TRUSTEES OF PHILLIPS ACADEMY: Form 990, tax year 2010

View the entire original 990 at ProPublica ↗

Organization: TRUSTEES OF PHILLIPS ACADEMY (EIN 04-2103579)
Tax period: 2010-07-01 to 2011-06-30
Filed: 2012-05-14
IRS object ID: 201221359349300147
Schema version: 2010v3.4
Source: Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header
Form 990
Schedule A
Schedule B
Schedule C
Schedule D
Schedule E
Schedule F
Schedule G
Schedule I
Schedule J
Schedule K
Schedule L
Schedule M
Schedule O
Schedule R

Return header ReturnHeader

Field	Value	IRS element (for citing)
Timestamp	2012-05-14T09:10:20-05:00	Timestamp
Tax Period End Date	2011-06-30	TaxPeriodEndDate

Preparer Firm PreparerFirm

Preparer Firm Business Name PreparerFirmBusinessName

Field	Value	IRS element (for citing)
Business Name Line1	CBIZ TOFIAS	BusinessNameLine1

Preparer Firm US Address PreparerFirmUSAddress

Field	Value	IRS element (for citing)
Address Line1	500 BOYLSTON STREET	AddressLine1
City	BOSTON	City
State	MA	State
ZIP Code	02116	ZIPCode

Field	Value	IRS element (for citing)
Return Type	990	ReturnType
Tax Period Begin Date	2010-07-01	TaxPeriodBeginDate

Filer Filer

Field	Value	IRS element (for citing)
EIN	042103579	EIN

Name Name

Field	Value	IRS element (for citing)
Business Name Line1	TRUSTEES OF PHILLIPS ACADEMY	BusinessNameLine1

Field	Value	IRS element (for citing)
Name Control	TRUS	NameControl
Phone	9787494000	Phone

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	180 MAIN STREET	AddressLine1
City	ANDOVER	City
State	MA	State
ZIP Code	018104161	ZIPCode

Officer Officer

Field	Value	IRS element (for citing)
Name	STEPHEN D CARTER	Name
Title	COO & CFO	Title
Phone	9787494000	Phone
Date Signed	2012-05-10	DateSigned
Authorize Third Party	1	AuthorizeThirdParty

Preparer Preparer

Field	Value	IRS element (for citing)
Phone	6177610600	Phone

Field	Value	IRS element (for citing)
Tax Year	2010	TaxYear
Build TS	2016-02-24 21:20:13Z	BuildTS

Form 990 IRS990

Field	Value	IRS element (for citing)
Name Of Principal Officer Person	BARBARA L CHASE	NameOfPrincipalOfficerPerson

Address Principal Officer US AddressPrincipalOfficerUS

Field	Value	IRS element (for citing)
Address Line1	180 MAIN STREET	AddressLine1
City	ANDOVER	City
State	MA	State
ZIP Code	018104161	ZIPCode

Field	Value	IRS element (for citing)
Gross Receipts	288712589	GrossReceipts
Group Return For Affiliates	0	GroupReturnForAffiliates
Organization501c3	X	Organization501c3
Web Site	WWW.ANDOVER.EDU	WebSite
Type Of Organization Corporation	X	TypeOfOrganizationCorporation
Year Formation	1778	YearFormation
State Legal Domicile	MA	StateLegalDomicile
Activity Or Mission Description	PHILLIPS ACADEMY IS A COEDUCATIONAL, RESIDENTIAL SECONDARY SCHOOL LOCATED IN ANDOVER, MASSACHUSETTS FOR STUDENTS IN GRADES NINE THROUGH TWELVE AND POST-GRADUATES. THE SCHOOL STRIVES TO HELP YOUNG PEOPLE FROM DIVERSE BACKGROUNDS ACHIEVE THEIR POTENTIAL NOT ONLY INTELLECTUALLY, BUT ALSO ARTISTICALLY, ATHLETICALLY AND MORALLY, SO THAT THEY MAY LEAD RESPONSIBLE AND FULFULLING LIVES.	ActivityOrMissionDescription
Nbr Voting Members Governing Body	21	NbrVotingMembersGoverningBody
Nbr Independent Voting Members	20	NbrIndependentVotingMembers
Total Nbr Employees	1083	TotalNbrEmployees
Total Nbr Volunteers	2359	TotalNbrVolunteers
Total Gross UBI	847223	TotalGrossUBI
Net Unrelated Business Txbl Income	0	NetUnrelatedBusinessTxblIncome
Contributions Grants Prior Year	35070317	ContributionsGrantsPriorYear
Contributions Grants Current Year	26960742	ContributionsGrantsCurrentYear
Program Service Revenue Prior Year	48677156	ProgramServiceRevenuePriorYear
Program Service Revenue CY	50376886	ProgramServiceRevenueCY
Investment Income Prior Year	34984777	InvestmentIncomePriorYear
Investment Income Current Year	58052068	InvestmentIncomeCurrentYear
Other Revenue Prior Year	-1184101	OtherRevenuePriorYear
Other Revenue Current Year	850207	OtherRevenueCurrentYear
Total Revenue Prior Year	117548149	TotalRevenuePriorYear
Total Revenue Current Year	136239903	TotalRevenueCurrentYear
Grants And Similar Amnts Prior Year	15850554	GrantsAndSimilarAmntsPriorYear
Grants And Similar Amnts CY	16729643	GrantsAndSimilarAmntsCY
Benefits Paid To Members Prior Year	0	BenefitsPaidToMembersPriorYear
Benefits Paid To Members CY	0	BenefitsPaidToMembersCY
Salaries Etc Prior Year	48784037	SalariesEtcPriorYear
Salaries Etc Current Year	46933630	SalariesEtcCurrentYear
Total Prof Fundrsng Exp Prior Year	2000	TotalProfFundrsngExpPriorYear
Total Prof Fundrsng Exp CY	16265	TotalProfFundrsngExpCY
Total Fundrsng Exp Current Year	8206912	TotalFundrsngExpCurrentYear
Other Expense Prior Year	33672795	OtherExpensePriorYear
Other Expenses Current Year	39428235	OtherExpensesCurrentYear
Total Expenses Prior Year	98309386	TotalExpensesPriorYear
Total Expenses Current Year	103107773	TotalExpensesCurrentYear
Revenues Less Expenses Prior Year	19238763	RevenuesLessExpensesPriorYear
Revenues Less Expenses CY	33132130	RevenuesLessExpensesCY
Total Assets BOY	1016005717	TotalAssetsBOY
Total Assets EOY	1131294796	TotalAssetsEOY
Total Liabilities BOY	145994335	TotalLiabilitiesBOY
Total Liabilities EOY	140004778	TotalLiabilitiesEOY
Net Assets Or Fund Balances BOY	870011382	NetAssetsOrFundBalancesBOY
Net Assets Or Fund Balances EOY	991290018	NetAssetsOrFundBalancesEOY
Info In Schedule O Part III	X	InfoInScheduleOPartIII
Mission Description	PHILLIPS ACADEMY IS A COEDUCATIONAL, BOARDING SCHOOL LOCATED IN ANDOVER, MASSACHUSETTS FOR STUDENTS IN GRADES NINE THROUGH TWELVE AND POST-GRADUATES. THE SCHOOL STRIVES TO HELP YOUNG PEOPLE FROM DIVERSE BACKGROUNDS ACHIEVE THIER POTENTIAL NOT ONLY INTELLECTUALLY, BUT ALSO ARTISTICALLY, ATHLETICALLY AND MORALLY, SO THAT THEY MAY LEAD RESPONSIBLE AND FULFULLING LIVES.	MissionDescription
Significant New Program Services	0	SignificantNewProgramServices
Significant Change	0	SignificantChange
Expense	77276418	Expense
Grants	16110124	Grants
Revenue	46442865	Revenue
Description	EDUCATION 1,109 STUDENTS - REGULAR SESSION GRADES 9 - 12: PHILLIPS ACADEMY IS A RESIDENTIAL SECONDARY SCHOOL WHICH SEEKS STUDENTS OF INTELLIGENCE AND INTEGRITY FROM DIVERSE CULTURAL, RACIAL, SOCIOECONOMIC AND GEOGRAPHIC BACKGROUNDS. THE SCHOOL'S RESIDENTIAL STRUCTURE ENABLES FACULTY TO SUPPORT STUDENTS IN THEIR PERSONAL, SOCIAL AND INTELLECTUAL DEVELOPMENT. THE ACADEMIC PROGRAM FOSTERS EXCELLENCE IN ALL DISCIPLINES WITHIN THE LIBERAL ARTS TRADITION. FACULTY MEMBERS GUIDE STUDENTS IN MASTERING SKILLS, ACQUIRING KNOWLEDGE AND THINKING CRITICALLY, CREATIVELY AND INDEPENDENTLY. THE SCHOOL STRIVES TO HELP YOUNG PEOPLE ACHIEVE THEIR POTENTIAL NOT ONLY INTELLECTUALLY, BUT ALSO ARTISTICALLY, ATHLETICALLY AND MORALLY, SO THAT THEY MAY LEAD RESPONSIBLE AND FULFILLING LIVES. THE ACADEMY IS COMMITTED TO ESTABLISHING AN ENVIRONMENT THAT ENCOURAGES PEOPLE OF DIVERSE BACKGROUNDS AND BELIEFS TO UNDERSTAND AND RESPECT ONE ANOTHER AND TO BE SENSITIVE TO THE DIFFERENCES OF GENDER, ETHNICITY, CLASS AND SEXUAL ORIENTATION. IN ITS PROGRAMS THE SCHOOL SEEKS TO PROMOTE A BALANCE OF LEADERSHIP, COOPERATION AND SERVICE, TOGETHER WITH A DEEPER AWARENESS OF THE GLOBAL COMMUNITY AND NATURAL WORLD. ANDOVER'S 1778 CONSTITUTION CHARGES THE ACADEMY TO PREPARE "YOUTH FROM EVERY QUARTER" TO UNDERSTAND THAT "GOODNESS WITHOUT KNOWLEDGE IS WEAK ... YET KNOWLEDGE WITHOUT GOODNESS IS DANGEROUS." THIS OBLIGATION CHALLENGES STUDENTS IN MIND, BODY AND SPIRIT TO SEE BEYOND THEMSELVES AND TO GO BEYOND THE FAMILIAR; TO REMAIN COMMITTED TO DEVELOPING WHAT IS FINEST IN THEMSELVES AND OTHERS, FOR OTHERS AND THEMSELVES.	Description

Activity2 Activity2

Field	Value	IRS element (for citing)
Expense	2692349	Expense
Grants	426290	Grants
Revenue	3893021	Revenue
Description	EDUCATION 520 STUDENTS - SUMMER SESSION: THE SUMMER SESSION OFFERS ITS STUDENTS FIVE WEEKS OF INTENSIVE ACADEMIC AND PERSONAL GROWTH. IT ENCOMPASSES DEMANDING CLASSES, RECREATIONAL AFTERNOON ACTIVITIES, ENGAGING TRIPS TO COLLEGES, SOCIAL AND CULTURAL OPPORTUNITIES, AND WELCOMING DORMITORIES THAT PREPARE STUDENTS FOR COLLEGIATE RESIDENTIAL LIFE IN AN ENVIRONMENT DESIGNED FOR THEIR AGE GROUP. IN KEEPING WITH ONE OF THE ACADEMY'S IDEALS "TO BE A PRIVATE SCHOOL WITH A PUBLIC PURPOSE", SUMMER SESSION STRIVES YEARLY TO INCREASE ITS FINANCIAL AID BUDGET IN ORDER TO OFFER THE EXPERIENCE TO EVER MORE QUALIFIED AND DESERVING APPLICANTS. SUMMER SESSION ALSO WORKS COOPERATIVELY WITH OTHER PROGRAMS SUCH AS SUMMER SEARCH, MINDS MATTER, THE JACK KENT COOKE FOUNDATION, MEMPHIS PREP, RAINIER SCHOLARS, AND OTHERS TO IDENTIFY SCHOLARS "FROM EVERY QUARTER". FINALLY, SUMMER SESSION PROVIDES THE UMBRELLA FOR THE OTHER OUTREACH PROGRAMS THAT POPULATE THE CAMPUS DURING THE SUMMER, MAKING SURE THAT THEIR PHYSICAL AND RESIDENTIAL NEEDS ARE MET.	Description

Activity3 Activity3

Field	Value	IRS element (for citing)
Expense	609794	Expense
Description	EDUCATION 108 STUDENTS - MATH AND SCIENCE FOR MINORITY STUDENTS (MS)2: (MS)2, FOUNDED IN 1977, OFFERS AFRICAN AMERICAN, LATINO AND NATIVE AMERICAN PUBLIC SCHOOL STUDENTS FROM TARGETED CITIES ACROSS THE UNITED STATES THE OPPORTUNITY TO IMMERSE THEMSELVES IN THE STUDY OF MATHEMATICS AND SCIENCE FOR THREE CONSECUTIVE SUMMERS AT PHILLIPS ACADEMY. THE PROGRAM IS FREE TO ALL STUDENTS ACCEPTED AND INCLUDES TRAVEL TO AND FROM ANDOVER. STUDENTS BEGIN THE PROGRAM THE SUMMER FOLLOWING 9TH GRADE; THEREFORE, THEY MUST BE IN 9TH GRADE WHEN THEY APPLY. THE PROGRAM PROVIDES THE SCHOLARS WITH RIGOROUS CHALLENGES IN ORDER TO PREPARE THEM BETTER FOR COLLEGE AND CAREERS IN ENGINEERING, SCIENCE, MEDICINE, COMPUTERS, AND OTHER TECHNICAL FIELDS.	Description

Activity Other ActivityOther (4 entries)

