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Nonprofiteer
← PHILLIPS EXETER ACADEMY

Form 990 for tax year 2022

Filed by PHILLIPS EXETER ACADEMY.

Totals

Total revenue
$153,586,037
Total expenses
$153,168,212
Contributions and grants received
$37,964,153
Grants paid
$26,555,038
Program service revenue
$72,411,939
Investment income
$41,463,581
Other revenue
$1,746,364
Total assets, end of year
$2,002,825,149
Total liabilities, end of year
$191,873,185
Net assets or fund balances, end of year
$1,810,951,964
Program services expenses (Part IX)
$131,556,156
Management and general expenses
$13,831,511
Fundraising expenses
$7,780,545
Program service expenses (Part III)
$131,556,156

Program services were 85.9% 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

    $37,964,153

  • 1g · Noncash contributions included above

    $2,564,075

  • 2a · Program service revenue: STUDENT TUITION & FEES

    total $64,883,937 · related or exempt $64,883,937

  • 2b · Program service revenue: AUX.& SUMMER PROGRAMS

    total $7,528,002 · related or exempt $7,528,002

  • 3 · Investment income

    total $16,827,470 · unrelated business $95,544 · excluded $16,731,926

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6a · Gross rents

    real property $460,722

  • 6c · Rental income or loss

    real property $460,722 · personal property $0

  • 6d · Net rental income or loss

    total $460,722 · related or exempt $281,083 · unrelated business $179,639

  • 7a · Gross sales of assets other than inventory

    securities $394,117,522

  • 7b · Less cost or other basis and sales expenses

    securities $369,481,411

  • 7c · Gain or loss

    securities $24,636,111

  • 7d · Net gain or loss

    total $24,636,111 · unrelated business $1,329,836 · excluded $23,306,275

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $881,558

  • 10b · Cost of goods sold

    $700,334

  • 10c · Net income from sales of inventory

    total $181,224 · excluded $181,224

  • 11a · Other revenue: TUITION REFUND INSURANCE

    total $55,069 · related or exempt $55,069

  • 11b · Other revenue: APPLICATION FEES

    total $146,598 · related or exempt $146,598

  • 11c · Other revenue: BOOKSTORE COMMISSIONS

    total $86,057 · excluded $86,057

  • 11d · All other revenue

    total $816,694 · related or exempt $816,694

  • 11e · Other revenue, total

    $1,104,418

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $26,555,038 · program services $26,555,038

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $1,090,700 · program services $405,924 · management and general $549,468 · fundraising $135,308

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $50,871,984 · program services $42,357,071 · management and general $4,057,725 · fundraising $4,457,188

  • 8 · Pension plan contributions

    total $5,421,819 · program services $4,578,107 · management and general $424,067 · fundraising $419,645

  • 9 · Other employee benefits

    total $10,449,576 · program services $8,692,786 · management and general $889,889 · fundraising $866,901

  • 10 · Payroll taxes

    total $3,745,538 · program services $3,066,644 · management and general $356,194 · fundraising $322,700

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $1,112,335 · management and general $1,112,335

  • 11c · Fees: accounting

    total $382,628 · management and general $382,628

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $517,136 · management and general $517,136

  • 11g · Fees: other

    total $3,635,538 · program services $2,783,907 · management and general $524,508 · fundraising $327,123

  • 12 · Advertising and promotion

    total $229,329 · program services $225,599 · management and general $720 · fundraising $3,010

  • 13 · Office expenses

    total $2,633,803 · program services $2,480,050 · management and general $54,145 · fundraising $99,608

  • 14 · Information technology

    total $3,099,026 · program services $2,682,460 · management and general $289,352 · fundraising $127,214

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $8,497,485 · program services $6,473,388 · management and general $1,953,981 · fundraising $70,116

  • 17 · Travel

    total $2,300,940 · program services $1,726,058 · management and general $71,020 · fundraising $503,862

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $1,678,224 · program services $1,434,186 · management and general $152,129 · fundraising $91,909

