2013-05-14T16:34:44-05:00 2012-06-30 PricewaterhouseCoopers LLP 125 High Street Boston MA 02110 990 2011-07-01 020222174 PHILLIPS EXETER ACADEMY % BONNIE V OLZACK PHIL 6037724311 20 MAIN STREET EXETER NH 038332460 CHRISTOPHER V WEJCHERT 2013-05-07 true 6175305000 2011 2016-03-07 17:11:31Z THOMAS E HASSAN 20 MAIN STREET EXETER NH 038332460 414165881 false X WWW.EXETER.EDU X 1781 NH SEE SCHEDULE O. 19 18 1218 3827 -448709 -749556 28177981 21446108 47684164 50548182 17149378 75045957 1460267 1129899 94471790 148170146 18776135 19030925 0 0 46730714 47144135 0 0 4706508 32829540 31963769 98336389 98138829 -3864599 50031317 1297006603 1295083866 125513655 142781527 1171492948 1152302339 X SEE SCHEDULE O. false false 79150796 17763000 43839570 SEE SCHEDULE O. 5378060 1267925 6222054 SEE SCHEDULE O. 1477495 0 1064537 AUXILIARY ENTERPRISES INCLUDE STUDENT GRILL AND GYMSTORE WHICH SERVE STUDENTS DURING BOTH SUMMER AND REGULAR SESSIONS. 86006351 true true false true 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 true false true true false false false true true true true false true 622 0 true 1218 true true true false false false false true true false false false false X 19 18 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 DAVID O BEIM 2.0 X 0 0 0 FLOBELLE BURDEN DAVIS 2.0 X 0 0 0 MARC CHOPIN DE LA BRUYERE 2.0 X 0 0 0 WALTER C DONOVAN 2.0 X 0 0 0 JONATHAN W GALASSI 2.0 X 0 0 0 DAVID R HORN 2.0 X 0 0 0 G THOMPSON HUTTON 2.0 X 0 0 0 ALLAN R JONES 2.0 X 0 0 0 SALLY JUTABHA MICHAELS 2.0 X 0 0 0 EUNICE JOHNSON PANETTA 2.0 X 0 0 0 WILLIAM K RAWSON 2.0 X 0 0 0 NINA D RUSSELL MD 2.0 X 0 0 0 ROBERT SILBERMAN 2.0 X 0 0 0 J DOUGLAS SMITH 2.0 X 0 0 0 REMY WHITE TRAFELET 2.0 X 0 0 0 MORRISON D WEBB 2.0 X 0 0 0 THOMAS E HASSAN 38.0 X X 332309 0 110943 JOHN A DOWNER 2.0 X 0 0 0 JENNIFER P HOLLERAN 2.0 X 0 0 0 CHRISTOPHER V WEJCHERT 38.0 X 239870 0 49777 WILLIAM C DAVISON 38.0 X 204911 0 40160 EDWARD W PROBERT 38.0 X 209916 0 77726 ROGER WAKEMAN 38.0 X 154593 0 40243 BEATRICE J QUINN 38.0 X 147631 0 25556 CATHERINE ANATONE 38.0 X 141074 0 33378 1430304 0 377783 38 false true false HARVEY CONSTRUCTION COMPANY 10 HARVEY ROAD BEDFORD NH 03110 CONTRACT SERVICES 2922035 SHAWMUT CONSTRUCTION 5 CAMBRIDGE CENTER CAMBRIDGE MA 02142 ARCHITECTURAL SVCS 2650920 ARC 5 CAMBRIDGE CENTER 12 FLOOR CAMBRDIGE MA 02142 ARCHITECTURAL SVCS 1404383 RIST-FROST SHUMWAY ENGINEERING 71 WATER STREET LACONIA NH 03246 ENGINEERING SERVICES 536785 PREISNER CONSTRUCTION 400 WINNACUNNET ROAD HAMPTON NH 03842 CONTRACT SERVICES 490529 29 21446108 1889047 21446108 STUDENT TUITION & FEES 611710 43495368 43495368 AUX. & SUMMER PROGRAMS 611710 6975296 6975296 PROGRAMMATIC GOVERNMENT GRANTS 611710 77518 77518 50548182 5874750 -637122 6511872 0 0 499708 499708 499708 311295 188413 334844067 265672860 69171207 69171207 69171207 0 0 514519 322875 191644 191644 APPLICATION FEES 611710 