Totals
- Total revenue
- $239,865,952
- Total expenses
- $166,349,787
- Contributions and grants received
- $33,235,586
- Grants paid
- $29,264,227
- Program service revenue
- $81,450,292
- Investment income
- $123,847,094
- Other revenue
- $1,332,980
- Total assets, end of year
- $2,196,295,020
- Total liabilities, end of year
- $180,825,707
- Net assets or fund balances, end of year
- $2,015,469,313
- Program services expenses (Part IX)
- $143,551,717
- Management and general expenses
- $13,447,964
- Fundraising expenses
- $9,350,106
- Program service expenses (Part III)
- $143,551,717
Program services were 86.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1f · All other contributions, gifts and grants
$33,235,586
-
1g · Noncash contributions included above
$10,842,077
-
2a · Program service revenue: STUDENT TUITION & FEES
total $73,256,376 · related or exempt $73,256,376
-
2b · Program service revenue: AUXILIARY & SUMMER PROGRAMS
total $8,193,916 · related or exempt $8,193,916
-
3 · Investment income
total $8,966,107 · related or exempt $1,186,827 · unrelated business -$299,657 · excluded $8,078,937
-
6a · Gross rents
real property $580,587
-
6b · Less rental expenses
real property $0
-
6c · Rental income or loss
real property $580,587
-
6d · Net rental income or loss
total $580,587 · related or exempt $391,710 · unrelated business $188,877
-
7a · Gross sales of assets other than inventory
securities $733,724,015
-
7b · Less cost or other basis and sales expenses
securities $618,843,028
-
7c · Gain or loss
securities $114,880,987
-
7d · Net gain or loss
total $114,880,987 · unrelated business $1,751,241 · excluded $113,129,746
-
10a · Gross sales of inventory
$975,073
-
10b · Cost of goods sold
$747,376
-
10c · Net income from sales of inventory
total $227,697 · excluded $227,697
-
11a · Other revenue: APPLICATION FEES
total $159,650 · related or exempt $159,650
-
11b · Other revenue: BOOKSTORE COMMISSIONS
total $61,082 · excluded $61,082
-
11c · Other revenue: TUITION REFUND INSURANCE
total $9,242 · related or exempt $9,242
-
11d · All other revenue
total $294,722 · related or exempt $294,722
-
11e · Other revenue, total
$524,696
Functional expenses
Part IX, the statement of functional expenses.
-
2 · Grants to domestic individuals
total $29,264,227 · program services $29,264,227
-
5 · Compensation of officers, directors and key employees
total $1,223,452 · program services $466,751 · management and general $601,117 · fundraising $155,584
-
7 · Other salaries and wages
total $57,296,169 · program services $47,265,217 · management and general $4,717,771 · fundraising $5,313,181
-
8 · Pension plan contributions
total $6,060,194 · program services $5,051,328 · management and general $500,706 · fundraising $508,160
-
9 · Other employee benefits
total $11,742,897 · program services $9,705,415 · management and general $972,340 · fundraising $1,065,142
-
10 · Payroll taxes
total $4,236,776 · program services $3,437,674 · management and general $412,666 · fundraising $386,436
-
11b · Fees: legal
total $495,239 · management and general $495,239
-
11c · Fees: accounting
total $452,392 · management and general $452,392
-
11f · Fees: investment management
total $522,004 · management and general $522,004
-
11g · Fees: other
total $3,808,178 · program services $2,905,553 · management and general $591,394 · fundraising $311,231
-
12 · Advertising and promotion
total $208,959 · program services $153,422 · fundraising $55,537
-
13 · Office expenses
total $2,662,531 · program services $2,476,905 · management and general $73,876 · fundraising $111,750
-
14 · Information technology
total $3,145,638 · program services $2,716,661 · management and general $268,419 · fundraising $160,558
-
16 · Occupancy
total $7,126,642 · program services $5,385,227 · management and general $1,681,950 · fundraising $59,465