ExpenseExpense	GrantsGrants	RevenueRevenue	DescriptionDescription
868445	34250	41000	TOTAL OF ALL OTHER PROGRAM SERVICES
			THE INSTITUTE FOR RECRUITMENT OF TEACHERS (IRT) ADDRESSES THE LACK OF DIVERSITY IN THE NATION'S TEACHING FACULTIES BY RECRUITING OUTSTANDING STUDENTS OF COLOR AND OTHER SCHOLARS COMMITTED TO DIVERSITY, COUNSELING THEM THROUGH THE GRADUATE SCHOOL APPLICATION PROCESS, AND ADVOCATING FOR SUFFICIENT FUNDING FOR ADVANCED STUDY. SINCE 1990, THE IRT HAS BUILT A NATIONAL CONSORTIUM OF COLLEGES AND UNIVERSITIES THAT ARE EAGER TO ENROLL IRT STUDENTS TO DIVERSIFY THEIR GRADUATE STUDENT BODIES AND TO EXPAND THE PIPELINE OF EDUCATORS TO TEACH, COUNSEL, AND ADMINISTRATE IN AMERICAN SCHOOLS, COLLEGES, AND UNIVERSITIES. IRT URGES ITS STUDENTS TO EARN THEIR ADVANCED DEGREES AND TEACHING CREDENTIALS BEFORE THEY LAUNCH THEIR EDUCATIONAL CAREERS.ANNUALLY, THE IRT ENROLLS APPROXIMATELY 100 TALENTED STUDENTS WHO ARE MAJORING IN THE HUMANITIES, SOCIAL SCIENCES, OR EDUCATION, TO ITS TWO DISTINCT PROGRAMS: THE SUMMER WORKSHOP FOR RISING AND GRADUATING COLLEGE SENIORS; AND THE ASSOCIATE PROGRAM FOR COLLEGE SENIORS AND RECENT GRADUATES WHO WISH TO CONTINUE THEIR EDUCATIONAL STUDIES. SINCE ITS INCEPTION, NEARLY EVERY IRT APPLICANT HAS BEEN ADMITTED TO AT LEAST ONE GRADUATE SCHOOL WITHIN THE IRT CONSORTIUM OF 41 COLLEGES AND UNIVERSITIES; MOST HAVE BEEN ADMITTED TO FOUR OR MORE. APPROXIMATELY 90 PERCENT OF THESE STUDENTS HAVE RECEIVED FULL TUITION WAIVERS AND PARTIAL-TO-FULL FELLOWSHIP FUNDING FOR UP TO SIX YEARS OF GRADUATE STUDY. TO DATE, THE IRT HAS WORKED WITH OVER 1400 INTERNS AND ASSOCIATES. OF THAT NUMBER, OVER 400 PARTICIPANTS HAVE ALREADY RECEIVED MASTER'S DEGREES, 150 HAVE EARNED PH.D.S, AND OVER 100 ARE ALL-BUT-DISSERTATION. IN THE COMING DECADES, A NUMBER OF THESE SCHOLARS WILL EMERGE AS EDUCATIONAL LEADERS.
			ANDOVER BREAD LOAF (ABL) FOUNDED IN 1987, ABL IS BASED ON THE PHILLIPS ACADEMY CAMPUS. A COLLABORATION BETWEEN PHILLIPS ACADEMY AND THE BREAD LOAF SCHOOL OF ENGLISH, MIDDLEBURY COLLEGE'S GRADUATE SCHOOL OF ENGLISH, ABL FOCUSES ITS WORK IN COMMUNITIES WITH HIGH POVERTY RATES AND PARTICULARLY URBAN AREAS IN THE UNITED STATES AND INTERNATIONALLY. ABL WORKS WITH U.S. AND INTERNATIONAL TEACHERS AND STUDENTS TO ENHANCE THE TEACHING AND LEARNING OF WRITING AND TO HELP CATALYZE EDUCATIONAL RENEWAL IN PUBLIC SCHOOL CLASSROOMS, SCHOOLS AND SCHOOL SYSTEMS. TWO SUMMER WORKSHOPS ARE AT THE HEART OF ABL. THE ABL WRITING WORKSHOP IS A PROFESSIONAL DEVELOPMENT WORKSHOP SERVING 15 - 20 TEACHERS PER SUMMER FROM URBAN SCHOOLS IN THE U.S. THE LAWRENCE STUDENT WRITERS WORKSHOP IS A PROGRAM FOR STUDENTS, ENROLLING 80-90 LAWRENCE, MASSACHUSETTS PUBLIC SCHOOL STUDENTS EVERY SUMMER. IN ADDITION TO THE WORK DONE WITH TEACHERS AND STUDENTS IN THE SUMMER, ABL STAFF WORK YEAR-ROUND TO SUPPORT PROGRAM PARTICIPANTS IN THEIR SCHOOLS AND COMMUNITY ORGANIZATIONS, OFFERING WORKSHOPS, CONFERENCES, AFTER-SCHOOL EVENTS, AND OTHER SIMILAR PROGRAMS.
			PHILLIPS ACADEMY-LEONARD SCHOOL (PALS) IS A TWO-YEAR EDUCATIONAL ENRICHMENT PROGRAM FOR SEVENTH- AND EIGHTH-GRADE STUDENTS FROM LAWRENCE, MA, WHO ARE TEACHER-RECOMMENDED AS ACADEMICALLY CAPABLE, TOP IN THEIR CLASSES IN SCHOOL, AND SELF-MOTIVATED. PALS SERVES UP TO 40 STUDENTS ANNUALLY FROM THE LEONARD AND PARTHUM SCHOOLS. OPERATING UNDER THE AUSPICES OF THE ACADEMY'S COMMUNITY SERVICE PROGRAM DURING THE ACADEMIC YEAR, PROGRAM AFTER-SCHOOL INSTRUCTION IS PROVIDED BY STUDENT VOLUNTEERS FROM THE ACADEMY AND FROM ANDOVER HIGH SCHOOL. THE SUMMER PROGRAM IS PRIVATELY FUNDED, PROVIDING FOUR WEEKS OF ACADEMIC ENRICHMENT FOR THESE STUDENTS. EACH YEAR A NUMBER OF THESE STUDENTS ARE ADMITTED TO PRIVATE SCHOOLS, INCLUDING PHILLIPS ACADEMY, TO FURTHER THEIR ACADEMIC AND PERSONAL GROWTH.

Field	Value	IRS element (for citing)
Total Of Other Program Service Exp	868445	TotalOfOtherProgramServiceExp
Total Of Other Program Service Grnt	34250	TotalOfOtherProgramServiceGrnt
Total Of Other Program Service Rev	41000	TotalOfOtherProgramServiceRev
Total Program Service Expense	81447006	TotalProgramServiceExpense
Described In501 C3	1	DescribedIn501C3
Schedule B Required	1	ScheduleBRequired
Political Activities	0	PoliticalActivities
Lobbying Activities	1	LobbyingActivities
Donor Advised Funds	0	DonorAdvisedFunds
Conservation Easements	0	ConservationEasements
Collections Of Art	1	CollectionsOfArt
Credit Counseling	0	CreditCounseling
Term Or Permanent Endowments	1	TermOrPermanentEndowments
Report Land Bldg Equip	1	ReportLandBldgEquip
Report Invest Oth Securities	1	ReportInvestOthSecurities
Report Prog Rel Invest	0	ReportProgRelInvest
Report Other Assets	0	ReportOtherAssets
Report Other Liabilities	1	ReportOtherLiabilities
Report Fin48 Footnote	1	ReportFin48Footnote
Independent Audit Financial Stmt	1	IndependentAuditFinancialStmt
Consolidated Audit Financial Stmt	0	ConsolidatedAuditFinancialStmt
School	1	School
Foreign Office	0	ForeignOffice
Foreign Activities	1	ForeignActivities
More Than5000 K To Organizations	0	MoreThan5000KToOrganizations
More Than5000 K To Individuals	0	MoreThan5000KToIndividuals
Professional Fundraising	1	ProfessionalFundraising
Fundraising Activities	0	FundraisingActivities
Gaming	0	Gaming
Hospital	0	Hospital
Grants To Organizations	1	GrantsToOrganizations
Grants To Individuals	1	GrantsToIndividuals
Schedule J Required	1	ScheduleJRequired
Tax Exempt Bonds	1	TaxExemptBonds
Invest Tax Exempt Bonds	0	InvestTaxExemptBonds
Escrow Account	0	EscrowAccount
On Behalf Of Issuer	0	OnBehalfOfIssuer
Excess Benefit Transaction	0	ExcessBenefitTransaction
Prior Excess Benefit Transaction	0	PriorExcessBenefitTransaction
Loan To Officer Or DQP	1	LoanToOfficerOrDQP
Grant To Related Person	1	GrantToRelatedPerson
Bsnss Rltnshp With Organization	0	BsnssRltnshpWithOrganization
Bsnss Rltnshp Thru Family Member	1	BsnssRltnshpThruFamilyMember
Officer Entity With Bsnss Rltnshp	1	OfficerEntityWithBsnssRltnshp
Deductible Non Cash Contributions	1	DeductibleNonCashContributions
Deductible Contributions Of Art	1	DeductibleContributionsOfArt
Terminated	0	Terminated
Partial Liquidation	0	PartialLiquidation
Disregarded Entity	0	DisregardedEntity
Related Entity	1	RelatedEntity
Related Org Controlled Entity	1	RelatedOrgControlledEntity
Transaction Related Entity	0	TransactionRelatedEntity
Transfers To Exempt Non Chrtbl Org	0	TransfersToExemptNonChrtblOrg
Activities Conducted Partnership	0	ActivitiesConductedPartnership
Schedule O Required	1	ScheduleORequired
Info In Schedule O Part V	X	InfoInScheduleOPartV
Number Forms Transmitted With1096	397	NumberFormsTransmittedWith1096
Number W2 G Included	0	NumberW2GIncluded
Compliance With Backup Witholding	1	ComplianceWithBackupWitholding
Number Of Employees	1083	NumberOfEmployees
Employment Tax Returns Filed	1	EmploymentTaxReturnsFiled
Unrelated Business Income	1	UnrelatedBusinessIncome
Form990-T Filed	1	Form990-TFiled
Foreign Financial Account	0	ForeignFinancialAccount
Prohibited Tax Shelter Trans	0	ProhibitedTaxShelterTrans
Taxable Party Notification	0	TaxablePartyNotification
Non Deductible Contributions	0	NonDeductibleContributions
Quid Pro Quo Contributions	0	QuidProQuoContributions
Form8282 Property Disposed Of	1	Form8282PropertyDisposedOf
Number Of8282 Filed	1	NumberOf8282Filed
Funds To Pay Premiums	0	FundsToPayPremiums
Premiums Paid	0	PremiumsPaid
Indoor Tanning Services	0	IndoorTanningServices
Info In Schedule O Part VI	X	InfoInScheduleOPartVI
Nbr Voting Governing Body Members	21	NbrVotingGoverningBodyMembers
Number Independent Voting Members	20	NumberIndependentVotingMembers
Family Or Business Relationship	1	FamilyOrBusinessRelationship
Delegation Of Management Duties	0	DelegationOfManagementDuties
Changes To Organizing Docs	0	ChangesToOrganizingDocs
Material Diversion Or Misuse	0	MaterialDiversionOrMisuse
Members Or Stockholders	0	MembersOrStockholders
Election Of Board Members	0	ElectionOfBoardMembers
Decisions Subject To Approval	0	DecisionsSubjectToApproval
Minutes Of Governing Body	1	MinutesOfGoverningBody
Minutes Of Committees	0	MinutesOfCommittees
Officer Mailing Address	0	OfficerMailingAddress
Local Chapters	0	LocalChapters
Form990 Provided To Governing Body	1	Form990ProvidedToGoverningBody
Conflict Of Interest Policy	1	ConflictOfInterestPolicy
Annual Disclosure Covered Persons	1	AnnualDisclosureCoveredPersons
Regular Monitoring Enforcement	1	RegularMonitoringEnforcement
Whistleblower Policy	1	WhistleblowerPolicy
Document Retention Policy	0	DocumentRetentionPolicy
Compensation Process CEO	1	CompensationProcessCEO
Compensation Process Other	1	CompensationProcessOther
Investment In Joint Venture	0	InvestmentInJointVenture
States Where Copy Of Return Is Filed	MA	StatesWhereCopyOfReturnIsFiled
States Where Copy Of Return Is Filed	ME	StatesWhereCopyOfReturnIsFiled
Upon Request	X	UponRequest

The Books Are In Care Of TheBooksAreInCareOf

Field	Value	IRS element (for citing)
Name Person	STEPHEN D CARTER	NamePerson
Telephone Number	9787494000	TelephoneNumber

Address US AddressUS

Field	Value	IRS element (for citing)
Address Line1	PHILLIPS ACADEMY 180 MAIN ST	AddressLine1
City	ANDOVER	City
State	MA	State
ZIP Code	018104161	ZIPCode

Form990 Part VII Section A Form990PartVIISectionA (33 entries)

TitleTitle	Average Hours Per WeekAverageHoursPerWeek	Individual Trustee Or DirectorIndividualTrusteeOrDirector	OfficerOfficer	Reportable Comp From OrganizationReportableCompFromOrganization	Reportable Comp From Related OrgsReportableCompFromRelatedOrgs	Other CompensationOtherCompensation	Key EmployeeKeyEmployee	Highest Compensated EmployeeHighestCompensatedEmployee
BARBARA L CHASE
HEAD OF SCHOOL, TRUSTEE	60.00	X	X	352995	0	166932
DANIEL P CUNNINGHAM
TRUSTEE	3.00	X		0	0	0
PETER LS CURRIE
TRUSTEE	3.00	X		0	0	0
LOUIS G ELSON
TRUSTEE	3.00	X		0	0	0
SHELLY D GUYER
TRUSTEE	3.00	X		0	0	0
THOMAS C ISRAEL
TRUSTEE, TREASURER	4.00	X	X	0	0	0
MOLLIE L LASATER
TRUSTEE	3.00	X		0	0	0
CHIEN LEE
TRUSTEE	3.00	X		0	0	0
GARY LEE
TRUSTEE	3.00	X		0	0	0
WILLIAM M LEWIS JR
TRUSTEE	3.00	X		0	0	0
SCOTT MEAD
TRUSTEE	3.00	X		0	0	0
TAMMY SNYDER MURPHY
TRUSTEE	3.00	X		0	0	0
STEPHEN C SHERRILL
TRUSTEE	3.00	X		0	0	0
JOSHUA L STEINER
TRUSTEE	3.00	X		0	0	0
OSCAR L TANG
TRUSTEE, PRESIDENT	4.00	X	X	0	0	0
SUSAN URIE DONAHUE
ALUMNI TRUSTEE	3.00	X		0	0	0
GEORGE R IRELAND
ALUMNI TRUSTEE	3.00	X		0	0	0
CORINNE T FIELD
ALUMNI TRUSTEE	3.00	X		0	0	0
CHRISTOPHER S AUGUSTE
ALUMNI TRUSTEE	3.00	X		0	0	0
MARY-ANN SOMERS
ALUMNI TRUSTEE	3.00	X		0	0	0
RONALD TAKVORIAN MD
ALUMNI TRUSTEE	3.00	X		0	0	0
STEPHEN D CARTER
CO&FO	55.00		X	236247	0	74074
AMY C FALLS
CHIEF INVESTMENT OFFICER	55.00			537385	0	28748	X
PETER R RAMSEY
SECRETARY OF THE ACADEMY	55.00			274940	0	80978	X
TEMBA T MAQUBELA
ASST. HEAD/DEAN OF FACULTY	55.00			201828	0	109851	X
REBECCA M SYKES
ASSOC. HEAD OF SCHOOL	55.00			199436	0	71236	X
JANE F FRIED
ASST. HEAD/DEAN OF ADMISSION	55.00			191512	0	81433	X
BRIAN T ALLEN
DIR., ADDISON GALLERY OF AMER. ART	55.00			169106	0	26757	X
MICHAEL R REIST
DIRECTOR OF INVESTMENTS	55.00			206235	0	23613		X
DAVID A FLASH
DIR. OF GIFT PLANNING	55.00			170856	0	48996		X
CHRISTINE M ADAMS
DIRECTOR OF DEVELOPMENT	55.00			165438	0	18327		X
BARBARA D GROSS
SENIOR PHILANTHROPIC OFFICER	55.00			159995	0	35987		X
RICHARD J KELLER
SCHOOL PHYSICIAN	55.00			149535	0	60775		X