  • 20 · Interest

    total $3,032,976 · program services $2,931,955 · management and general $69,632 · fundraising $31,389

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $17,161,364 · program services $16,582,968 · management and general $398,676 · fundraising $179,720

  • 23 · Insurance

    total $1,643,310 · program services $815,802 · management and general $794,205 · fundraising $33,303

  • 24a · Other expenses: STUDENT RELATED EXPENSES

    total $2,549,840 · program services $2,503,064 · management and general $37,896 · fundraising $8,880

  • 24b · Other expenses: FOOD/PROVISIONS

    total $2,752,213 · program services $2,752,213

  • 24c · Other expenses: PLANT RELATED ACTIVITIES

    total $1,077,463 · program services $1,041,149 · management and general $25,030 · fundraising $11,284

  • 24d · Other expenses: MISCELLANEOUS EXPENSES

    total $1,326,444 · program services $1,148,844 · management and general $126,966 · fundraising $50,634

  • 24e · All other expenses

    total $1,403,503 · program services $318,943 · management and general $1,043,809 · fundraising $40,751

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $21,351,415 · end of year $25,022,123

  • 2 · Savings and temporary cash investments

    beginning of year $221,269,912 · end of year $65,319,817

  • 3 · Pledges and grants receivable

    beginning of year $33,788,159 · end of year $33,007,896

  • 4 · Accounts receivable

    beginning of year $509,012 · end of year $1,587

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $386,811 · end of year $437,761

  • 9 · Prepaid expenses and deferred charges

    beginning of year $4,194,173 · end of year $3,736,757

  • 10a · Land, buildings and equipment: cost or other basis

    $577,368,410

  • 10b · Land, buildings and equipment: accumulated depreciation

    $224,536,470

  • 10c · Land, buildings and equipment, net

    beginning of year $343,167,645 · end of year $352,831,940

  • 11 · Investments: publicly traded securities

    beginning of year $142,881 · end of year $99,777,003

  • 12 · Investments: other securities

    beginning of year $1,210,180,992 · end of year $1,353,674,581

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $70,653,826 · end of year $69,015,684

  • 17 · Accounts payable and accrued expenses

    beginning of year $10,081,842 · end of year $8,663,063

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $21,357,446 · end of year $23,857,626

  • 20 · Tax-exempt bond liabilities

    beginning of year $80,000,000 · end of year $80,000,000

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $86,341,898 · end of year $79,352,496

  • 27 · Net assets without donor restrictions

    beginning of year $487,137,900 · end of year $513,703,171

  • 28 · Net assets with donor restrictions

    beginning of year $1,220,725,740 · end of year $1,297,248,793

Mission and programs · 2022

Mission

SEE SCHEDULE O.

  • SEE SCHEDULE O.

    Expenses $125,942,420 · Grants $25,700,191 · Revenue $65,902,296

  • SEE SCHEDULE O.

    Expenses $4,858,806 · Grants $733,570 · Revenue $6,530,728

  • AUXILIARY ENTERPRISES INCLUDE STUDENT GRILL, FACILITY RENTALS, AND THE CHILDREN'S CENTER WHICH SERVICE THE ACADEMY DURING BOTH SUMMER AND REGULAR SESSIONS.

    Expenses $754,930 · Grants $121,277 · Revenue $1,278,359

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • WILLIAM RAWSON

    PRINCIPAL

    Total calculated
    $575,102
    From this org
    $494,781
    From related orgs
    $0
    Other
    $80,321
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $491,079
    Bonus
    $0
    Other
    $3,702
    Deferred
    $36,600
    Nontaxable benefits
    $43,721
    Filer's total
    $575,102

  • JUSTIN MERRILL

    DIRECTOR OF INVESTMENTS

    Total calculated
    $416,537
    From this org
    $363,051
    From related orgs
    $0
    Other
    $53,486
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $362,431
    Bonus
    $0
    Other
    $620
    Deferred
    $34,378
    Nontaxable benefits
    $19,108
    Filer's total
    $416,537