128922 128922 BOOKSTORE COMMISSIONS 611710 171863 171863 MISCELLANEOUS 611710 137762 137762 438547 148170146 51126161 -448709 76046586 0 19030925 19030925 0 0 687898 244094 362440 81364 2157 2157 33996115 29650990 1567869 2777256 3829799 3395929 156555 277315 6198685 5551032 295570 352083 2429481 2118983 112038 198460 0 411717 411717 232753 232753 0 0 2864243 2864243 1595636 1216439 206713 172484 320560 291521 18702 10337 1613500 1344538 86706 182256 1061993 929790 76719 55484 0 5269684 5085557 115489 68638 897408 618725 21609 257074 0 844504 656546 119846 68112 1681241 1626627 34262 20352 0 7910887 7634542 173363 102982 857976 596748 230185 31043 STUDENT RELATED EXPENSES 2737511 2622138 115373 FOOD/PROVISIONS 1765923 1765923 PLANT RELATED ACTIVITIES 1610157 1553911 35285 20961 MISCELLANEOUS EXPENSES 205399 22727 171486 11186 82677 46509 17047 19121 98138829 86006351 7425970 4706508 5704566 5073882 38737778 129370144 43528377 43979051 550817 504445 65780 0 0 0 55624 74696 477307 481357 2250277 2589512 294173398 96355658 184743511 197817740 166268523 167766078 799285829 694871350 0 0 0 0 55338214 52555611 1297006603 1295083866 5129812 5372628 0 0 17584268 19498699 50000000 50000000 0 0 0 0 0 0 0 0 52799575 67910200 125513655 142781527 X 262431875 263772579 587208605 560884734 321852468 327645026 1171492948 1152302339 1297006603 1295083866 X 50031317 -69221926 X false true true X false X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 56562 56562 false LOBBYING ACTIVITIES SCHEDULE C, PART II-B, LINE 11 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 7/1/11 TO 6/30/12 WAS $56,562. THE PORTION OF MEMBERSHIP DUES ALLOCATED TO LOBBYING ACTIVITIES BY THESE ORGANIZATIONS IS NOT DETERMINABLE. X X X false 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 0.15000 0.32000 0.53000 true false 3232695 3232695 269298522 88367251 180931271 0 11448158 7988407 3459751 10194023 10194023 197817740 US EQUITIES 4912820 F GLOBAL EX U.S. EQUITIES 21590981 F ABSOLUTE RETURN & LONG /SHORT 418958914 F PRIVATE EQUITY & REAL ESTATE 241342607 F OTHER 8066028 F 694871350 0 ANNUITIES & DEFERRED GIVING AR 29838699 ASSET RETIREMENT OBLIGATION 3817878 BOND INTEREST RATE SWAP 19210964 STUDENT ORGANIZATION FUNDS 165820 PENSION & OTHR EMPLYMNT RLTD 14876839 67910200 148170146 98138829 50031317 -47905957 -21315969 -69221926 -19190609 98516374 -47905957 -2070690 -49976647 148493021 -322875 -322875 148170146 110089858 16186436 16186436 93903422 3077118 1158291 4235409 98138831 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). THE ACADEMY FOLLOWS GUIDANCE FOR ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. UNDER THIS GUIDANCE, THE ACADEMY MAY RECOGNIZE ONLY THAT PORTION OF AN UNCERTAIN TAX POSITION THAT IS "MORE LIKELY THAN NOT" TO BE SUSTAINED UNDER EXAMINATION BY TAX AUTHORITIES. FORM 990, SCHEDULE D, PART XI, LINE 8 OTHER CHANGES IN NET