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	3015508	TotalReportableCompFromOrg
Total Reportable Comp Frm Rltd Orgs	0	TotalReportableCompFrmRltdOrgs
Total Other Compensation	827707	TotalOtherCompensation
Number Individuals GT100 K	31	NumberIndividualsGT100K
Formers Listed	0	FormersListed
Total Comp GT150 K	1	TotalCompGT150K
Compensation From Other Sources	0	CompensationFromOtherSources

Contractor Compensation ContractorCompensation (5 entries)

Address Line1AddressOfContractor/AddressUS/AddressLine1	CityAddressOfContractor/AddressUS/City	StateAddressOfContractor/AddressUS/State	ZIP CodeAddressOfContractor/AddressUS/ZIPCode	Description Of ServicesDescriptionOfServices	CompensationCompensation
ARAMARK CORPORATION
1101 MARKET ST	PHILADELPHIA	PA	19107	DINING HALL SERVICES	5202499
ERLAND CONSTRUCTION INC
83 2ND AVE	BURLINGTON	MA	01803	CONSTRUCTION MANAGEMENT	3125471
JOHN MORIARTY & ASSOC INC
3 CHURCH ST	WINCHESTER	MA	01890	CONSTRUCTION MANAGEMENT	1596339
ARAMARK EDUCATIONAL SERVICES LLC
1101 MARKET ST	PHILADELPHIA	PA	19107	INN MANAGEMENT SERVICES	1273186
SHAWMUT DESIGN & CONSTRUCTION
560 HARRISON AVE	BOSTON	MA	02118	CONSTRUCTION MANAGEMENT	675244

Field	Value	IRS element (for citing)
Number Of Contractors GT100 K	29	NumberOfContractorsGT100K
Government Grants	8460	GovernmentGrants
All Other Contributions	26952282	AllOtherContributions
Noncash Contributions	3150170	NoncashContributions
Total Contributions	26960742	TotalContributions

Program Service Revenue ProgramServiceRevenue (2 entries)

DescriptionDescription	Business CodeBusinessCode	Total Revenue ColumnTotalRevenueColumn	Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome
TUITION AND FEES	900099	47811975	47811975
OTHER INCOME	900099	2564911	2564911

Field	Value	IRS element (for citing)
Total Program Service Revenue	50376886	TotalProgramServiceRevenue

Investment Income InvestmentIncome

Field	Value	IRS element (for citing)
Total Revenue Column	7389772	TotalRevenueColumn
Exclusion	$7,389,772	ExclusionAmount

Gross Amount Sales Assets GrossAmountSalesAssets

Field	Value	IRS element (for citing)
Securities	203118257	Securities

Less Cost Oth Basis Sales Expenses LessCostOthBasisSalesExpenses

Field	Value	IRS element (for citing)
Securities	152455961	Securities

Gain Or Loss GainOrLoss

Field	Value	IRS element (for citing)
Securities	50662296	Securities

Net Gain Or Loss Investments NetGainOrLossInvestments

Field	Value	IRS element (for citing)
Total Revenue Column	50662296	TotalRevenueColumn
Exclusion	$50,662,296	ExclusionAmount

Field	Value	IRS element (for citing)
Gross Sales Of Inventory	19709	GrossSalesOfInventory
Cost Of Goods Sold	16725	CostOfGoodsSold

Net Income Or Loss NetIncomeOrLoss

Field	Value	IRS element (for citing)
Total Revenue Column	2984	TotalRevenueColumn
Related Or Exempt Function Income	2984	RelatedOrExemptFunctionIncome

Other Revenue Misc OtherRevenueMisc (3 entries)

DescriptionDescription	Business CodeBusinessCode	Total Revenue ColumnTotalRevenueColumn	Unrelated Business RevenueUnrelatedBusinessRevenue
HOCKEY RINK/COURTS REN	713940	525713	525713
INCOME FROM PARTNERSHI	525990	236779	236779
CHILD CARE CENTER	624410	83288	83288

Miscellaneous Revenue MiscellaneousRevenue

Field	Value	IRS element (for citing)
Total Revenue Column	1443	TotalRevenueColumn
Unrelated Business Revenue	1443	UnrelatedBusinessRevenue

Field	Value	IRS element (for citing)
Total Other Revenue	847223	TotalOtherRevenue

Total Revenue TotalRevenue

Field	Value	IRS element (for citing)
Total Revenue Column	136239903	TotalRevenueColumn
Related Or Exempt Function Income	50379870	RelatedOrExemptFunctionIncome
Unrelated Business Revenue	847223	UnrelatedBusinessRevenue
Exclusion	$58,052,068	ExclusionAmount

Grants To Domestic Orgs GrantsToDomesticOrgs

Field	Value	IRS element (for citing)
Total	158979	Total
Program Services	158979	ProgramServices

Grants To Domestic Individuals GrantsToDomesticIndividuals

Field	Value	IRS element (for citing)
Total	16570664	Total
Program Services	16570664	ProgramServices

Comp Current Officers Directors CompCurrentOfficersDirectors

Field	Value	IRS element (for citing)
Total	2832045	Total
Program Services	335989	ProgramServices
Management And General	1887521	ManagementAndGeneral
Fundraising	608535	Fundraising

Comp Disqual Persons CompDisqualPersons

Field	Value	IRS element (for citing)
Total	289304	Total
Program Services	167883	ProgramServices
Fundraising	121421	Fundraising

Other Salaries And Wages OtherSalariesAndWages

Field	Value	IRS element (for citing)
Total	34798202	Total
Program Services	27173723	ProgramServices
Management And General	4095163	ManagementAndGeneral
Fundraising	3529316	Fundraising

Pension Plan Contributions PensionPlanContributions

Field	Value	IRS element (for citing)
Total	3084550	Total
Program Services	2479908	ProgramServices
Management And General	321691	ManagementAndGeneral
Fundraising	282951	Fundraising

Other Employee Benefits OtherEmployeeBenefits

Field	Value	IRS element (for citing)
Total	3127987	Total
Program Services	2589073	ProgramServices
Management And General	224711	ManagementAndGeneral
Fundraising	314203	Fundraising

Payroll Taxes PayrollTaxes

Field	Value	IRS element (for citing)
Total	2801542	Total
Program Services	2105337	ProgramServices
Management And General	383977	ManagementAndGeneral
Fundraising	312228	Fundraising

Fees For Services Legal FeesForServicesLegal

Field	Value	IRS element (for citing)
Total	322278	Total
Management And General	322278	ManagementAndGeneral

Fees For Services Accounting FeesForServicesAccounting

Field	Value	IRS element (for citing)
Total	112982	Total
Management And General	112982	ManagementAndGeneral

Fees For Services Lobbying FeesForServicesLobbying

Field	Value	IRS element (for citing)
Total	900	Total
Management And General	900	ManagementAndGeneral

Fees For Services Prof Fundraising FeesForServicesProfFundraising

Field	Value	IRS element (for citing)
Total	16265	Total
Fundraising	16265	Fundraising

Fees For Services Invst Mgmnt Fees FeesForServicesInvstMgmntFees

Field	Value	IRS element (for citing)
Total	1158663	Total
Management And General	1158663	ManagementAndGeneral

Fees For Services Other FeesForServicesOther

Field	Value	IRS element (for citing)
Total	156617	Total
Program Services	113168	ProgramServices
Management And General	43449	ManagementAndGeneral

Advertising Advertising

Field	Value	IRS element (for citing)
Total	139252	Total
Program Services	139252	ProgramServices

Office Expenses OfficeExpenses

Field	Value	IRS element (for citing)
Total	4906681	Total
Program Services	3329082	ProgramServices
Management And General	848379	ManagementAndGeneral
Fundraising	729220	Fundraising

Information Technology InformationTechnology

Field	Value	IRS element (for citing)
Total	325423	Total
Program Services	162711	ProgramServices
Management And General	97627	ManagementAndGeneral
Fundraising	65085	Fundraising

Royalties Royalties

Field	Value	IRS element (for citing)
Total	64406	Total
Program Services	64406	ProgramServices

Occupancy Occupancy

Field	Value	IRS element (for citing)
Total	4399693	Total
Program Services	3893283	ProgramServices
Management And General	432587	ManagementAndGeneral
Fundraising	73823	Fundraising

Travel Travel

Field	Value	IRS element (for citing)
Total	794651	Total
Program Services	466223	ProgramServices
Management And General	62124	ManagementAndGeneral
Fundraising	266304	Fundraising

Conferences Meetings ConferencesMeetings

Field	Value	IRS element (for citing)
Total	142896	Total
Program Services	85637	ProgramServices
Management And General	9215	ManagementAndGeneral
Fundraising	48044	Fundraising

Interest Interest

Field	Value	IRS element (for citing)
Total	4120792	Total
Program Services	3139818	ProgramServices
Management And General	699739	ManagementAndGeneral
Fundraising	281235	Fundraising

Depreciation Depletion DepreciationDepletion

Field	Value	IRS element (for citing)
Total	7018890	Total
Program Services	5947296	ProgramServices
Management And General	924855	ManagementAndGeneral
Fundraising	146739	Fundraising

Insurance Insurance

Field	Value	IRS element (for citing)
Total	659807	Total
Program Services	542822	ProgramServices
Management And General	86355	ManagementAndGeneral
Fundraising	30630	Fundraising

Other Expenses OtherExpenses (5 entries)

DescriptionDescription	TotalTotal	Program ServicesProgramServices	FundraisingFundraising
REPLACEMENT & RENEWAL	4162757	4162757
FOOD SERVICE	2488905	2488905
INSTRUCTION	1997384	1997384
OFFICE OF ACADEMY RESOU	1380279		1380279
PHYSICAL PLANT	864436	864436

All Other Expenses AllOtherExpenses

Field	Value	IRS element (for citing)
Total	4210543	Total
Program Services	2468270	ProgramServices
Management And General	1741639	ManagementAndGeneral
Fundraising	634	Fundraising

Total Functional Expenses TotalFunctionalExpenses

Field	Value	IRS element (for citing)
Total	103107773	Total
Program Services	81447006	ProgramServices
Management And General	13453855	ManagementAndGeneral
Fundraising	8206912	Fundraising

Cash Non Interest Bearing CashNonInterestBearing

Field	Value	IRS element (for citing)
BOY	10810084	BOY
EOY	22945424	EOY

Pledges And Grants Receivable PledgesAndGrantsReceivable

Field	Value	IRS element (for citing)
BOY	46996518	BOY
EOY	47640919	EOY

Accounts Receivable AccountsReceivable

Field	Value	IRS element (for citing)
BOY	247516	BOY
EOY	245151	EOY

Receivables From Officers Etc ReceivablesFromOfficersEtc

Field	Value	IRS element (for citing)
BOY	526430	BOY
EOY	546910	EOY

Other Notes Loans Receivable Net OtherNotesLoansReceivableNet

Field	Value	IRS element (for citing)
BOY	971836	BOY
EOY	806351	EOY

Inventories For Sale Or Use InventoriesForSaleOrUse

Field	Value	IRS element (for citing)
BOY	521454	BOY
EOY	544289	EOY

Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges

Field	Value	IRS element (for citing)
BOY	3510773	BOY
EOY	3321356	EOY

Field	Value	IRS element (for citing)
Land Buildings Equipment Basis	301072174	LandBuildingsEquipmentBasis
Land Bldg Equipment Accum Deprec	77550083	LandBldgEquipmentAccumDeprec

Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet

Field	Value	IRS element (for citing)
BOY	222768945	BOY
EOY	223522091	EOY

Investments Pub Traded Securities InvestmentsPubTradedSecurities

Field	Value	IRS element (for citing)
BOY	136365559	BOY
EOY	152572753	EOY

Investments Other Securities InvestmentsOtherSecurities

Field	Value	IRS element (for citing)
BOY	575396990	BOY
EOY	671011277	EOY

Investments Program Related InvestmentsProgramRelated

Field	Value	IRS element (for citing)
BOY	670473	BOY
EOY	451155	EOY

Other Assets Total OtherAssetsTotal

Field	Value	IRS element (for citing)
BOY	17219139	BOY
EOY	7687120	EOY

Total Assets TotalAssets

Field	Value	IRS element (for citing)
BOY	1016005717	BOY
EOY	1131294796	EOY

Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses

Field	Value	IRS element (for citing)
BOY	14113975	BOY
EOY	11306156	EOY

Deferred Revenue DeferredRevenue

Field	Value	IRS element (for citing)
BOY	10761703	BOY
EOY	11429428	EOY

Tax Exempt Bond Liabilities TaxExemptBondLiabilities

Field	Value	IRS element (for citing)
BOY	97205000	BOY
EOY	95300000	EOY

Other Liabilities OtherLiabilities

Field	Value	IRS element (for citing)
BOY	23913657	BOY
EOY	21969194	EOY

Total Liabilities TotalLiabilities

Field	Value	IRS element (for citing)
BOY	145994335	BOY
EOY	140004778	EOY

Field	Value	IRS element (for citing)
Follow SFAS117	X	FollowSFAS117

Unrestricted Net Assets UnrestrictedNetAssets

Field	Value	IRS element (for citing)
BOY	287463264	BOY
EOY	325948330	EOY

Temporarily Restricted Net Assets TemporarilyRestrictedNetAssets

Field	Value	IRS element (for citing)
BOY	315510889	BOY
EOY	388333902	EOY

Permanently Restricted Net Assets PermanentlyRestrictedNetAssets

Field	Value	IRS element (for citing)
BOY	267037229	BOY
EOY	277007786	EOY

Total Net Assets Fund Balances TotalNetAssetsFundBalances

Field	Value	IRS element (for citing)
BOY	870011382	BOY
EOY	991290018	EOY

Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances

Field	Value	IRS element (for citing)
BOY	1016005717	BOY
EOY	1131294796	EOY

Field	Value	IRS element (for citing)
Info In Schedule O Part XI	X	InfoInScheduleOPartXI
Reconcilation Revenue Expenses	33132130	ReconcilationRevenueExpenses
Reconcilation Other Changes	88146506	ReconcilationOtherChanges
Method Of Accounting Accrual	X	MethodOfAccountingAccrual
Accountant Compile Or Review	0	AccountantCompileOrReview
FS Audited	1	FSAudited
Audit Committee	1	AuditCommittee
Financial Statement Separate	X	FinancialStatementSeparate
Federal Grant Audit Required	0	FederalGrantAuditRequired