-
17 · Travel
total $2,450,644 · program services $1,962,679 · management and general $91,453 · fundraising $396,512
-
19 · Conferences, conventions and meetings
total $1,863,101 · program services $1,296,598 · management and general $135,320 · fundraising $431,183
-
20 · Interest
total $2,928,046 · program services $2,827,849 · management and general $69,441 · fundraising $30,756
-
22 · Depreciation, depletion and amortization
total $19,447,930 · program services $18,772,200 · management and general $468,310 · fundraising $207,420
-
23 · Insurance
total $1,979,824 · program services $999,990 · management and general $942,105 · fundraising $37,729
-
24a · Other expenses: FOOD/PROVISIONS
total $2,890,923 · program services $2,890,923
-
24b · Other expenses: STUDENT REL. EXPENSES
total $2,653,315 · program services $2,602,459 · management and general $36,608 · fundraising $14,248
-
24c · Other expenses: PLANT REL. ACTIVITIES
total $1,993,801 · program services $1,924,525 · management and general $48,011 · fundraising $21,265
-
24d · Other expenses: MEMBERSHIP DUES
total $408,095 · program services $346,225 · management and general $26,583 · fundraising $35,287
-
24e · All other expenses
total $1,488,810 · program services $1,099,889 · management and general $340,259 · fundraising $48,662
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $10,999,901 · end of year $18,729,002
-
2 · Savings and temporary cash investments
beginning of year $73,730,597 · end of year $97,050,215
-
3 · Pledges and grants receivable
beginning of year $27,098,728 · end of year $26,017,246
-
4 · Accounts receivable
beginning of year $103,480 · end of year $200,271
-
8 · Inventories for sale or use
beginning of year $397,338 · end of year $387,659
-
9 · Prepaid expenses and deferred charges
beginning of year $4,419,403 · end of year $3,913,277
-
10a · Land, buildings and equipment: cost or other basis
$651,139,641
-
10b · Land, buildings and equipment: accumulated depreciation
$260,003,683
-
10c · Land, buildings and equipment, net
beginning of year $375,078,157 · end of year $391,135,958
-
11 · Investments: publicly traded securities
beginning of year $113,583,622 · end of year $29,222,580
-
12 · Investments: other securities
beginning of year $1,398,732,064 · end of year $1,536,051,169
-
15 · Other assets
beginning of year $74,351,305 · end of year $93,587,643
-
17 · Accounts payable and accrued expenses
beginning of year $16,615,382 · end of year $12,703,359
-
19 · Deferred revenue
beginning of year $16,681,171 · end of year $15,576,513
-
20 · Tax-exempt bond liabilities
beginning of year $80,000,000 · end of year $80,000,000
-
25 · Other liabilities
beginning of year $79,964,492 · end of year $72,545,835
-
27 · Net assets without donor restrictions
beginning of year $527,502,839 · end of year $575,319,408
-
28 · Net assets with donor restrictions
beginning of year $1,357,730,711 · end of year $1,440,149,905
Mission and programs · 2024
Mission
SEE SCHEDULE O
-
SEE SCHEDULE OPHILLIP EXETER ACADEMY'S PRIMARY PROGRAM SERVICE IS THE EDUCATION OF STUDENTS IN GRADES 9 THROUGH 12 IN A RESIDENTIAL BOARDING SCHOOL ENVIRONMENT. APPROXIMATELY 20% OF STUDENTS ARE DAY STUDENTS AND DO NOT RESIDE ON CAMPUS. ENROLLMENT FOR 2024-2025 WAS 1,106. 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, EXETER VIEWS ITS CHARGE AS PROVIDING STUDENTS WITH A BROAD, LIBERAL ARTS PROGRAM THAT CREATES A STRONG FOUNDATION FOR CONTINUING STUDY AT THE COLLEGE AND UNIVERSITY LEVEL. 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.EVERY YEAR, STUDENTS COME TO US FROM AROUND THE WORLD AND ARE ADMITTED WITHOUT REGARD TO THE FAMILY'S ABILITY TO PAY. THE ACADEMY IS COMMITTED TO MEETING THE FULL DEMONSTRATED FINANCIAL NEED OF EACH ADMITTED STUDENT AND APPROXIMATELY HALF OF ALL ADMITTED STUDENTS RECEIVE FINANCIAL AID.
