710593 243140 386407 81046 0 0 0 0 35848129 31153428 1759267 2935434 3762104 3326383 163280 272441 6404817 5724165 315004 365648 2597232 2257096 127461 212675 0 0 0 0 365678 0 365678 0 265102 0 265102 0 0 0 0 0 0 0 2291673 0 2291673 0 1914792 1553101 135722 225969 296296 267065 24132 5099 1672711 1431046 41761 199904 927902 813190 70212 44500 0 0 0 0 5049103 4872621 110700 65782 1159060 893982 24151 240927 0 0 0 0 652573 552930 9828 89815 1723294 1667087 35261 20946 0 0 0 0 8878830 8568452 194713 115665 962194 674034 254236 33924 STUDENT RELATED EXPENSES 2989100 2670710 318390 0 FOOD/PROVISIONS 1814554 1814554 0 0 PLANT RELATED ACTIVITIES 1332893 1286299 29230 17364 MISCELLANEOUS EXPENSES 261325 123796 129510 8019 85864 49640 19830 16394 102238557 90215457 7071548 4951552 5073882 8453564 129370144 84552048 43979051 37316228 504445 466742 0 0 0 0 74696 4137 481357 218169 2589512 2747072 314298564 105214954 197817740 209083610 167766078 193641690 694871350 803957571 0 0 0 0 52555611 58694815 1295083866 1399135646 5372628 5583856 0 0 19498699 19607783 50000000 50000000 0 0 0 0 0 0 0 0 67910200 57677750 142781527 132869389 X 263772579 300433439 560884734 634726142 327645026 331106676 1152302339 1266266257 1295083866 1399135646 X 42660386 65956415 2043812 3303305 X false true X true false X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 63296 63296 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, CENTER FOR SPIRITUAL & ETHICAL EDUCATION, 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, APPA, NAIS AND NEASC. THESE ORGANIZATIONS MAY USE A PORTION OF MEMBERSHIP DUES TO LOBBY ON BEHALF OF THEIR MEMBERS. TOTAL MEMBERSHIP DUES PAID BETWEEN 7/1/12 TO 6/30/13 WAS $63,296. THE PORTION OF MEMBERSHIP DUES ALLOCATED TO LOBBYING ACTIVITIES BY THESE ORGANIZATIONS IS NOT DETERMINABLE. X X X false 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 1101532186 23008716 -164670238 42638649 236426 916995589 0.16000 0.29000 0.55000 true false 3232695 3232695 286010604 95967388 190043216 14690532 9247566 5442966 10364733 10364733 209083610 GLOBAL EQUITIES 117659161 F ABSOLUTE RETURN & LONG /SHORT 419863561 F PRIVATE EQUITY & REAL ESTATE 258451267 F OTHER 7983582 F 803957571 0 ANNUITIES & DEFERRED GIVING AR 31322269 ASSET RETIREMENT OBLIGATION 3527518 BOND INTEREST RATE SWAP 9931875 STUDENT ORGANIZATION FUNDS 175200 PENSION & OTHR EMPLYMNT RLTD 12720888 57677750 X 217236281 65956415 6064018 72020433 145215848 -316905 -316905 144898943 98813718 316905 316905 98496813 2414475 1327269 3741744 102238557 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, 2013 & 2012, 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: PENSION $1,318,612 INTEREST RATE SWAP ADJUSTMENT $7,235,278 INVESTMENT MANAGEMENT EXPENSE ($2,414,475) ASSET RETIREMENT OBLIGATION $ 290,360 CHANGE IN VALUE OF FUNDS HELD FOR DEFERRED GIVING $ 519,929 PV ADJUSTMENT FOR PHASE RETIREMENT PLAN $ 435,000 SUMMER FINANCIAL AID NETTED AGAINST TUITION ($1,320,686) ------------ TOTAL $6,064,018 FORM 990, SCHEDULE D, PART XI, LINE 4B AMOUNTS INCLUDED ON PART VIII, LINE 12, BUT NOT ON LINE 1 OTHER: COST OF SALES NETTED AGAINST GROSS REVENUE ($ 316,905) FORM 990, SCHEDULE D, PART XII, LINE 2D AMOUNTS INCLUDED ON LINE 1, BUT NOT ON FORM 990, PART IX, LINE 25 COST OF SALES FOR AUX. ENTITIES $ 316,905 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 $1,320,686 STUDENT LOAN NET OF BAD DEBT ($ 5,033) OTHER $11,616 ------------ TOTAL $1,327,269 true true true true true true true false false false false false false false false true 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. FINANCIAL AID OR ASSISTANCE SCHEDULE E, PART I, LINE 6A PHILLIPS EXETER ACADEMY RECEIVES FEDERAL FUNDS THROUGH THE STATE OF NEW HAMPSHIRE DEPARTMENT OF EDUCATION, BUREAU OF NUTRITION FOR REIMBURSEMENTS FOR A PORTION OF OUR BREAKFAST AND LUNCH FOOD PROGRAM. IN 2013, THE ACADEMY RECEIVED USDA FOOD COMMODITIES AND $82,420 IN REIMBURSEMENTS. Europe (Including Iceland and Greenland) Program Services STUDY PROGRAM 256778 East Asia and the Pacific Program Services STUDY PROGRAM 69586 South America Program Services STUDY PROGRAM 120608 South Asia Program Services STUDY PROGRAM 119373 East Asia and the Pacific Program Services STUDENT RECRUITING 10881 Europe (Including Iceland and Greenland) Program