Schedule A IRS990ScheduleA

Field	Value	IRS element (for citing)
School170b1 Aii	X	School170b1Aii

Schedule B IRS990ScheduleB

Contributor Info ContributorInfo

Field	Value	IRS element (for citing)
Contributor Number	RESTRICTED	ContributorNumber

Contributor Name Business ContributorNameBusiness

Field	Value	IRS element (for citing)
Business Name Line1	RESTRICTED	BusinessNameLine1

Contributor Address US ContributorAddressUS

Field	Value	IRS element (for citing)
Address Line1	RESTRICTED	AddressLine1
Address Line2	RESTRICTED	AddressLine2
City	RESTRICTED	City
State	RESTRICTED	State
ZIP Code	RESTRICTED	ZIPCode

Field	Value	IRS element (for citing)
Aggregate Contributions	RESTRICTED	AggregateContributions

Schedule C IRS990ScheduleC

Field	Value	IRS element (for citing)
Volunteers	0	Volunteers
Paid Staff Or Management	0	PaidStaffOrManagement
Media Advertisements	0	MediaAdvertisements
Mailings Members	0	MailingsMembers
Publications Or Broadcast	0	PublicationsOrBroadcast
Grants Other Organizations	0	GrantsOtherOrganizations
Direct Contact Legislators	0	DirectContactLegislators
Rallies Demonstrations	0	RalliesDemonstrations
Other Activities	1	OtherActivities
Other Activities	$900	OtherActivitiesAmount
Total Lobbying Expenditures IIB	900	TotalLobbyingExpendituresIIB
Not Described In501c3	0	NotDescribedIn501c3

Form990 Schedule C Part IV Form990ScheduleCPartIV

Field	Value	IRS element (for citing)
Identifier	EXPLANATION OF OTHER LOBBYING ACTIVITIES:	Identifier
Return Reference	PART II-B, LINE 1I:	ReturnReference
Explanation	THE ACADEMY PAYS MEMBERSHIP DUES TOTALING $900 TO AN ORGANIZATION WHICH MAY ENGAGE IN LOBBYING ACTIVITIES. THEREFORE, A PORTION OF THE DUES MAY BE ATTRIBUTABLE TO LOBBYING ACTIVITIES.	Explanation

Schedule D IRS990ScheduleD

Field	Value	IRS element (for citing)
Collect Used For Public Exhibition	X	CollectUsedForPublicExhibition
Collect Used For Scholar Research	X	CollectUsedForScholarResearch
Collect Used For Preservation	X	CollectUsedForPreservation
Collect Used For Loan Or Exch Prgrms	X	CollectUsedForLoanOrExchPrgrms
Solicited Assets For Sale	0	SolicitedAssetsForSale

Current Year CurrentYear

Field	Value	IRS element (for citing)
Beginning Of Year Balance	693422473	BeginningOfYearBalance
Contributions	13544789	Contributions
Investment Earnings Or Losses	140245872	InvestmentEarningsOrLosses
Grants Or Scholarships	11862027	GrantsOrScholarships
Other Expenditures	29802021	OtherExpenditures
End Of Year Balance	805549086	EndOfYearBalance

Current Year Minus1 Year CurrentYearMinus1Year

Field	Value	IRS element (for citing)
Beginning Of Year Balance	621185698	BeginningOfYearBalance
Contributions	20370772	Contributions
Investment Earnings Or Losses	88775296	InvestmentEarningsOrLosses
Grants Or Scholarships	10902048	GrantsOrScholarships
Other Expenditures	26007245	OtherExpenditures
End Of Year Balance	693422473	EndOfYearBalance

Current Year Minus2 Years CurrentYearMinus2Years

Field	Value	IRS element (for citing)
Beginning Of Year Balance	778477208	BeginningOfYearBalance
Contributions	6778003	Contributions
Investment Earnings Or Losses	-124048818	InvestmentEarningsOrLosses
Grants Or Scholarships	12172240	GrantsOrScholarships
Other Expenditures	27848455	OtherExpenditures
End Of Year Balance	621185698	EndOfYearBalance

Field	Value	IRS element (for citing)
Board Designated EOY Balance	0.26950	BoardDesignatedEOYBalance
Permanent Endowment EOY Balance	0.73050	PermanentEndowmentEOYBalance
Term Endowment EOY Balance	0.00000	TermEndowmentEOYBalance
Endowments Held By Unrelated Orgs	1	EndowmentsHeldByUnrelatedOrgs
Endowments Held By Related Orgs	0	EndowmentsHeldByRelatedOrgs

Land Land

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	305458	OtherCostOrOtherBasis
Book Value	305458	BookValue

Buildings Buildings

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	274366598	OtherCostOrOtherBasis
Depreciation	68114886	Depreciation
Book Value	206251712	BookValue

Equipment Equipment

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	7000751	OtherCostOrOtherBasis
Depreciation	3144541	Depreciation
Book Value	3856210	BookValue

Other Land Buildings OtherLandBuildings

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	19399367	OtherCostOrOtherBasis
Depreciation	6290656	Depreciation
Book Value	13108711	BookValue

Field	Value	IRS element (for citing)
Total Of Book Value Land Buildings	223522091	TotalOfBookValueLandBuildings

Other Securities OtherSecurities (7 entries)

DescriptionDescription	Book ValueBookValue	Method Of ValuationMethodOfValuation
PRIVATE REAL ASSETS, ABSOLUTE RETURN, OTHER	108645930	F
CASH AND CASH EQUIVALENTS	1750765	F
DOMESTIC EQUITIES	13328409	F
INTERNATIONAL EQUITIES	104223064	F
HEDGE FUNDS	277958632	F
PRIVATE EQUITY AND VENTURE CAPITAL	136906674	F
REAL ESTATE	28197803	F

Field	Value	IRS element (for citing)
Total Of Book Value Securities	671011277	TotalOfBookValueSecurities

Other Liabilities OtherLiabilities (4 entries)

DescriptionDescription	AmountAmount
ASSET RETIREMENT OBLIGATION	$1,802,551
INTEREST RATE SWAPS	$9,147,842
PREMIUM ON BONDS PAYABLE	$1,311,786
LIABILITY FOR SPLIT-INTEREST GIFTS	$9,707,015

Field	Value	IRS element (for citing)
Total Of Amounts	21969194	TotalOfAmounts
Total Revenue	136239903	TotalRevenue
Total Expenses	103107773	TotalExpenses
Excess Or Deficit For Year	33132130	ExcessOrDeficitForYear
Net Unrealized GL On Investments	83922255	NetUnrealizedGLOnInvestments
Other	$4,224,251	OtherAmount
Total Adjustments	88146506	TotalAdjustments
Excess Or Deficit Per FS	121278636	ExcessOrDeficitPerFS
Tot Revenue Etc Audited Fincl Stmt	201162412	TotRevenueEtcAuditedFinclStmt
Net Unrealized Gains Investments	83922255	NetUnrealizedGainsInvestments
Other Revenues	-17309222	OtherRevenues
Revenue Not Rptd F990	66613033	RevenueNotRptdF990
Revenue Subtotal	134549379	RevenueSubtotal
Investment Expenses Not Included	1715337	InvestmentExpensesNotIncluded
Other Revenues Not Included	-24813	OtherRevenuesNotIncluded
Revenue Not Rptd On Fin Stmt	1690524	RevenueNotRptdOnFinStmt
Total Revenue Per Form990	136239903	TotalRevenuePerForm990
Tot Expenses Etc Audited Fincl Stmt	79883776	TotExpensesEtcAuditedFinclStmt
Other Expenses Included	-2277177	OtherExpensesIncluded
Expenses Not Rptd F990	-2277177	ExpensesNotRptdF990
Expenses Subtotal	82160953	ExpensesSubtotal
Investment Expenses Not Included2	1715337	InvestmentExpensesNotIncluded2
Other Expenses Not Included	19231483	OtherExpensesNotIncluded
Expenses Not Rptd On Fin Stmt	20946820	ExpensesNotRptdOnFinStmt
Total Expenses Per Form990	103107773	TotalExpensesPerForm990

Form990 Schedule D Part XIV Form990ScheduleDPartXIV (10 entries)

Return ReferenceReturnReference	ExplanationExplanation	IdentifierIdentifier
PART III, LINE 1A:	THE ACADEMY RECORDS GIFTS OF SECURITIES AND OTHER NON-CASH ASSETS AT FAIR VALUE AT THE DATE OF CONTRIBUTION, WITH THE EXCEPTION OF ADDITIONS TO THE ACADEMY'S COLLECTIONS OF ART, ARTIFACTS, ANTIQUES, AND RARE BOOKS. THE ACADEMY DOES NOT CAPITALIZE ITS COLLECTIONS; THEREFORE, GIFTS OR ADDITIONS TO THE COLLECTIONS ARE NOT REFLECTED IN THE ACADEMY'S FINANCIAL STATEMENTS. THE ACADEMY'S COLLECTIONS COMPRISE PRIMARILY THOSE OF ITS TWO MUSEUMS, THE ADDISON GALLERY OF AMERICAN ART AND THE ROBERT S. PEABODY MUSEUM OF ARCHAEOLOGY. OPEN AND FREE TO THE PUBLIC, BOTH ARE ACADEMIC MUSEUMS THAT SERVE AS RESOURCES FOR ACADEMY STUDENTS, STUDENTS FROM SURROUNDING COMMUNITIES AND THE GENERAL PUBLIC. THE COLLECTION OF THE ADDISON GALLERY OF AMERICAN ART INCLUDES MORE THAN 16,000 WORKS OF ART AND IS RECOGNIZED AS A WORLD-CLASS CENTER OF AMERICAN ART. THE ROBERT S. PEABODY MUSEUM OF ARCHAEOLOGY IS ONE OF THE NATION'S MAJOR REPOSITORIES OF NATIVE AMERICAN ARCHAEOLOGICAL COLLECTIONS, CONTAINING MORE THAN 500,000 OBJECTS REPRESENTING NEARLY EVERY INDIGENOUS CULTURE AREA IN NORTH AMERICA.
PART III, LINE 4:	THE ACADEMY MAINTAINS THE ADDISON GALLERY OF AMERICAN ART (THE "ADDISON"), AN ACADEMIC ART MUSEUM DEDICATED TO THE COLLECTION OF AMERICAN ART. THE MUSUEM'S PURPOSE IS TO ACQUIRE, PRESERVE, INTERPRET, AND EXHIBIT WORKS OF ART FOR THE EDUCATION AND ENJOYMENT OF LOCAL, REGIONAL, NATIONAL AND INTERNATIONAL AUDIENCES, INCLUDING THE STUDENTS, FACULTY, AND COMMUNITY OF PHILLIPS ACADEMY, AND OTHER STUDENTS, TEACHERS, SCHOLARS, AND THE GENERAL PUBLIC. THE ACADEMY ALSO MAINTAINS THE ROBERT S. PEABODY MUSEUM OF ARCHAEOLOGY (THE "PEABODY") WHICH IS COMPRISED OF COLLECTIONS OF ARTIFACTS, DOCUMENTS, AND IMAGES CATALOGING THE INDIGENOUS CULTURES OF THE AMERICAS, PAST AND PRESENT, A COMPARATIVE COLLECTION, AS WELL AS BOOKS, MONOGRAPHS AND SERIALS ON ARCHAEOLOGY AND NATIVE CULTURES OF THE AMERICAS. THESE MATERIALS SERVE THE EDUCATION AND RESEARCH NEEDS PRIMARILY OF THE PHILLIPS ACADEMY COMMUNITY AND TO A LESSER EXTENT REGIONAL SCHOOLS WITHIN THE MID-MERRIMACK RIVER VALLEY. THE PEABODY HAS DEVELOPED OVER FIFTY SINGLE-CLASS CURRICULUM UNITS AND TEACHES AN INTERDISCIPLINARY COURSE IN HUMAN ORIGINS WITH THE BIOLOGY DEPARTMENT, DRAWING UPON STAFF EXPERTISE, ITS LIBRARY, RESEARCH, IMAGE AND ARCHIVES COLLECTIONS. THE PEABODY IS CURRENTLY DEVELOPING A NEW CLASS WITH THE ACADEMY ART DEPARTMENT, "PRIMITIVE POT." PEABODY PERSONNEL ALSO SUPERVISE THE HISTORY AND ARCHAELOGY CLUBS AND STUDENT INDEPENDENT PROJECTS. FURTHER USE OF THE COLLECTIONS BY STUDENTS WITH AN INTEREST IN ARCHAEOLOGY AND ANTHROPOLOGY TAKES PLACE AS SENIOR INDEPENDENT PROJECTS.
PART V, LINE 4:	ANDOVER'S ENDOWMENT IS A CRITICAL SOURCE OF SUPPORT FOR THE ACADEMY. THE ENDOWMENT COMPRISES A WIDE VARIETY OF FUNDS WITH A WIDE VARIETY OF PURPOSES, INCLUDING UNRESTRICTED FUNDS, FINANCIAL AID, FACULTY CHAIRS, THE ADDISON GALLERY, THE PEABODY MUSEUM AND OTHER SPECIAL INTENTS. TOTALING $805 MILLION AT JUNE 30, 2011, THE ENDOWMENT CURRENTLY SUPPORTS APPROXIMATELY 40% OF THE ACADEMY'S BUDGET. PART V, LINE 3A: THE ACADEMY IS AN INCOME-ONLY BENEFICIARY OF CERTAIN PERPETUAL TRUSTS WHOSE AGGREGATE MARKET VALUE AT JUNE 30, 2011 WAS $5,894,434.	DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS:
PART X:	THE ACADEMY ACCOUNTS FOR THE EFFECT OF ANY UNCERTAIN TAX POSITIONS USING A "MORE LIKELY THAN NOT" THRESHOLD FOR THE RECOGNITION OF THE TAX POSITIONS BEING SUSTAINED BASED ON THE TECHNICAL MERITS OF THE POSITION UNDER SCRUTINY BY THE APPLICABLE TAXING AUTHORITY. IF A TAX POSITION OR POSITIONS ARE DEEMED TO RESULT IN UNCERTAINTIES OF THOSE POSITIONS, THE UNRECOGNIZED TAX BENEFIT IS ESTIMATED BASED ON A "CUMULATIVE PROBABILITY ASSESSMENT" THAT AGGREGATES THE ESTIMATED TAX LIABILITY FOR ALL UNCERTAIN TAX POSITIONS. INTEREST AND PENALTIES ASSESSED, IF ANY, ARE ACCRUED AS INCOME TAX EXPENSE. THE ACADEMY HAS IDENTIFIED ITS TAX STATUS AS A TAX-EXEMPT ENTITY AS A TAX POSITION; HOWEVER, THE ACADEMY HAS DETERMINED THAT SUCH TAX POSITION DOES NOT RESULT IN AN UNCERTAINTY REQUIRING RECOGNITION. THE ACADEMY IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAXING JURISDICTION. ITS FEDERAL AND STATE INCOME TAX RETURNS ARE GENERALLY OPEN FOR EXAMINATION FOR THREE YEARS FOLLOWING THE DATE FILED.	DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48:
	CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 1,922,261. UNREALIZED GAIN ON SWAP MARKET VALUE 2,301,990.	PART XI, LINE 8 - OTHER ADJUSTMENTS:
	FINANCIAL AID -15,413,929. CAPITAL CAMPAIGN EXPENSES -3,817,554. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 1,922,261.	PART XII, LINE 2D - OTHER ADJUSTMENTS:
	COST OF GOODS SOLD -24,813.	PART XII, LINE 4B - OTHER ADJUSTMENTS:
	UNREALIZED GAIN ON SWAP MARKET VALUE -2,301,990. COST OF GOODS SOLD 24,813.	PART XIII, LINE 2D - OTHER ADJUSTMENTS:
	FINANCIAL AID 15,413,929. CAPITAL CAMPAIGN EXPENSES 3,817,554.	PART XIII, LINE 4B - OTHER ADJUSTMENTS:
	PART VII, INVESTMENTS - OTHER SECURITIES: THE INFORMATION DISCLOSED IN SCHEDULE D, PART VII CONFORMS TO THE VALUATION CONVENTIONS PRESCRIBED BY STATEMENT OF FINANCIAL ACCOUNTING STANDARD ("SFAS") NO. 157, FAIR VALUE MEASUREMENT, IN EFFECT AT THE ACADEMY'S FISCAL YEAR ENDING JUNE 30, 2011. THE AMOUNTS IN COLUMN (B), BOOK VALUE, ARE THOSE MARKET VALUES DISCLOSED AS LEVEL 2 AND LEVEL 3 INVESTMENTS IN THE ACADEMY'S 2011 AUDITED FINANCIAL STATEMENTS, EXCEPT THAT AMOUNTS ASSOCIATED WITH THE ACADEMY'S FACULTY MORTGAGE PROGRAM ARE SEPARATELY DISCLOSED AS COMPONENTS OF THE AMOUNTS ON LINES 5 AND LINE 7 OF FORM 990, PART X, BALANCE SHEET. DOMESTIC AND INTERNATIONAL EQUITIES IN SCHEDULE D, PART VII REPRESENT OWNERSHIP INTERESTS IN PRIVATE INVESTMENT PARTNERSHIPS THE CHARACTERISTICS OF WHICH CLOSELY RESEMBLE THESE CLASSES OF ASSETS, AND NOT SHARES OF PUBLICLY TRADED EQUITIES.