ASSETS: CHANGE IN VALUE IN FUNDS HELD FOR DEFERRED GIVING $ 1,413,145 PENSION RELATED CHARGES OTHER THAN NET PERIODIC PENSION COST ($ 3,403,116) OP/NONOP TRANSFERS ($ 7,617,157) INTEREST RATE SWAP ADJUSTMENT ($12,460,447) MISCELLANEOUS $ 751,606 ---------------- TOTAL ($21,315,969) FORM 990, SCHEDULE D, PART XII, LINE 2D AMOUNTS INCLUDED ON LINE 1, BUT NOT FORM 990, PART VIII, LINE 12 OTHER: INVESTMENT MANAGEMENT EXPENSE ($3,077,118) ASSET RETIREMENT OBLIGATION ADJUSTMENT $ 376,021 CHANGE IN VALUE IN FUNDS HELD FOR DEFERRED GIVING $1,413,145 PV ADJUSTMENTS FOR PHASED RETIREMENT PLAN $ 435,000 SUMMER FINANCIAL AID NETTED AGAINST TUITION ($1,217,738) ----------- TOTAL ($2,070,690) FORM 990, SCHEDULE D, PART XII, LINE 4B AMOUNTS INCLUDED ON PART VIII, LINE 12, BUT NOT ON LINE 1 OTHER: COST OF SALES NETTED AGAINST GROSS REVENUE ($ 322,875) FORM 990, SCHEDULE D, PART XIII, 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 $ 3,403,116 INTEREST RATE SWAP ADJUSTMENT $12,460,447 COST OF SALES FOR AUX. ENTITIES $ 322,875 ROUNDING ($ 2) ------------- TOTAL $16,186,436 FORM 990, SCHEDULE D, PART XIII, LINE 4B AMOUNT INCLUDED ON PART IX, LINE 25, BUT NOT ON LINE 1 OTHER: SUMMER FINANCIAL AID NETTED AGAINST TUITION $1,217,738 STUDENT LOAN, NET OF BAD DEBTS ($ 59,449) ROUNDING $ 2 ------------ TOTAL $1,158,291 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 2012, THE ACADEMY RECEIVED USDA FOOD COMMODITIES AND $77,518 IN REIMBURSEMENTS. Europe (Including Iceland and Greenland) 0 4 Program Services STUDY PROGRAM 0 East Asia and the Pacific 0 1 Program Services STUDY PROGRAM 0 Central America and the Caribbean 0 0 Program Services STUDY PROGRAM 0 Europe (Including Iceland and Greenland) 0 0 Program Services STUDENT RECRUITING 0 Middle East and North Africa 0 0 Program Services STUDENT RECRUITING 0 North America 0 0 Program Services STUDENT RECRUITING 0 Russia and the Newly Independent States 0 0 Program Services STUDENT RECRUITING 0 East Asia and the Pacific 0 0 Program Services STUDENT RECRUITING 0 East Asia and the Pacific 0 0 Fundraising 0 Europe (Including Iceland and Greenland) 0 0 Fundraising 0 North America 0 0 Fundraising 0 Central America and the Caribbean 0 0 Investments 185483116 Europe (Including Iceland and Greenland) 0 0 Investments 7178861 0 5 0 5 192661977 192661977 true false true true true false SCHEDULE F, PART I, LINE 3, COLUMN (F) THE ACADEMY DOES NOT CURRENTLY TRACK FOREIGN EXPENDITURES FOR EACH PROGRAM SEPARATELY FOR ITS FINANCIAL STATEMENTS. THEREFORE, PURSUANT TO IRS GUIDANCE, DISCLOSURE IN THIS COLUMN IS NOT REQUIRED IN THE CURRENT YEAR. true REGULAR SESSION SCHOLARSHIP 501 17195078 FMV TUITION/FEES ASSIST. REGULAR SESSION OTHER AID 501 66267 501655 FMV OTHER FIN. ASSIST. SUMMER PROGRAM SCHOLARSHIPS 257 1256948 FMV TUITION/FEES ASSIST. SUMMER PROGRAM - OTHER AID 115 10977 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 