Expenses $136,389,993 · Grants $28,186,523 · Revenue $74,497,070
-
SEE SCHEDULE OPHILLIPS EXETER ACADEMY'S SUMMER SCHOOL: TYPICALLY, EVERY SUMMER PHILLIPS EXETER ACADEMY'S EXETER SUMMER PROGRAM, WHICH HAS BEEN IN OPERATION SINCE 1919, WELCOMES STUDENTS TO CAMPUS FOR FIVE WEEKS OF ACADEMIC STUDY, ATHLETICS, AND EXPLORATION THAT CARRY PARTICIPANTS FAR BEYOND THE CLASSROOMS AND THE PLAYING FIELDS.
Expenses $6,406,686 · Grants $896,328 · Revenue $7,151,052
-
AUXILIARY ENTERPRISES INCLUDE STUDENT GRILL, FACILITY RENTALS, AND THE CHILDREN'S CENTER WHICH SERVICE THE ACADEMY DURING BOTH SUMMER AND REGULAR SESSIONS.
Expenses $755,038 · Grants $181,376 · Revenue $1,844,321
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
William RawsonWILLIAM RAWSON
PRINCIPAL
- Total calculated
- $868,710
- From this org
- $655,338
- From related orgs
- $0
- Other
- $213,372
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $618,959
- Bonus
- $0
- Other
- $36,379
- Deferred
- $165,546
- Nontaxable benefits
- $47,826
- Filer's total
- $868,710
-
Kristyn McLeod Van OsternKRISTYN MCLEOD VAN OSTERN
PRESIDENT/TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Suzi K CohenSUZI K COHEN
VICE PRESIDENT/TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Bradford BrinerBRADFORD BRINER
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Samuel J BrownSAMUEL J BROWN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Elizabeth A FlemingELIZABETH A FLEMING
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Scott Sang-Won HahnSCOTT SANG-WON HAHN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Ira D HelfandIRA D HELFAND
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Paulina L JerezPAULINA L JEREZ
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Giles K KempGILES K KEMP
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Eric A LoganERIC A LOGAN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Eugene P LynchEUGENE P LYNCH
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Cia Buckley MarakovitsCIA BUCKLEY MARAKOVITS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Christine M Robson WeaverCHRISTINE M ROBSON WEAVER
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Genisha SaverimuthuGENISHA SAVERIMUTHU
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Michael J SchmidtbergerMICHAEL J SCHMIDTBERGER
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Peter M ScocimaraPETER M SCOCIMARA
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Sanjay ShettySANJAY SHETTY
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Leroy SimsLEROY SIMS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Rhoda K TamakloeRHODA K TAMAKLOE
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Belinda A TateBELINDA A TATE
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
E Janney WilsonE JANNEY WILSON
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Marijka BeauchesneMARIJKA BEAUCHESNE
CHIEF FINANCIAL OFFICER
- Total calculated
- $437,831
- From this org
- $379,566
- From related orgs
- $0
- Other
- $58,265
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $379,491
- Bonus
- $0
- Other
- $75
- Deferred
- $38,852
- Nontaxable benefits
- $19,413
- Filer's total
- $437,831
-
Tom TsengTOM TSENG
DIR. INTL. & PRINCIPAL GIFTS
- Total calculated
- $257,423
- From this org
- $229,420
- From related orgs
- $0
- Other
- $28,003
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $229,162
- Bonus
- $0
- Other
- $258
- Deferred
- $27,499
- Nontaxable benefits
- $504
- Filer's total
- $257,423
-
Morgan DudleyMORGAN DUDLEY
DIR. OF INSTITUTIONAL ADVANCEMENT
- Total calculated
- $444,487
- From this org
- $362,476
- From related orgs
- $0
- Other
- $82,011
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $362,080