Schedule E IRS990ScheduleE

Field	Value	IRS element (for citing)
Nondiscriminatory Policy Stmt	1	NondiscriminatoryPolicyStmt
Policy Statement In Brochures Etc	1	PolicyStatementInBrochuresEtc
Policy Publ Via Broadcast Media	1	PolicyPublViaBroadcastMedia
Maint Racial Composition Records	1	MaintRacialCompositionRecords
Maint Scholarships Records	1	MaintScholarshipsRecords
Maint Copies Of Brochures Etc	1	MaintCopiesOfBrochuresEtc
Maint Copies Of All Solicitations	1	MaintCopiesOfAllSolicitations
Discriminate Race Students Rights	0	DiscriminateRaceStudentsRights
Discriminate Race Admiss Policies	0	DiscriminateRaceAdmissPolicies
Discriminate Race Emplmn Faculty	0	DiscriminateRaceEmplmnFaculty
Discriminate Race Scholarships	0	DiscriminateRaceScholarships
Discriminate Race Educ Policies	0	DiscriminateRaceEducPolicies
Discriminate Race Use Of Fclts	0	DiscriminateRaceUseOfFclts
Discriminate Race Athletic Prog	0	DiscriminateRaceAthleticProg
Discriminate Race Other Acty	0	DiscriminateRaceOtherActy
Government Financial Aid Received	1	GovernmentFinancialAidReceived
Government Financial Aid Revoked	0	GovernmentFinancialAidRevoked
Compliance With Rev Proc7550	1	ComplianceWithRevProc7550

Form990 Schedule E Part II Form990ScheduleEPartII (2 entries)

IdentifierIdentifier	Return ReferenceReturnReference	ExplanationExplanation
EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION	SCHEDULE E, PART I, LINE 3	PHILLIPS ACADEMY'S NON-DISCRIMINATION POLICY IS STATED ON PAGE 1 OF THE 2010 - 2011 SCHOOL CATALOG. THE TEXT OF THIS NOTICE IS AS FOLLOWS: PHILLIPS ACADEMY ADMITS STUDENTS OF ANY GENDER, RACE, COLOR, HANDICAPPED STATUS, SEXUAL ORIENTATION, RELIGION, AND NATIONAL AND ETHNIC ORIGIN TO ALL THE RIGHTS, PRIVILEGES, PROGRAMS, AND ACTIVITIES GENERALLY ACCORDED OR MADE AVAILABLE TO STUDENTS AT THE SCHOOL. IT DOES NOT DISCRIMINATE ON THE BASIS OF GENDER, RACE, COLOR, HANDICAPPED STATUS, SEXUAL ORIENTATION, RELIGION, OR NATIONAL AND ETHNIC ORIGIN IN ADMINISTRATION OF ITS EDUCATIONAL POLICIES, ADMISSION POLICIES, SCHOLARSHIP AND LOAN PROGRAMS, AND ATHLETIC AND OTHER SCHOOL-ADMINISTERED PROGRAMS.
EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE	SCHEDULE E, PART I, LINE 6	STATE: ADDISON GALLERY, MASSACHUSETTS CULTURAL COUNCIL: $8,460 TOTAL GOVERNMENT CONTRIBUTIONS (GRANTS): $8,460

Schedule F IRS990ScheduleF

Accts Actvs Out US Table AcctsActvsOutUSTable (4 entries)

RegionRegion	Type Of Activities ConductedTypeOfActivitiesConducted	Specific Services ProvidedSpecificServicesProvided	Total ExpendituresTotalExpenditures
EAST ASIA AND THE PACIFIC	FUNDRAISING	NOT APPLICABLE	55397
EUROPE (INCLUDING ICELAND & GREENLAND)	FUNDRAISING	NOT APPLICABLE	7587
CENTRAL AMERICA AND THE CARIBBEAN	INVESTMENTS		150552581
NORTH AMERICA	INVESTMENTS		673031449

Field	Value	IRS element (for citing)
Subtotal Number Of Offices	0	SubtotalNumberOfOffices
Subtotal Number Of Employees	0	SubtotalNumberOfEmployees
Cont Number Of Offices	0	ContNumberOfOffices
Cont Number Of Employees	0	ContNumberOfEmployees
Total Number Of Offices	0	TotalNumberOfOffices
Total Number Of Employees	0	TotalNumberOfEmployees
Subtotal Amount Spent	823647014	SubtotalAmountSpent
Cont Amount Spent	0	ContAmountSpent
Total Amount Spent	823647014	TotalAmountSpent
Transfer To Foreign Corp	1	TransferToForeignCorp
Interest In Foreign Trust	0	InterestInForeignTrust
Own Foreign Corp	1	OwnForeignCorp
Passive Foreign Invest Co	1	PassiveForeignInvestCo
Foreign Partnership	1	ForeignPartnership
Boycott Countries	0	BoycottCountries

Form990 Schedule F Part V Form990ScheduleFPartV

Field	Value	IRS element (for citing)
Identifier	OTHER INFORMATION	Identifier
Return Reference	SCHEDULE F, PART V	ReturnReference
Explanation	THE ACADEMY SOLICITS CHARITABLE CONTRIBUTIONS FROM ALUMNI LOCATED OUTSIDE OF THE UNITED STATES. THE PROGRAM ELEMENTS CONSIST OF MAJOR GIFT OFFICER TRAVEL, FACULTY TRAVEL, HEAD OF SCHOOL AND SENIOR ADMINISTRATOR TRAVEL TO EUROPE, AFRICA AND ASIA. THE ACTIVITY CONSISTS OF ONE-ON-ONE VISITS, LEADERSHIP GIFT RECEPTIONS, DINNERS AND CONFERENCES. AREAS VISITED IN THE CURRENT REPORTING PERIOD WERE CHINA, ENGLAND, INDONESIA, KOREA, AND SINGAPORE.	Explanation

Schedule G IRS990ScheduleG

Field	Value	IRS element (for citing)
Mail Solicitations	X	MailSolicitations
Email Solicitations	X	EmailSolicitations
Phone Solicitations	X	PhoneSolicitations
In Person Solicitations	X	InPersonSolicitations
Solicitation Of Non Govt Grants	X	SolicitationOfNonGovtGrants
Solicitation Of Govt Grants	X	SolicitationOfGovtGrants
Agreement Ref Fundraising	1	AgreementRefFundraising

Fundraiser Activity Information FundraiserActivityInformation (2 entries)

Address Line1AddressUS/AddressLine1	CityAddressUS/City	StateAddressUS/State	ZIP CodeAddressUS/ZIPCode	ActivityActivity	Fundraiser Control Of FundsFundraiserControlOfFunds	Gross ReceiptsGrossReceipts	Amount Retained By ContractorAmountRetainedByContractor	Net To OrganizationNetToOrganization
MARTS & LUNDY
1200 WALL ST	LYNDHURST	NJ	07071	CONSULTING	0	0	11265	0
TARGET ANALYSIS GROUP
2 CANAL PARK	CAMBRIDGE	MA	02141	CONSULTING	0	0	5000	0

Field	Value	IRS element (for citing)
Total Retained By Contractors	16265	TotalRetainedByContractors
Licensed States	MA	LicensedStates
Licensed States	ME	LicensedStates

Schedule I IRS990ScheduleI

Field	Value	IRS element (for citing)
Records Maintained	1	RecordsMaintained

Recipient Table RecipientTable

Recipient Name Business RecipientNameBusiness

Field	Value	IRS element (for citing)
Business Name Line1	TOWN OF ANDOVER	BusinessNameLine1

Address US AddressUS

Field	Value	IRS element (for citing)
Address Line1	36 BARTLETT STREET	AddressLine1
City	ANDOVER	City
State	MA	State
ZIP Code	01810	ZIPCode

Field	Value	IRS element (for citing)
EIN Of Recipient	046001069	EINOfRecipient
Amount Of Cash Grant	158979	AmountOfCashGrant
Method Of Valuation	FMV	MethodOfValuation
Purpose Of Grant	SEE PART IV	PurposeOfGrant

Field	Value	IRS element (for citing)
Total Nbr Of501 C3 And Govt Grants	1	TotalNbrOf501C3AndGovtGrants
Total Nbr Of Other Organizations	0	TotalNbrOfOtherOrganizations

Form990 Schedule I Part III Form990ScheduleIPartIII (4 entries)

Type Of GrantTypeOfGrant	Number Of RecipientsNumberOfRecipients	Amount Of Non Cash AssistanceAmountOfNonCashAssistance	Method Of ValuationMethodOfValuation	Description Of Non Cash AssistanceDescriptionOfNonCashAssistance	Amount Of Cash GrantAmountOfCashGrant
TUITION REMISSION 9-MONTH PROGRAM	499	14992100	FMV	TUITION REMISSION 9-MONTH PROGRAM
OTHER AID TO 9-MONTH PROGRAM STUDENTS	499	764992	FMV	SEE PART IV	291837
TUITION REMISSION FACULTY CHILDREN OFF CAMPUS	4	95445	FMV	SEE PART IV
TUITION REMISSION SUMMER SESSION	84	426290	FMV	TUITION REMISSION SUMMER SESSION

Form990 Schedule I Part IV Form990ScheduleIPartIV (2 entries)

IdentifierIdentifier	Return ReferenceReturnReference	ExplanationExplanation
PROCEDURE FOR MONITORING GRANTS IN THE U.S.:	PART I, LINE 2:	SCHEDULE I, PART I, LINE 2: MOST AID TO ACADEMY STUDENTS IS IN-KIND IN THE FORM OF TUITION REMISSION AND PAYMENT OF MANDATORY AND OTHER ACADEMY FEES. OTHER NON-CASH AID DISCLOSED IN SCHEDULE I, PART III IS MONITORED THROUGH THE USE OF THE ACADEMY'S STUDENT DEBIT CARD OR STORE VOUCHERS, WHICH ARE RECEIPTED. CASH GRANTS IN PART III ARE STUDENT STIPENDS AND ARE DISBURSED DIRECTLY TO STUDENT BANK ACCOUNTS OR ARE PROVIDED DIRECTLY BY THE ACADEMY'S FINANCIAL AID OFFICE AS NEEDED.
OTHER INFORMATION:	PART IV:	PART II: UNDER THE TERMS OF AN AGREEMENT BETWEEN THE ACADEMY AND THE TOWN OF ANDOVER (THE "TOWN"), THE ACADEMY MAKES AN ANNUAL VOLUNTARY CONTRIBUTION TO THE TOWN. THE PAYMENT IS NOT RESTRICTED TO ANY PARTICULAR USE BY THE TOWN AND IS MADE WITHOUT CONSIDERATION OF THE TAX STATUS OF ACADEMY PROPERTY. PART III: STATED IN THE ACADEMY'S CONSTITUTION OF 1778, AND REAFFIRMED IN ITS STATEMENT OF PURPOSE, THE SCHOOL IS CHARGED TO EDUCATE "YOUTH FROM EVERY QUARTER". THE ACADEMY PROVIDES ALL ASSISTANCE ON A NON-DISCRIMINATORY BASIS AND IN FURTHERANCE OF THE OBJECTIVE OF ATTRACTING A DIVERSE STUDENT BODY. A TOTAL OF 499 STUDENTS RECEIVED SOME COMPONENT OF THE TOTAL AID DISCLOSED ON LINES 1 AND 2 OF PART III. OTHER NON-CASH ASSISTANCE TO 9-MONTH PROGRAM STUDENTS CONSISTS OF STUDENT TRAVEL TO AND FROM CAMPUS, SPECIALIZED INSTRUCTION AND TUTORING TO INCLUDE MUSIC GRANTS, TECHNOLOGY, TEXTBOOKS, COLLEGE APPLICATIONS, MEDICAL EXPENSES, CLOTHING, LAUNDRY SERVICE, PHONE, ATHLETIC EQUIPMENT, SCHOOL SUPPLIES AND MISCELLANEOUS PERSONAL EXPENSES.