  • HOLLY BARCROFT

    GENERAL COUNSEL

    Total calculated
    $391,519
    From this org
    $309,259
    From related orgs
    $0
    Other
    $82,260
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $308,669
    Bonus
    $0
    Other
    $590
    Deferred
    $34,378
    Nontaxable benefits
    $47,882
    Filer's total
    $391,519

  • KATHARINA LILLY

    MEDICAL DIRECTOR

    Total calculated
    $388,880
    From this org
    $303,763
    From related orgs
    $0
    Other
    $85,117
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $270,537
    Bonus
    $0
    Other
    $33,226
    Deferred
    $34,378
    Nontaxable benefits
    $50,739
    Filer's total
    $388,880

  • MARIJKA BEAUCHESNE

    CFO

    Total calculated
    $382,108
    From this org
    $330,409
    From related orgs
    $0
    Other
    $51,699
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $328,219
    Bonus
    $0
    Other
    $2,190
    Deferred
    $34,378
    Nontaxable benefits
    $17,321
    Filer's total
    $382,108

  • MORGAN DUDLEY

    DIRECTOR INSTITUTIONAL ADV.

    Total calculated
    $335,950
    From this org
    $298,802
    From related orgs
    $0
    Other
    $37,148
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $297,876
    Bonus
    $0
    Other
    $926
    Deferred
    $35,745
    Nontaxable benefits
    $1,403
    Filer's total
    $335,950

  • WILLIAM LEAHY

    DEAN OF ENROLLMENT

    Total calculated
    $316,490
    From this org
    $205,845
    From related orgs
    $0
    Other
    $110,645
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $205,097
    Bonus
    $0
    Other
    $748
    Deferred
    $25,363
    Nontaxable benefits
    $85,282
    Filer's total
    $316,490

  • WOLE C COAXUM

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • MORGAN C SZE

    PRESIDENT/TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • DEIDRE G O'BYRNE

    VICE PRESIDENT/TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • SALLY JUTABHA MICHAELS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • E JANNEY WILSON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • PETER M SCOCIMARA

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • SUZI K COHEN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • CLAUDINE GAY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • KRISTYN MCLEOD VAN OSTERN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • CIA BUCKLEY MARAKOVITS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • SANJAY SHETTY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • IRA D HELFAND

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • SCOTT SANG-WON HAHN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • ELIZABETH A FLEMING

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • PAULINA L JEREZ

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • GILES K KEMP

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • ERIC A LOGAN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • UNA JAIN BASAK

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • SAMUEL M MARUCA

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • MICHAEL J SCHMIDTBERGER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

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
  • 8 · Paid under the initial-contract exception
  • 9 · Followed the rebuttable-presumption procedure

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 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

The filer's explanations (Part III)

SCHEDULE J, PART I, LINE 1
THE PRINCIPAL AND DEAN OF ENROLLMENT 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 COMPENSATON. FOR CALENDAR YEAR 2022, MORGAN DUDLEY AND WILLIAM RAWSON HAD SOCIAL CLUB MEMBERSHIPS IN CONNECTION WITH THE ORGANIZATION'S BUSINESS PURPOSES AND INSTITUTIONAL ADVANCEMENT.
SCHEDULE J, PART I, LINE 8
THE ACADEMY ENTERED INTO A CONTRACT WITH PRINCIPAL WILLIAM RAWSON EFFECTIVE 7/1/2018 THAT QUALIFIES FOR THE INITIAL CONTRACT EXCEPTION UNDER TREASURY REGULATION SECTION 53.4958-4(A)(3).

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.

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

    Directly controlled by NA

  • CHARITABLE REMAINDER TRUST (81)

    T · FUNDRAISING

    Directly controlled by NA

Provenance

Return type
form_990
Tax year
2022
Filed
2 May 2024
IRS schema version
2022v5.0
Source object
202421349349302287

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