Services STUDENT RECRUITING 6263 Central America and the Caribbean Program Services STUDENT RECRUITING 2559 North America Program Services STUDENT RECRUITING 2323 South America Program Services STUDENT RECRUITING 7365 East Asia and the Pacific Fundraising 80645 Europe (Including Iceland and Greenland) Fundraising 8168 North America Fundraising 4177 Central America and the Caribbean Investments 177061854 Europe (Including Iceland and Greenland) Investments 31491342 South Asia Send agents to seminar 4414 East Asia and the Pacific Send agents to seminar 11173 Sub-Saharan Africa Send agents to seminar 3523 Middle East and North Africa Program Services Prof. Development 68607 Europe (Including Iceland and Greenland) Program Services Student Programs 11388 Central America and the Caribbean Program Services Student Programs 24431 East Asia and the Pacific Program Services Student Programs 11462 East Asia and the Pacific Program Services Conference 9086 209261032 124974 209386006 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 503 18245644 FMV TUITION/FEES ASSIST. REGULAR SESSION OTHER AID 503 64436 583884 FMV OTHER FIN. ASSIST. SUMMER PROGRAM SCHOLARSHIPS 225 1362647 FMV TUITION/FEES ASSIST. SUMMER PROGRAM - OTHER AID 70 16127 FMV OTHER FINANCIAL ASST 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 false false false false false false false false WILLIAM C DAVISON 213493 0 0 0 258 0 26035 0 16324 0 256110 0 0 0 EDWARD W PROBERT 224717 0 0 0 188 0 27809 0 58533 0 311247 0 0 0 THOMAS E HASSAN 334412 0 0 0 13731 0 30000 0 60544 0 438687 0 0 0 CHRISTOPHER V WEJCHERT 247230 0 0 0 258 0 30000 0 22129 0 299617 0 0 0 ROGER WAKEMAN 159281 0 0 0 90 0 17898 0 24149 0 201418 0 0 0 BEATRICE J QUINN 152357 0 0 0 762 0 18346 0 7553 0 179018 0 0 0 DIANE FANDRICH 150555 0 0 0 138 0 18067 0 540 0 169300 0 0 0 COMPENSATION INFORMATION SCHEDULE J, PART I, LINE 1 THE PRINCIPAL IS 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 II, COLUMN (D) EDWARD W. PROBERT - NONTAXABLE BENEFITS INCLUDE THE VALUE OF TUITION REMISSION. 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 0.00000 0.00526 0.00526 false false false false A false true true true BNY Mellon 34.25 false false false 0 false false A false SCHEDULE K, PART I, LINE A, COLUMN F 0 BOND PURPOSE CAPITAL CONSTRUCTION PROJECTS AND REFUNDING OF 2003 BOND SCHEDULE K, PART II, LINE 3 0 INCLUDES INTEREST EARNED OF $322,058. SCHEDULE K, PART III, LINE 9; PART IV, LINE 7; & PART V 0 ON JANUARY 23, 2014 THE ORGANIZATION'S TRUSTEES APPROVED WRITTEN PROCEDURES IN CONNECTION WITH POST ISSUANCE COMPLIANCE FOR TAX EXEMPT BONDS. SUCH PROCEDURES ENCOMPASS COMPLIANCE IN THE AREAS OF REMEDIAL ACTION, IRC SEC. 148 AND USE OF THE IRS VOLUNTARY CLOSING AGREEMENT PROGRAM. Child 36785 TUIT. REMISSION TUIT. REMISSION X 134 1743894 FMV X TECHNOLOGY EQUIPMENT 8 0 N/A 0 false true false 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 2013, THE ACADEMY RECEIVED GIFTS OF TECHNOLOGY EQUIPMENT. 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 2012-2013 WAS 1,071. 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 1961, WELCOMES TO CAMPUS OVER 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, PUERTO RICO, WASHINGTON, D.C., AND SEVERAL DOZEN FOREIGN NATIONS. SUMMER TEACHERS' CONFERENCES: ONE-WEEK CONFERENCES ARE FOR SECONDARY TEACHERS. 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. THE SHAKESPEARE CONFERENCE IS DESIGNED FOR TEACHERS LOOKING FOR NEW WAYS TO TEACH SHAKESPEARE. 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 ONE-WEEK WORKSHOPS OFFERED DURING THE SUMMER IN FIVE TO SIX 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 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 $ 519,929 PENSION RELATED CHARGES OTHER THAN NET PERIODIC PENSION COST $ 1,318,612 INTEREST RATE SWAP ADJUSTMENT $ 7,235,278 OP/NONOP TRANSFERS ($ 6,503,107) MISCELLANEOUS $ 732,593 -------------- TOTAL $ 3,303,305 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 198900001 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 POOLED INCOME FUND (2) FUNDRAISING NH NA T false CHARITABLE REMAINDER TRUST (100) FUNDRAISING NA T false false false true false false false false false false false false false false false false false false false false 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