Schedule J IRS990ScheduleJ

Field	Value	IRS element (for citing)
Discretionary Spending Account	X	DiscretionarySpendingAccount
Housing Allowance Or Residence	X	HousingAllowanceOrResidence
Club Dues Or Fees	X	ClubDuesOrFees
Personal Services	X	PersonalServices
Written Policy Re T And E Expenses	0	WrittenPolicyReTAndEExpenses
Substantiation Required	1	SubstantiationRequired
Compensation Committee	X	CompensationCommittee
Form990 Of Other Organizations	X	Form990OfOtherOrganizations
Written Employment Contract	X	WrittenEmploymentContract
Compensation Survey	X	CompensationSurvey
Board Or Committee Approval	X	BoardOrCommitteeApproval
Severance Payment	0	SeverancePayment
Supplemental Nonqual Retire Plan	0	SupplementalNonqualRetirePlan
Equity Based Comp Arrangement	0	EquityBasedCompArrangement
Comp Based On Revenue Of Filing Org	0	CompBasedOnRevenueOfFilingOrg
Comp Based On Revenue Related Orgs	0	CompBasedOnRevenueRelatedOrgs
Comp Based Net Earnings Filing Org	0	CompBasedNetEarningsFilingOrg
Comp Based Net Earnings Relate Orgs	0	CompBasedNetEarningsRelateOrgs
Any Non Fixed Payments	1	AnyNonFixedPayments
Initial Contract Exception	0	InitialContractException

Form990 Schedule J Part II Form990ScheduleJPartII (13 entries)

Base Compensation Filing OrgBaseCompensationFilingOrg	Comp Based On Related OrgsCompBasedOnRelatedOrgs	Bonus Filing OrgBonusFilingOrg	Bonus Related OrgsBonusRelatedOrgs	Other Compensation Filing OrgOtherCompensationFilingOrg	Other Compensation Related OrgsOtherCompensationRelatedOrgs	Deferred Comp Filing OrgDeferredCompFilingOrg	Deferred Comp Related OrgsDeferredCompRelatedOrgs	Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrg	Nontaxable Benefits Related OrgsNontaxableBenefitsRelatedOrgs	Total Compensation Filing OrgTotalCompensationFilingOrg	Total Compensation Related OrgsTotalCompensationRelatedOrgs	Comp Report Prior990 Filing OrgCompReportPrior990FilingOrg	Comp Report Prior990 Related OrgsCompReportPrior990RelatedOrgs
BARBARA L CHASE
336495	0	0	0	16500	0	119463	0	47469	0	519927	0	0	0
STEPHEN D CARTER
221247	0	15000	0	0	0	27400	0	46674	0	310321	0	0	0
AMY C FALLS
387385	0	150000	0	0	0	28646	0	102	0	566133	0	0	0
PETER R RAMSEY
274940	0	0	0	0	0	28646	0	52332	0	355918	0	0	0
TEMBA T MAQUBELA
201828	0	0	0	0	0	22937	0	86914	0	311679	0	0	0
REBECCA M SYKES
197436	0	2000	0	0	0	22299	0	48937	0	270672	0	0	0
JANE F FRIED
186512	0	5000	0	0	0	22430	0	59003	0	272945	0	0	0
BRIAN T ALLEN
169106	0	0	0	0	0	18886	0	7871	0	195863	0	0	0
MICHAEL R REIST
156235	0	50000	0	0	0	23511	0	102	0	229848	0	0	0
DAVID A FLASH
170856	0	0	0	0	0	18914	0	30082	0	219852	0	0	0
CHRISTINE M ADAMS
165438	0	0	0	0	0	18225	0	102	0	183765	0	0	0
BARBARA D GROSS
159995	0	0	0	0	0	18389	0	17598	0	195982	0	0	0
RICHARD J KELLER
149535	0	0	0	0	0	16688	0	44087	0	210310	0	0	0

Form990 Schedule J Part III Form990ScheduleJPartIII (2 entries)

Return ReferenceReturnReference

ExplanationExplanation

PART I, LINE 1A

WHILE THE ACADEMY DOES NOT HAVE A WRITTEN EXPENSE REIMBURSEMENT POLICY, COMPTROLLER'S OFFICE PERSONNEL REVIEW EACH EXPENSE REIMBURSEMENT REQUEST FOR COMPLIANCE WITH IRS REQUIREMENTS FOR ACCOUNTABLE PLANS BEFORE THE REQUESTOR IS REIMBURSED FOR THE EXPENSE. DISCRETIONARY SPENDING ACCOUNTS: ALL OF THE OFFICERS AND KEY EMPLOYEES LISTED ON SCHEDULE J, PART II HAVE BUDGETARY CONTROL OF THEIR RESPECTIVE DEPARTMENTS, ALL WHICH CONTAIN A SMALL DISCRETIONARY COMPONENT OR CONTINGENCY WHICH THEY MAY SPEND AT THEIR DISCRETION. THE BOARD OF TRUSTEES APPROVES THE ACADEMY BUDGET AND REVIEWS ALL BUDGET-TO-ACTUAL SPENDING. SUCH SPENDING, IF ANY, IS NOT TAXABLE COMPENSATION. HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: BARBARA L. CHASE, STEPHEN D. CARTER, REBECCA M. SYKES, TEMBA T. MAQUBELA, JANE F. FRIED, AND RICHARD J. KELLER RECEIVED HOUSING AS A CONDITION OF EMPLOYMENT FOR THE CONVENIENCE OF THE EMPLOYER. THE ACADEMY HAS VALUED HOUSING AT 5% OF THE APPRAISED VALUE OF THE HOME AS DETERMINED BY THE ASSESSOR'S OFFICE OF THE TOWN OF ANDOVER, MASSACHUSETTS, WHERE THE ACADEMY IS LOCATED. SUCH AMOUNTS ARE NOT TAXABLE COMPENSATION. HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES: MRS. CHASE TRAVELS GLOBALLY ON ACADEMY BUSINESS. ANNUALLY THE ACADEMY PAYS $500 FOR MRS. CHASE'S MEMBERSHIP IN AN AIRLINE FLIGHT CLUB. THIS AMOUNT IS NOT TAXABLE COMPENSATION. PERSONAL SERVICES: THE HEAD OF SCHOOL, MRS. CHASE'S RESIDENCE IS USED THROUGHOUT THE YEAR FOR NUMEROUS FUNDRAISING EVENTS, PARTIES, MEETINGS AND OTHER ACADEMY-RELATED GATHERINGS. A HOUSEKEEPER SPENDS APPROXIMATELY 10 HOURS PER WEEK CLEANING THE RESIDENCE. NO TAXABLE COMPENSATION IS ASSOCIATED WITH THIS SERVICE.

PART I, LINE 7

MS. CHASE RECEIVED A NON-FIXED PAYMENT RECOMMENDED BY THE PRESIDENT OF THE BOARD OF TRUSTEES UNDER THE TERMS OF A DEFERRED COMPENSATION AGREEMENT. THE COMPENSATION COMMITTEE APPROVED THE PAYMENT. MR. CARTER, MS. FALLS, MS. SYKES, MS. FRIED, AND MR. REIST RECEIVED NON-FIXED PAYMENTS APPROVED BY THE COMPENSATION COMMITTEE.

Schedule K IRS990ScheduleK

Form990 Schedule K Part I Form990ScheduleKPartI (2 entries)

Issuer EINIssuerEIN	CUSIP NumberCUSIPNumber	Date IssuedDateIssued	Issue PriceIssuePrice	Description Of PurposeDescriptionOfPurpose	DefeasedDefeased	On Behalf Of IssuerOnBehalfOfIssuer	Pool FinancingPoolFinancing
MA DEVELOPMENT FINANCE AGENCY
043431814	57583RD69	2008-12-17	40540096	SEE PART V	0	0	0
MA DEVELOPMENT FINANCE AGENCY
043431814	57583FL25	2003-02-04	59910000	SEE PART V	0	0	0

Form990 Schedule K Part II Form990ScheduleKPartII (2 entries)

Total ProceedsTotalProceeds	Issuance Costs From ProceedsIssuanceCostsFromProceeds	Capital ExpendituresCapitalExpenditures	Year Of Subst CompletionYearOfSubstCompletion	Current RefundingCurrentRefunding	Advance RefundingAdvanceRefunding	Final Allocation MadeFinalAllocationMade	Adequate Books And Recds MaintaindAdequateBooksAndRecdsMaintaind	Refunding EscrowRefundingEscrow
40540096	538442	40001654	2009	0	0	1	1
59910000	671812	20013672	2003	0	0	1	1	39224516

Form990 Schedule K Part III Form990ScheduleKPartIII (2 entries)

Owning Bond Financed PropertyOwningBondFinancedProperty	Any Lease ArrangementsAnyLeaseArrangements	Mngment Cntrct Bond Financd PrprtyMngmentCntrctBondFinancdPrprty	Any Research AgreementsAnyResearchAgreements	Bond Counsel Routinely EngagedBondCounselRoutinelyEngaged	Prcntge Prvt Business Use By OthersPrcntgePrvtBusinessUseByOthers	Percentage Of Prvt Business Re UBIPercentageOfPrvtBusinessReUBI	Total Private Business UseTotalPrivateBusinessUse	Post Issuance Compliance ProcdrsPostIssuanceComplianceProcdrs
0	0	1	0	1	0.00000	0.00000	0.00000	1
0	0	0	0		0.00000	0.00000	0.00000	1

Form990 Schedule K Part IV Form990ScheduleKPartIV (2 entries)

Form8038 T FiledForm8038TFiled	Variable Rate IssueVariableRateIssue	Hedge Identified In Books And RecdsHedgeIdentifiedInBooksAndRecds	Gross Proceeds Invested In GICGrossProceedsInvestedInGIC	Gross Proceeds InvestedGrossProceedsInvested	Exception To RebateExceptionToRebate	Business Name Line2NameOfHedgeProvider/BusinessNameLine2	Term Of HedgeTermOfHedge	Superintegrated HedgeSuperintegratedHedge	Hedge TerminatedHedgeTerminated
(no name)
0	0	0	0	0	1
MORGAN STANLEY
0	1	1	0	0	1	BANK OF NY MELLON	22.200000000000	0	0

Form990 Schedule K Part V Form990ScheduleKPartV

Field	Value	IRS element (for citing)
Identifier	PART I:	Identifier
Explanation	IN DECEMBER, 2008, THE MASSACHUSETTS DEVELOPMENT FINANCE AGENCY ("MDFA") ISSUED REVENUE BONDS, PHILLIPS ACADEMY ISSUE, SERIES 2008 (THE "2008 BONDS") IN THE AGGREGATE PRINCIPAL AMOUNT OF $38.61 MILLION AT A PREMIUM OF $1.93 MILLION FROM WHICH THE ACADEMY RECOGNIZED TOTAL PROCEEDS UPON ISSUANCE OF $40.54 MILLION. THE ACADEMY USED THE PROCEEDS NET OF $538 THOUSAND OF CAPITALIZED ISSUANCE COSTS TO FINANCE REPAIRS, MAINTENANCE AND IMPROVEMENTS TO THE ACADEMY'S PHYSICAL PLANT. IN FEBRUARY, 2003, THE MASSACHUSETTS DEVELOPMENT FINANCE AGENCY ("MDFA") ISSUED VARIABLE RATE DEMAND REVENUE BONDS, TRUSTEES OF PHILLIPS ACADEMY ISSUE, SERIES 2003 (THE "2003 BONDS") IN THE AGGREGATE PRINCIPAL AMOUNT OF $59.91 MILLION. $39.23 MILLION OF THE PROCEEDS FROM THE 2003 BONDS WERE USED TO ADVANCE REFUND $35 MILLION OF MASSACHUSETTS INDUSTRIAL FINANCE AGENCY BONDS ISSUED IN 1993. THE REMAINING PROCEEDS WERE USED TO FINANCE REPAIRS, MAINTENANCE AND IMPROVEMENTS TO THE ACADEMY'S PHYSICAL PLANT.	Explanation

Schedule L IRS990ScheduleL

Loan Table LoanTable (6 entries)

Purpose Of LoanPurposeOfLoan	Loan From OrganizationLoanFromOrganization	Original PrincipalOriginalPrincipalAmount	Balance DueBalanceDue	DefaultDefault	Approved By BoardApprovedByBoard	Written AgreementWrittenAgreement
BARBARA L CHASE
HOME MORTGAGE	X	$373,500	205375	0	1	1
PETER R RAMSEY
HOME MORTGAGE	X	$200,000	66000	0	1	1
REBECCA M SYKES
HOME MORTGAGE	X	$276,400	140524	0	1	1
TEMBA T MAQUBELA
LOAN & COMPUTER LOAN	X	$64,882	38562	0	1	1
JANE F FRIED
COMPUTER LOAN	X	$1,100	764	0	1	1
BRIAN T ALLEN
HOME MORTGAGE	X	$99,000	95685	0	1	1