- Bonus
- $0
- Other
- $396
- Deferred
- $41,400
- Nontaxable benefits
- $40,611
- Filer's total
- $444,487
-
Justin MerrillJUSTIN MERRILL
DIRECTOR OF INVESTMENTS
- Total calculated
- $459,116
- From this org
- $398,869
- From related orgs
- $0
- Other
- $60,247
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $398,779
- Bonus
- $0
- Other
- $90
- Deferred
- $38,852
- Nontaxable benefits
- $21,395
- Filer's total
- $459,116
-
Holly BarcroftHOLLY BARCROFT
GENERAL COUNSEL
- Total calculated
- $420,698
- From this org
- $330,202
- From related orgs
- $0
- Other
- $90,496
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $330,127
- Bonus
- $0
- Other
- $75
- Deferred
- $38,852
- Nontaxable benefits
- $51,644
- Filer's total
- $420,698
-
Karen LasseyKAREN LASSEY
ASSISTANT PRINCIPAL
- Total calculated
- $345,494
- From this org
- $222,075
- From related orgs
- $0
- Other
- $123,419
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $219,417
- Bonus
- $0
- Other
- $2,658
- Deferred
- $27,923
- Nontaxable benefits
- $95,496
- Filer's total
- $345,494
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 1a · Housing allowance or residence for personal use
- 1a · Health or social club dues or initiation fees
- 1a · Personal services (maid, chauffeur, chef)
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 3 · Compensation committee
- 3 · Independent compensation consultant
- 3 · Form 990 of other organizations
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
- 4b · Supplemental nonqualified retirement plan
Answered no
- 4a · Severance or change-of-control payment
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
The filer's explanations (Part III)
- PART I, LINE 1A
- THE PRINCIPAL AND ASSISTANT PRINCIPAL LIVE ON CAMPUS AS A CONDITION OF EMPLOYMENT AND FOR THE CONVENIENCE OF THE EMPLOYER, TO PARTICIPATE IN ACTIVITIES WITH THE STUDENTS AND TO CONDUCT BUSINESS OUTSIDE NORMAL BUSINESS HOURS. THE VALUE OF ON-CAMPUS HOUSING IS A NONTAXABLE BENEFIT REPORTED ON SCHEDULE J, PART II, COLUMN D. THE RESIDENCE OF THE PRINCIPAL IS USED THROUGHOUT THE YEAR FOR ACADEMY RELATED EVENTS. A HOUSEKEEPING SERVICE CLEANS THE RESIDENCE. THE SERVICE IS ALLOCATED BETWEEN THE PUBLIC AND PRIVATE SPACES. CLEANING OF THE PRIVATE RESIDENCE IS INCLUDED IN PRINCIPAL RAWSON'S TAXABLE COMPENSATION. FOR CALENDAR YEAR 2024, MORGAN DUDLEY AND WILLIAM RAWSON HAD SOCIAL CLUB MEMBERSHIPS IN CONNECTION WITH THE ORGANIZATION'S BUSINESS PURPOSES AND INSTITUTIONAL ADVANCEMENT.
- PART I, LINE 4B
- THE PRINCIPAL PARTICIPATED IN A DEFERRED COMPENSATION ARRANGEMENT DURING CALENDAR YEAR 2024. AMOUNTS ACCRUED UNDER THE PLAN FOR THE YEAR ARE REPORTED ON SCHEDULE J, PART II, COLUMN (C). THE ACCRUED AMOUNTS ARE SUBJECT TO FUTURE PERFORMANCE OBLIGATIONS. NO AMOUNTS WERE PAID OR DISTRIBUTED UNDER THE PLAN DURING CALENDAR YEAR 2024.
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Related organizations on this return
Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.
-
HEINZ EXETER SCHOLARSHIP FUND
501(C)(3) · SCHOLARSHIP · PA
-
MSSC TRUST FBO PHILLIPS EXETER ACADEMY
501(C)(3) · SCHOLARSHIP · SC
-
YOCUM FAMILY PERPETUAL CHARITABLE TRUST
501(C)(3) · SCHOLARSHIP · PA
-
TUW PHILENA R PEABODY-LLOYD 01-34608
501(C)(3) · SCHOLARSHIP · IL
Taxable family on this return
Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.
Related corporations and trusts
Part IV: related organizations taxable as a corporation or trust.
-
POOLED INCOME FUND (2)
T · FUNDRAISING · NH
-
CHARITABLE REMAINDER TRUST (79)
T · FUNDRAISING · CA
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 12 May 2026
- IRS schema version
- 2024v5.5
- Source object
- 202601329349301835
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