| MISSION STATEMENT AND VALUES |
FORM 990, PART I, LINE 1 AND PART III, LINE 1 UNITE GOODNESS AND KNOWLEDGE AND INSPIRE YOUTH FROM EVERY QUARTER TO LEAD PURPOSEFUL LIVES. [TEXT IN QUOTATIONS IS TAKEN FROM THE ACADEMY'S DEED OF GIFT, DRAFTED IN 1781] KNOWLEDGE AND GOODNESS "ABOVE ALL, IT IS EXPECTED THAT THE ATTENTION OF INSTRUCTORS TO THE DISPOSITION OF THE MINDS AND MORALS OF THE YOUTH UNDER THEIR CHARGE WILL EXCEED EVERY OTHER CARE; WELL CONSIDERING THAT THOUGH GOODNESS WITHOUT KNOWLEDGE IS WEAK AND FEEBLE, YET KNOWLEDGE WITHOUT GOODNESS IS DANGEROUS, AND THAT BOTH UNITED FORM THE NOBLEST CHARACTER, AND LAY THE SUREST FOUNDATION OF USEFULNESS TO [HU]MANKIND." EXETER TODAY CONTINUES THE COMMITMENT TO UNITE KNOWLEDGE AND GOODNESS. THE CHALLENGES THAT STUDENTS MEET AT EXETER AND THE SUPPORT THEY RECEIVE HAVE A COMMON OBJECTIVE: TO STIMULATE THEIR DEVELOPMENT AS INDIVIDUALS AND PREPARE THEM TO LEAD PURPOSEFUL LIVES. ACADEMIC EXCELLENCE ACADEMIC EXCELLENCE IS A SIGNATURE STRENGTH OF PHILLIPS EXETER ACADEMY. IN EVERY DISCIPLINE AND AT EVERY LEVEL WITHIN OUR CURRICULUM WE INSPIRE STUDENTS TO DEVELOP CRITICAL THINKING SKILLS AND SEEK COMPLEX TRUTHS. INTELLECTUAL EXPLORATION THROUGH RIGOROUS INQUIRY AND THOUGHTFUL DISCOURSE AT THE HARKNESS TABLE NURTURES INQUISITIVENESS, CREATIVITY, INSIGHT, EMPATHY, INDEPENDENT THOUGHT AND MASTERY IN OUR STUDENTS. YOUTH FROM EVERY QUARTER "THE ACADEMY SHALL EVER BE EQUALLY OPEN TO YOUTH OF REQUISITE QUALIFICATION FROM EVERY QUARTER." WE SEEK TO BUILD AN INTENTIONALLY DIVERSE COMMUNITY OF STUDENTS AND ADULTS. WE ARE COMMITTED TO TEACHING THE SKILLS, MODELING THE BEHAVIORS, PROVIDING THE RESOURCES AND CULTIVATING THE INCLUSION AND EQUITY THAT ARE REQUIRED TO UNLOCK THE RICHNESS OF THAT DIVERSITY. OUR HARKNESS PEDAGOGY IS GROUNDED IN THE BELIEF THAT WE ARE ALL BETTER EQUIPPED TO LEARN AND TO LEAD WHEN OUR THOUGHTS ARE TESTED BY OTHERS, PARTICULARLY BY THOSE WHOSE IDEAS, PERSPECTIVES, EXPERIENCES OR IDENTITIES DIFFER FROM OUR OWN. YOUTH IS THE IMPORTANT PERIOD THE "TIME OF YOUTH IS THE IMPORTANT PERIOD" TO INSTILL A LASTING CAPACITY TO NURTURE ONE'S SELF, DEVELOP A SENSE OF ONE'S OWN POTENTIAL AND CONSIDER ONE'S PLACE IN THE LARGER WHOLE. OUR RESIDENTIAL COMMUNITY ENCOURAGES STUDENTS TO EXPLORE EMERGING INTERESTS - ACADEMIC, ARTISTIC, ATHLETIC AND EXTRACURRICULAR - WITH SIMILARLY MOTIVATED PEERS AND IN THE PROCESS DEVELOP THEIR VALUES AND PASSIONS AND THE AGENCY NEEDED TO CARRY THESE FORWARD. NON SIBI NON SIBI, OR NOT FOR ONESELF, INSCRIBED ON EXETER'S SEAL, ATTESTS TO THE PHILOSOPHY THAT WISDOM GAINED HERE SHOULD BE USED FOR OTHERS AS WELL AS FOR ONESELF. EXONIANS ARE MOTIVATED BY THIS PHILOSOPHY TO FACE THE CHALLENGES OF THEIR DAY. TEACHING AND LIVING THE PRINCIPLES OF A JUST AND SUSTAINABLE SOCIETY - ENVIRONMENTALLY, ECONOMICALLY AND SOCIALLY - ARE FUNDAMENTAL TO THIS PHILOSOPHY TODAY. EXETER SEEKS TO GRADUATE YOUNG PEOPLE WHOSE AMBITIONS AND ACTIONS ARE INSPIRED BY THEIR INTEREST IN OTHERS AND THE WORLD AROUND THEM. |
| PROGRAM SERVICE ACCOMPLISHMENTS |
FORM 990, PART III, LINE 4A PHILLIP EXETER ACADEMY'S PRIMARY PROGRAM SERVICE IS THE EDUCATION OF STUDENTS IN GRADES 9 THROUGH 12 IN A RESIDENTIAL BOARDING SCHOOL ENVIRONMENT. APPROXIMATELY 20% OF STUDENTS ARE DAY STUDENTS AND DO NOT RESIDE ON CAMPUS. ENROLLMENT FOR 2021-2022 WAS 1,078. 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. FORM 990, PART III, LINE 4B PHILLIPS 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. |