Field	Value	IRS element (for citing)
Total Balance Due	546910	TotalBalanceDue

Form990 Schedule L Part III Form990ScheduleLPartIII

Field	Value	IRS element (for citing)
Name Of Interested Person	INTERESTED PERSONS	NameOfInterestedPerson
Relationship With Organization	TUITION REMISSION	RelationshipWithOrganization
Amount Of Grant	59160	AmountOfGrant

Form990 Schedule L Part IV Form990ScheduleLPartIV (3 entries)

RelationshipRelationship	Amount Of TransactionAmountOfTransaction	Description Of TransactionDescriptionOfTransaction	Sharing Of RevenuesSharingOfRevenues
DAVID W CHASE
FAMILY MEMBER OF BARBARA L. CHASE, TRUSTEE AND HEAD OF SCHOOL	119477	SEE BELOW	0
VUYELWA M MAQUBELA
FAMILY MEMBER OF TEMBA T. MAQUBELA, KEY EMPLOYEE	89349	SEE BELOW	0
ELWIN SYKES
FAMILY MEMBER OF REBECCA M. SYKES, KEY EMPLOYEE	88961	SEE BELOW	0

Form990 Schedule L Part V Form990ScheduleLPartV (2 entries)

IdentifierIdentifier

ExplanationExplanation

PART II:

LOANS LISTED IN PART II OF SCHEDULE L ARE COMPRISED PRIMARILY OF LOANS UNDER THE ACADEMY'S FACULTY MORTGAGE PROGRAM, AVAILABLE TO ALL QUALIFIED FACULTY AFTER SIX YEARS OF SERVICE. THE PROGRAM INTEREST RATE IS RE-SET ANNUALLY BASED UPON THE TEN-YEAR U.S. TREASURY NOTE'S EFFECTIVE YIELD AT JUNE 20. THE TOTAL FACULTY MORTGAGE PROGRAM BALANCE AT JUNE 30, 2011 WAS $1,222,671 RECEIVABLE FROM 10 PROGRAM PARTICIPANTS, OF WHICH $546,043 APPEARS ON LINE 5 OF PART X, RECEIVABLES FROM CURRENT AND FORMER OFFICERS, DIRECTORS, TRUSTEES, KEY EMPLOYEES, AND HIGHEST COMPENSATED EMPLOYEES. THE BALANCE, $676,628 IS ON LINE 7 OF PART X. TWO OTHER INDIVIDUALS HAVE LOANS WHICH WERE APPROVED BY THE COMPENSATION COMMITTEE AND/OR THE BOARD OF TRUSTEES. ALSO INCLUDED IN PART II, SCHEDULE L ARE BALANCES DUE UNDER THE FACULTY COMPUTER LOAN PROGRAM TOTALING $867 - THIS PROGRAM ISSUES NON-INTEREST BEARING LOANS IN THE MAXIMUM AMOUNT OF $5,000, REPAYABLE WITHIN 36 MONTHS, TO FACULTY FOR THE PURCHASE OF PERSONAL COMPUTERS. THE ACADEMY IMPUTES INCOME ON ANY BELOW MARKET RATE LOANS IN ACCORDANCE WITH IRS REQUIREMENTS.

PART IV, COLUMN D:

DISCLOSED IN THIS PART FOR FY 11 ARE THREE ACADEMY EMPLOYEES WHO ARE SPOUSES OF CURRENT OFFICERS OR KEY EMPLOYEES OF THE ACADEMY LISTED IN PART VII AND SCHEDULE J. THE COMPENSATION AND BENEFITS OF THESE THREE INDIVIDUALS ARE AUTHORIZED BY THEIR DEPARTMENT SUPERVISORS AND THE ACADEMY'S HUMAN RESOURCES DEPARTMENT.

Schedule M IRS990ScheduleM

Works Of Art WorksOfArt

Field	Value	IRS element (for citing)
Non Cash Checkbox	X	NonCashCheckbox
Number Of Contributions	29	NumberOfContributions
Method Of Determining Revenues	N/A	MethodOfDeterminingRevenues

Securities Publicly Traded SecuritiesPubliclyTraded

Field	Value	IRS element (for citing)
Non Cash Checkbox	X	NonCashCheckbox
Number Of Contributions	156	NumberOfContributions
Noncash Contribs Rptd F990	3150170	NoncashContribsRptdF990
Method Of Determining Revenues	AVG. OF HIGH/LOW PRICE	MethodOfDeterminingRevenues

Field	Value	IRS element (for citing)
Number Of8283 Received	5	NumberOf8283Received
Any Property That Must Be Held	0	AnyPropertyThatMustBeHeld
Review Process Unusual NC Gifts	1	ReviewProcessUnusualNCGifts
Third Parties Used	1	ThirdPartiesUsed

Form990 Schedule M Part II Form990ScheduleMPartII (2 entries)

IdentifierIdentifier	Return ReferenceReturnReference	ExplanationExplanation
THIRD PARTY USE:	PART I, LINE 32B:	THE ACADEMY USES A DISCOUNT BROKERAGE TO RECEIVE AND SELL CONTRIBUTIONS OF SECURITIES PRESENTED ON LINE 9 OF SCHEDULE M.
NON REPORTING OF REVENUE:	PART I, LINE 33:	THE ACADEMY REPORTED ZERO VALUE ON FORM 990, PART VIII, STATEMENT OF REVENUE, LINE 1G AS PERMITTED UNDER SFAS 116. IT DOES NOT CAPITALIZE ITS MUSEUM COLLECTIONS.

Schedule O IRS990ScheduleO

General Explanation GeneralExplanation (11 entries)

Return ReferenceReturnReference	ExplanationExplanation	IdentifierIdentifier
FORM 990, PART I, LINE 6:	DURING ITS 2011 FISCAL YEAR APPROXIMATELY 2,400 VOLUNTEERS CONTRIBUTED THEIR TIME TO SUPPORT PHILLIPS ACADEMY IN THE ACCOMPLISHMENT OF ITS MISSION. TRUSTEES PROVIDED GOVERNANCE; FACULTY, STAFF, ALUMNI, PARENTS AND FRIENDS OF THE ACADEMY PARTICIPATED ON MAJOR ACADEMY COMMITTEES; CLASS VOLUNTEERS WERE AGENTS FOR CLASS FUNDRAISING EFFORTS AND CORRESPONDENTS FOR CLASS NOTES; REGIONAL ASSOCIATION VOLUNTEERS THROUGHOUT THE U.S., EUROPE AND ASIA CONDUCTED ADMISSION INTERVIEWS; FUNDRAISING VOLUNTEERS PARTICIPATED IN PHONE-A-THONS AND ASSISTED WITH INDIVIDUAL FUNDRAISING SOLICITATIONS.
FORM 990, PART V, LINE 4A:	FOR THE CALENDAR YEAR ENDING DECEMBER 31, 2010 THE ACADEMY WAS INVESTED IN NO FOREIGN FINANCIAL ACCOUNTS FOR WHICH IT WAS REQUIRED TO FILE FORM TD F 90-22.1, REPORT OF FOREIGN BANK AND FINANCIAL ACCOUNTS ("FBAR").
	TRUSTEES PETER L.S. CURRIE AND LOUIS G. ELSON HAVE A RELATIONSHIP IN A BUSINESS ENTITY. THE ACADEMY HAS NO RELATIONSHIP WITH THIS ENTITY. MR. LOUIS G. ELSON'S BROTHER, HARRY, ALSO SERVES ON THE BOARD OF GOVERNORS OF THE ACADEMY'S ADDISON GALLERY OF AMERICAN ART.	FORM 990, PART VI, SECTION A, LINE 2
	IN ACCORDANCE WITH THE AMENDED AND RESTATED BY-LAWS OF TRUSTEES OF PHILLIPS ACADEMY, ONLY THE EXECUTIVE COMMITTEE HAS THE AUTHORITY TO ACT ON BEHALF OF THE ACADEMY'S GOVERNING BODY, ITS BOARD. THE ACADEMY DOES NOT MAINTAIN MINUTES OF ANY EXECUTIVE COMMITTEE MEETINGS, WHICH ARE RARE, AND GENERALLY CONVENE TO VOTE ON AN ISSUE THAT HAS BEEN DELEGATED TO THIS COMMITTEE BY THE FULL BOARD BECAUSE INSUFFICIENT INFORMATION WAS AVAILABLE AT THE REGULARLY SCHEDULED MEETING OF THE FULL BOARD AND A DECISION IS NEEDED BEFORE THE NEXT SCHEDULED BOARD MEETING. HOWEVER, IF THE EXECUTIVE COMMITTEE UNDERTAKES ANY ACTION, SUCH ACTION IS INCLUDED IN THE MINUTES OF THE NEXT REGULARLY SCHEDULED MEETING OF THE BOARD. THE BOARD MEETS AT LEAST THREE TIMES ANNUALLY. ALL BOARD MINUTES ARE APPROVED BY THE BOARD; THEREFORE, APPROVAL OF SUCH MINUTES CONSTITUTES APPROVAL AND ACCEPTANCE OF ANY ACTIONS TAKEN BY THE EXECUTIVE COMMITTEE. THE EXECUTIVE COMMITTEE DID NOT MEET IN FISCAL YEAR 2011.	FORM 990, PART VI, SECTION A, LINE 8B
	THE RETURN WAS PREPARED PRIMARILY IN THE ACADEMY'S COMPTROLLER'S OFFICE, REVIEWED INTERNALLY BY TWO SENIOR FINANCIAL MANAGERS, AND WAS THEN CIRCULATED TO CERTAIN OTHER SENIOR ADMINISTRATORS FOR REVIEW AND COMMENT. A DRAFT VERSION OF SELECTED SECTIONS OF THIS FORM 990 WAS PROVIDED TO THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES AT ITS JANUARY, 2012 MEETING FOR PRELIMINARY REVIEW. THE FINAL VERSION OF THIS ENTIRE FORM 990 WAS REVIEWED AND APPROVED BY THE AUDIT COMMITTEE AT ITS APRIL, 2012 MEETING. IMMEDIATELY AFTER THE APRIL AUDIT COMMITTEE MEETING, THIS FORM 990 WAS POSTED TO THE WEB SITE FOR THE BOARD OF TRUSTEES WHERE IT COULD BE VIEWED BY ALL TRUSTEES UNTIL THE FILING DATE OF MAY 15, 2012. ALL TRUSTEES WERE INFORMED ON APRIL 30, 2012 THAT THIS FORM 990 WAS AVAILABLE FOR THEIR REVIEW AT THE WEB SITE.	FORM 990, PART VI, SECTION B, LINE 11
FORM 990, PART VI, SECTION B, LINE 12C	THE ACADEMY HAS TWO SEPARATE CONFLICT OF INTEREST POLICIES. ITS POLICY FOR INTERESTED PERSONS ADDRESSES TRANSACTIONS BETWEEN THE ACADEMY AND ANY CURRENT OR FORMER OFFICERS, DIRECTORS, TRUSTEES AND KEY EMPLOYEES, ANY OTHER PERSON IN A POSITION TO EXERCISE SUBSTANTIAL INFLUENCE OVER THE AFFAIRS OF THE ACADEMY, FAMILY MEMBERS AND OTHER RELATED ENTITIES. THIS POLICY IS DESIGNED TO ELICIT DISCLOSURE OF TRANSACTIONS WHICH WOULD HAVE TO BE INCLUDED IN THE ACADEMY'S FORM 990. AS SUCH, THE THRESHOLDS FOR REPORTING AND DEFINITIONS OF TRANSACTIONS REQUIRED TO BE REPORTED ARE ALIGNED WITH THOSE IN FORM 990. THE ACADEMY ALSO HAS A SECOND POLICY FOR FACULTY, STAFF AND OTHER DECISION MAKERS ACTING ON BEHALF OF THE ACADEMY. WHILE THIS SECOND POLICY ALSO SEEKS TO IDENTIFY AND ADDRESS CONFLICTS, THE INQUIRIES ARE LESS EXTENSIVE THAN THOSE IN THE POLICY FOR INTERESTED PERSONS. ANNUALLY IN THE FALL, THE POLICIES ARE DISTRIBUTED AND ALL RECIPIENTS MUST DISCLOSE IN WRITING ALL POTENTIAL CONFLICTS OF INTEREST. CONFLICTS DISCLOSED ARE ADDRESSED IN ACCORDANCE WITH THE POLICIES, EITHER BY THE TRUSTEE AUDIT COMMITTEE, THE BOARD OF TRUSTEES OR THE CONFLICT OF INTEREST OFFICER, THE ACADEMY'S CHIEF FINANCIAL OFFICER. THE POLICIES CLEARLY STATE THAT ALL RECIPIENTS OF THE POLICY ARE OBLIGED THROUGHOUT THE YEAR TO ABIDE BY ITS TERMS AND TO TAKE NO STEPS TO ENTER INTO ANY TRANSACTION WHICH MIGHT GIVE RISE TO A CONFLICT OF INTEREST WITHOUT FIRST DISCLOSING SUCH TRANSACTION TO AND RECEIVING APPROVAL TO ENTER INTO THE TRANSACTION FROM THE CONFLICT OF INTEREST OFFICER. DURING THE YEAR, IF APPROPRIATE, NEWLY-HIRED PERSONNEL ARE REQUIRED TO COMPLETE THE POLICY. DURING THE COURSE OF THE YEAR, IF THE CONFLICT OF INTEREST OFFICER BECOMES AWARE OF POTENTIAL CONFLICTS THROUGH ANY OTHER MEANS, HE INVESTIGATES THE TRANSACTION IN ACCORDANCE WITH THE POLICY AND MAINTAINS RECORDS TO EVIDENCE THE RESULTS OF HIS INVESTIGATION.
FORM 990, PART VI, SECTION B, LINE 15	COMPENSATION OF THE ACADEMY'S HEAD OF SCHOOL, CHIEF OPERATING AND FINANCIAL OFFICER, AND ITS KEY EMPLOYEES IS REVIEWED AND APPROVED IN ACCORDANCE WITH THE ACADEMY'S AMENDED AND RESTATED COMPENSATION PHILOSOPHY STATEMENT (THE "STATEMENT"), ADOPTED AT A MEETING OF THE ACADEMY'S BOARD OF TRUSTEES IN JANUARY, 2006, WHEREIN THE BOARD DECLARES ITS SUPPORT FOR FULL DISCLOSURE OF ALL EXECUTIVE COMPENSATION AND BENEFITS AS LEGALLY REQUIRED IN IRS FORM 990. THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES IS CHARGED WITH IMPLEMENTING THE PHILOSOPHY AND PRACTICES ARTICULATED IN THE STATEMENT. THE STATEMENT REQUIRES THAT: COMPENSATION FOR ITS SENIOR ADMINISTRATORS BE BASED UPON COMPARISONS WITH COMPENSATION AT PEER INSTITUTIONS; ALL COMPENSATION DECISIONS BE BASED UPON ETHICAL CONSIDERATIONS; ALL PARTICIPATING IN COMPENSATION DECISIONS COMPLETE THE ACADEMY'S CONFLICT OF INTEREST STATEMENT AND RECUSE THEMSELVES FROM PARTICIPATION IF THEY HAVE ANY DIRECT OR INDIRECT FINANCIAL INTEREST WITH THE ACADEMY; ALL ACADEMY COMPENSATION PRACTICES ARE TO BE IN ACCORDANCE WITH APPLICABLE LAWS; AND ALL BOARD MEMBERS AND THOSE ADMINISTRATORS THAT PARTICIPATE IN DETERMINING COMPENSATION FOR THE ACADEMY'S OFFICERS AND KEY EMPLOYEES BE FAMILIAR WITH INTERNAL REVENUE CODE (IRC) SECTION 4958, WHICH IMPOSES INTERMEDIATE SANCTION PENALTIES FOR EXCESS BENEFIT TRANSACTIONS. ANNUALLY, THE COMPENSATION COMMITTEE REPORTS ITS COMPENSATION DECISIONS TO THE FULL BOARD MEMBERSHIP. THE COMPENSATION COMMITTEE REVIEWS AND APPROVES ALL BASE COMPENSATION ARRANGEMENTS EXCEEDING $150,000 A YEAR, EXCLUDING HOUSING, INCLUDING, IN PARTICULAR, THE HEAD OF SCHOOL AND THE CHIEF OPERATING AND FINANCIAL OFFICER. THE COMPENSATION COMMITTEE REVIEWS APPROPRIATE EXECUTIVE COMPENSATION COMPARABILITY DATA INCLUDING SALARY COMPARISON SURVEYS FROM VARIOUS ENTITIES, INCLUDING BUT NOT LIMITED TO; THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS (NAIS), THE ASSOCIATION OF BUSINESS OFFICERS OF PREPARATORY SCHOOLS (ABOPS), OTHER INSTITUTIONS' CURRENT 990S, COLLEGE AND UNIVERSITY PERSONNEL ASSOCIATION (CUPA) AND SUMMARIES OF SURVEYS RECEIVED BY THE ACADEMY IN EXCHANGE FOR ITS PARTICIPATION IN THESE SURVEYS. THE COMPENSATION COMMITTEE CONFIRMS WITH THE BOARD THAT FORMAL AND TIMELY PERFORMANCE REVIEWS ARE COMPLETED FOR ALL SENIOR ADMINISTRATORS. THE COMPENSATION COMMITTEE PREPARES AND APPROVES MINUTES OF EACH MEETING, INCLUDING: TERMS AND DATE OF APPROVED COMPENSATION, COMMITTEE MEMBERS PRESENT AND VOTING, THE COMPARABILITY DATA AND THEIR SOURCES AND THE RATIONALE FOR DECISIONS MADE.
FORM 990, PART VI, SECTION C, LINE 19	THE ACADEMY DOES NOT GENERALLY MAKE ITS GOVERNING DOCUMENTS AND ITS CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. IT WILL FURNISH ITS FINANCIAL STATEMENTS UPON REQUEST, EITHER VIA EMAIL OR IN HARD COPY THROUGH THE MAIL.
FORM 990, PART VI, LINE 1A:	THE PHILLIPS ACADEMY BOARD OF TRUSTEES HAS FIFTEEN CHARTER TRUSTEES, IDENTIFIED AS MEMBERS OF THE CORPORATION IN THE AMENDED AND RESTATED BY-LAWS OF THE TRUSTEES OF PHILLIPS ACADEMY, AND SIX ALUMNI TRUSTEES. CHARTER TRUSTEES HAVE FULL VOTING PRIVILEGES. ALUMNI TRUSTEES VOTE ON ALL MATTERS EXCEPT THE ELECTIONS OF MEMBERS OF THE CORPORATION, OFFICERS OF THE CORPORATION, AND THE HEAD OF SCHOOL. THE TRUSTEE BY-LAWS EMPOWER THE CORPORATION TO APPOINT AN EXECUTIVE COMMITTEE WITH ALL OF THE POWERS OF THE TRUSTEES EXCEPT AS SPECIFICALLY LIMITED BY THE BOARD. THE EXECUTIVE COMMITTEE IS COMPRISED OF THE BOARD PRESIDENT, THE HEAD OF SCHOOL AND CHAIRPERSONS OF EACH OF THE OTHER STANDING COMMITTEES OF THE BOARD. THE COMMITTEE HAS BEEN DELEGATED ALL OF THE POWERS OF THE TRUSTEES IN CIRCUMSTANCES WHERE THE ENTIRE BOARD IS UNABLE TO CONVENE TO RENDER A DECISION. THE EXECUTIVE COMMITTEE DID NOT MEET DURING THE ACADEMY'S 2011 FISCAL YEAR.
FORM 990, PART VI, LINE 14:	THE ORGANIZATION CHECKED 'NO' TO THIS QUESTION ON ITS FORM 990 BECAUSE THIS POLICY HAD NOT BEEN FORMALLY ADOPTED BY THE BOARD OR BY AN AUTHORIZED COMMITTEE OF THE BOARD AS OF JUNE 30, 2011.
FORM 990, PART XI, LINE 5:	NET UNREALIZED GAINS ON INVESTMENTS: 83,922,255. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 1,922,261. UNREALIZED GAIN ON SWAP MARKET VALUE 2,301,990. TOTAL TO FORM 990, PART XI, LINE 5: 88,146,506.	CHANGES IN NET ASSETS OR FUND BALANCES:

Schedule R IRS990ScheduleR

Form990 Schedule R Part IV Form990ScheduleRPartIV (28 entries)

Address Line1AddressUS/AddressLine1	CityAddressUS/City	StateAddressUS/State	ZIP CodeAddressUS/ZIPCode	Primary ActivityPrimaryActivity	Legal Domicile StateLegalDomicileState	Direct Controlling Entity NADirectControllingEntityNA	Type Of EntityTypeOfEntity	Share Of EOY AssetsShareOfEOYAssets	Percentage OwnershipPercentageOwnership	EINEIN
CHARITABLE REMAINDER TRUST
180 MAIN STREET	ANDOVER	MA	01810	CHARITABLE TRUST	IL	N/A	T	371834	0.97000
CHARITABLE REMAINDER TRUST
180 MAIN STREET	ANDOVER	MA	01810	CHARITABLE TRUST	FL	N/A	T	120747	0.92000
CHARITABLE REMAINDER TRUST
180 MAIN STREET	ANDOVER	MA	01810	CHARITABLE TRUST	MA	N/A	T	413888	0.83000
CHARITABLE REMAINDER TRUST
180 MAIN STREET	ANDOVER	MA	01810	CHARITABLE TRUST	MA	N/A	T	76114	0.83000
CHARITABLE REMAINDER TRUST
180 MAIN STREET	ANDOVER	MA	01810	CHARITABLE TRUST	GA	N/A	T	70850	0.82000
CHARITABLE REMAINDER TRUST
180 MAIN STREET	ANDOVER	MA	01810	CHARITABLE TRUST	NY	N/A	T	721181	0.81000
CHARITABLE REMAINDER TRUST
180 MAIN STREET	ANDOVER	MA	01810	CHARITABLE TRUST	MA	N/A	T	67941	0.80000
CHARITABLE REMAINDER TRUST
180 MAIN STREET	ANDOVER	MA	01810	CHARITABLE TRUST	MA	N/A	T	64184	0.80000
CHARITABLE REMAINDER TRUST
180 MAIN STREET	ANDOVER	MA	01810	CHARITABLE TRUST	MA	N/A	T	64651	0.80000
CHARITABLE REMAINDER TRUST
180 MAIN STREET	ANDOVER	MA	01810	CHARITABLE TRUST	MA	N/A	T	76201	0.80000
CHARITABLE REMAINDER TRUST
180 MAIN STREET	ANDOVER	MA	01810	CHARITABLE TRUST	MA	N/A	T	54898	0.80000
CHARITABLE REMAINDER TRUST
180 MAIN STREET	ANDOVER	MA	01810	CHARITABLE TRUST	NY	N/A	T	117514	0.78000
CHARITABLE REMAINDER TRUST
180 MAIN STREET	ANDOVER	MA	01810	CHARITABLE TRUST	IL	N/A	T	1022887	0.76000
CHARITABLE REMAINDER TRUST
180 MAIN STREET	ANDOVER	MA	01810	CHARITABLE TRUST	MA	N/A	T	150018	0.73000
CHARITABLE REMAINDER TRUST
180 MAIN STREET	ANDOVER	MA	01810	CHARITABLE TRUST	NC	N/A	T	1532183	0.64000
CHARITABLE REMAINDER TRUST
180 MAIN STREET	ANDOVER	MA	01810	CHARITABLE TRUST	MA	N/A	T	123042	0.64000
CHARITABLE REMAINDER TRUST
180 MAIN STREET	ANDOVER	MA	01810	CHARITABLE TRUST	MA	N/A	T	99008	0.62000
CHARITABLE REMAINDER TRUST
180 MAIN STREET	ANDOVER	MA	01810	CHARITABLE TRUST	VA	N/A	T	348211	0.60000
CHARITABLE REMAINDER TRUST
180 MAIN STREET	ANDOVER	MA	01810	CHARITABLE TRUST	MA	N/A	T	309237	0.60000
CHARITABLE REMAINDER TRUST
180 MAIN STREET	ANDOVER	MA	01810	CHARITABLE TRUST	MA	N/A	T	687183	0.59000
CHARITABLE REMAINDER TRUST
180 MAIN STREET	ANDOVER	MA	01810	CHARITABLE TRUST	MA	N/A	T	151772	0.57000
CHARITABLE REMAINDER TRUST
180 MAIN STREET	ANDOVER	MA	01810	CHARITABLE TRUST	MA	N/A	T	778554	0.56000
CHARITABLE REMAINDER TRUST
180 MAIN STREET	ANDOVER	MA	01810	CHARITABLE TRUST	MA	N/A	T	87245	0.56000
CHARITABLE REMAINDER TRUST
180 MAIN STREET	ANDOVER	MA	01810	CHARITABLE TRUST	MA	N/A	T	310991	0.56000
CHARITABLE REMAINDER TRUST
180 MAIN STREET	ANDOVER	MA	01810	CHARITABLE TRUST	NY	N/A	T	308252	0.53000
CHARITABLE REMAINDER TRUST
180 MAIN STREET	ANDOVER	MA	01810	CHARITABLE TRUST	MA	N/A	T	28641	0.57000
CHARITABLE LEAD TRUST
180 MAIN STREET	ANDOVER	MA	01810	CHARITABLE TRUST	FL	N/A	T	227721	1.00000
CHARITABLE LEAD TRUST
180 MAIN STREET	ANDOVER	MA	01810	CHARITABLE TRUST	MA	N/A	T	4708400	1.00000	047004847

Field	Value	IRS element (for citing)
Receipt Of Int Ann Rents Royalties	0	ReceiptOfIntAnnRentsRoyalties
Gift Grant Or Cap Contr To Other Org	0	GiftGrantOrCapContrToOtherOrg
Gift Grant Or Cap Contr Fr Other Org	0	GiftGrantOrCapContrFrOtherOrg
Loans Or Guarantees To Other Org	0	LoansOrGuaranteesToOtherOrg
Loans Or Guarantees From Other Org	0	LoansOrGuaranteesFromOtherOrg
Sale Of Assets To Other Org	0	SaleOfAssetsToOtherOrg
Purchase Of Assets From Other Org	0	PurchaseOfAssetsFromOtherOrg
Exchange Of Assets	0	ExchangeOfAssets
Rental Of Facilities To Other Orgs	0	RentalOfFacilitiesToOtherOrgs
Rental Of Facilities Fr Other Orgs	0	RentalOfFacilitiesFrOtherOrgs
Perform Of Services For Other Orgs	0	PerformOfServicesForOtherOrgs
Perform Of Services By Other Orgs	0	PerformOfServicesByOtherOrgs
Sharing Of Facilities	0	SharingOfFacilities
Sharing Of Paid Employees	0	SharingOfPaidEmployees
Reimbursement Paid To Other Org	0	ReimbursementPaidToOtherOrg
Reimbursement Paid By Other Org	0	ReimbursementPaidByOtherOrg
Other Transfer To Other Org	0	OtherTransferToOtherOrg
Other Transfer From Other Org	1	OtherTransferFromOtherOrg

Transactions Related Orgs Table TransactionsRelatedOrgsTable

Name Of Other Organization NameOfOtherOrganization

Field	Value	IRS element (for citing)
Business Name Line1	CHARITABLE LEAD TRUST - RECEIPT OF TRUST DISTRIBUTIONS	BusinessNameLine1

Field	Value	IRS element (for citing)
Transaction Type	R	TransactionType
Amount Involved	361744	AmountInvolved

Form990 Schedule R Part VII Form990ScheduleRPartVII

Field	Value	IRS element (for citing)
Return Reference	PART IV:	ReturnReference
Explanation	THE ACADEMY IS REQUIRED TO DISCLOSE THOSE TRUSTS FOR WHICH IT HAS A GREATER THAN 50% BENEFICIAL INTEREST. THE ACADEMY IS REMAINDER BENEFICIARY OF 25 TRUSTS IN WHICH THE PRESENT VALUE OF ITS RESIDUAL INTEREST EXCEEDS 50% OF THE CURRENT VALUE OF EACH TRUST'S ASSETS. ALSO DISCLOSED ARE THE ACADEMY'S LEAD INTERESTS IN TWO OTHER TRUSTS, THE PRESENT VALUE OF WHICH EXCEEDS THE VALUE OF THE TRUSTS' ASSETS AT JUNE 30, 2011. THE ACADEMY RECEIVES ANNUAL DISTRIBUTIONS UNDER THE TERMS OF THE TWO LEAD TRUSTS. ACTUAL TRUST NAMES HAVE BEEN OMITTED TO PROTECT THE PRIVACY OF THE CONTRIBUTORS. SUCH INFORMATION IS AVAILABLE TO THE IRS UPON REQUEST.	Explanation