204353 0 0 0 558 0 24906 0 15254 0 245071 0 0 0 EDWARD W PROBERT 209478 0 0 0 438 0 24411 0 53315 0 287642 0 0 0 THOMAS E HASSAN 320912 0 0 0 11397 0 29400 0 81543 0 443252 0 0 0 CHRISTOPHER V WEJCHERT 239312 0 0 0 558 0 29400 0 20377 0 289647 0 0 0 ROGER WAKEMAN 154203 0 0 0 390 0 17898 0 22345 0 194836 0 0 0 BEATRICE J QUINN 146569 0 0 0 1062 0 17690 0 7866 0 173187 0 0 0 CATHERINE ANATONE 140636 0 0 0 438 0 15827 0 17551 0 174452 0 0 0 COMPENSATION INFORMATION SCHEDULE J, PART I, LINE 1 THE PRINCIPAL OF THE SCHOOL MAY, ON OCCASION, WHILE TRAVELING, BE ACCOMPANIED BY HIS SPOUSE FOR BUSINESS PURPOSES. 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. 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 AND TUITION REMISSION. NH HEALTH & EDUCATION FACILITIES AUTHORITY 020279866 644614SZ3 2007-09-19 50000000 SEE SCHEDULE O false false false 0 0 50322058 0 0 0 336409 0 0 24946437 25039212 0 2008 true false true true false false false false 0 0.00550 0.00550 true false true true BNY MELLON 34.25 false false false 0 false true SEE SCHEDULE 0. 0 0 47538 TUIT. REMISSION MARGARET HASSAN DAUGHTER OF PRINCIPAL 2157 COMPENSATION false X 1 0 N/A X 0 N/A X 150 1889047 FMV X RECEPTION SUPPORT 1 0 N/A X TECHNOLOGY EQUIPMENT 2 0 N/A X PIANO 1 0 N/A 1 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 2012, THE ACADEMY RECEIVED GIFTS OF TECHNOLOGY EQUIPMENT, AN ORIENTAL RUG, CALLIGRAPHIC WORK, A PIANO, AND WINE FOR AN ALUMNIE/AE RECEPTION. 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 2011-2012 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 15 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, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. RECONCILIATION OF CHANGE IN NET ASSETS FORM 990, PART XI, LINE 5 NET UNREALIZED GAIN ON INVESTMENTS ($47,905,957) CHANGE IN VALUE IN FUNDS HELD FOR DEFERRED GIVING $ 1,413,145 PENSION RELATED CHARGES OTHER THAN NET PERIODIC PENSION COST ($ 3,403,116) INTEREST RATE SWAP ADJUSTMENT ($12,460,447) OP/NONOP TRANSFERS ($ 7,617,157) MISCELLANEOUS $ 751,606 -------------- TOTAL ($69,221,926) 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. SCHEDULE K, PART V THE ORGANIZATION IS IN THE PROCESS OF ADOPTING WRITTEN PROCEDURES TO ENSURE THAT VIOLATIONS OF FEDERAL TAX REQUIREMENTS ARE TIMELY IDENTIFIED AND CORRECTED THROUGH THE VOLUNTARY CLOSING AGREEMENT PROGRAM IF SELF-REMEDIATION IS NOT AVAILABLE UNDER APPLICABLE REGULATIONS. PEA RETIREE HEALTH CARE PLAN 20 MAIN STREET EXETER NH 03833 020489993 VEBA NH 501(C)(9) PEA true 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 POOLED INCOME FUND (2) FUNDRAISING NH NA T CHARITABLE REMAINDER TRUST (100) FUNDRAISING NA T false false true false false false false false false false false false false false false true false false PEA RETIREMENT HEALTH CARE PLAN P 1106560 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