| GOVERNING BODY AND MANAGEMENT |
FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE WHICH CONSISTS OF THE PRESIDENT, THE VICE PRESIDENT, THE PRINCIPAL AND NOT FEWER THAN TWO OTHER TRUSTEES SHALL HAVE THE POWERS OF THE TRUSTEES IN THE INTERVALS BETWEEN TRUSTEES' MEETINGS. THEY MAY ACT, ON BEHALF OF THE TRUSTEES, UPON ALL MATTERS EXCEPT THOSE WHICH, IN THE OPINION OF THE COMMITTEE SHOULD AWAIT THE NEXT MEETING OF THE TRUSTEES. ALL ACTION SO TAKEN SHALL BE DEEMED THE ACTION OF THE TRUSTEES. FORM 990, PART VI, SECTION A, LINE 7A THE GENERAL ALUMNI ASSOCIATION (GAA) BOARD OF DIRECTORS CONSISTS OF 20 REGULAR MEMBERS. THEY ELECT FOUR OFFICERS: PRESIDENT, TWO VICE-PRESIDENTS AND A SECRETARY. THE PRESIDENT AND TWO VICE-PRESIDENTS SERVE WITH THE ACADEMY'S BOARD OF TRUSTEES FOR THEIR TERMS AS GAA OFFICERS WHICH CAN BE A PERIOD FROM 2-6 YEARS. |
| FORM 990 REVIEW PROCESS |
FORM 990, PART VI, SECTION B, LINE 11 ONCE PHILLIPS EXETER'S FORM 990 IS COMPLETED, IT IS FIRST REVIEWED BY PHILLIPS EXETER ACADEMY'S INTERNAL MANAGEMENT AND OUTSIDE ADVISORS. FOLLOWING THAT REVIEW, PEA'S INTERNAL MANAGEMENT AND OUTSIDE ADVISORS PRESENT THE FORM 990 TO THE AUDIT COMMITTEE FOR REVIEW AND COMMENT. THE COMPLETED FORM 990 IS PROVIDED TO ALL MEMBERS OF THE BOARD OF TRUSTEES PRIOR TO THE FORM BEING FILED WITH THE IRS. |
| CONFLICT OF INTEREST POLICY |
FORM 990, PART VI, SECTION B, LINE 12 PHILLIPS EXETER ACADEMY MAINTAINS A WRITTEN CONFLICT OF INTEREST POLICY REQUIRING DISCLOSURE OF RELEVANT FACTS THAT GIVE RISE TO A POTENTIAL CONFLICT OF INTEREST. ANNUALLY, TRUSTEES, MEMBERS OF THE INVESTMENT COMMITTEE, ADMINISTRATORS, AND STAFF WITH PURCHASING RESPONSIBILITIES ARE REQUIRED TO ACKNOWLEDGE IN WRITING THAT THEY HAVE READ, UNDERSTAND AND SIGN A CONFLICT OF INTEREST. ADDITIONALLY, AT THE END OF THE FISCAL YEAR AND BEFORE THE SUBMISSION OF FORM 990, EACH TRUSTEE, OFFICER AND/OR KEY EMPLOYEE IS PROVIDED WITH A QUESTIONNAIRE REQUIRING DISCLOSURE OF ANY CONFLICTS OF INTEREST THAT MAY HAVE EXISTED DURING THE PRIOR FISCAL YEAR. |
| PROCESS FOR DETERMINING COMPENSATION |
FORM 990, PART VI, SECTION B, LINE 15 PHILLIPS EXETER ACADEMY MAINTAINS AN EXECUTIVE COMPENSATION PHILOSOPHY INTENDED TO COMPLY WITH IRC 4958 INTERMEDIATE SANCTIONS THAT REQUIRES PERIODIC REVIEW OF PEER INSTITUTIONS FOR COMPENSATION COMPARISONS AMONG EXECUTIVES DEEMED "DISQUALIFIED PERSONS." THE BOARD OF TRUSTEES APPROVES THEIR SALARIES ANNUALLY AND DOCUMENTS THEIR DETERMINATIONS IN MEETING MINUTES. OTHER EXECUTIVE COMPENSATION IS BASED ON A REVIEW OF PEER SCHOOLS USING ABOPS AND OTHER SALARY SURVEY DATA AND IS APPROVED BY THE ADMINISTRATION. |
| DISCLOSURE |
FORM 990, PART VI, SECTION C, LINE 19 PHILLIPS EXETER ACADEMY'S GOVERNING DOCUMENTS, STATEMENT OF FINANCIAL POSITION, STATEMENT OF ACTIVITIES AND CONFLICT OF INTEREST POLICY ARE AVAILABLE TO THE PUBLIC UPON REQUEST. |
| RECONCILIATION OF CHANGE IN NET ASSETS |
FORM 990, PART XI, OTHER CHANGES, LINE 9 PENSION RELATED CHARGES OTHER THAN NET PERIODIC PENSION COST 2,221,879 CHANGE IN VALUE OF FUNDS FOR DEFERRED GIVING (19,298,827) INTEREST RATE SWAP ADJUSTMENT (EB) 10,512,657 OTHER COMPONENTS OF NP PENSION COST (672,819) MISCELLANEOUS 1,266,784 ___________ TOTAL OTHER CHANGES, LINE 9 $ (5,970,326) |
Attach to Form 990 or 990-EZ.