Trustees of Phillips Academy

“The phillips academy board of trustees has seventeen 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.”

“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 met once during the academy's 2024 fiscal year.”

“Form 990 was prepared by the academy's paid preparer and then reviewed internally by two senior financial managers. At its spring 2025 meeting the academy's audit committee approved this form 990 in its final form. Immediately after the spring audit committee meeting, this form 990 was posted to the board of trustees web site where they could review it before it was filed.”

“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 assistant head of school for operations and finance, cfo. 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.”

“Compensation of the academy's head of school, its assistant head of school for operations and finance, cfo, 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's and the assistant head of school for operations and finance, cfo's compensation. 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.”

“The academy makes its form 990 available for public inspection through guidestar.org and through the massachusetts attorney general's website.”

“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.”

“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 their potential not only intellectually, but also artistically, athletically and morally, so that they may lead responsible and fulfulling lives.”

“Total of all other program services expenses $1,498,709. Including grants of $504,116. Revenue $14,325. Education, 108 students - mathematics and science for minority students (ms) 2: (ms) 2, founded in 1977, offers academically motivated and talented black/african american, latine, and native american public school students from across the united states the opportunity to immerse themselves in the study of mathematics, science, english, and college counseling for five weeks for three consecutive summers at phillips academy. The program is free to all enrolled students, including travel to and from andover. Students apply during the fall of their 9th grade year and begin the program the following summer. The program provides the scholars with rigorous coursework and offers them opportunities to gain valuable life skills to better prepare them for college and careers in math and science related fields. Andover bread loaf (abl), founded in 1987, 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. Founded in 1988, pals (phillips academy - andover high school - lawrence schools) is a no-cost, academic-year and summer program for middle school students from lawrence, ma. Pals offers a five-week summer program for approximately 40 rising seventh and eighth grade students, providing participants with academic exploration and enrichment opportunities on the campus of phillips academy. The academic-year component offers interested graduates of pals the opportunity for 1:1 high school admissions counseling and placement support. Across its offerings, pals aims to provide participating students with mentorship, academic skill-development, and high school transition support in order for them to achieve future academic success.”

“Other changes in net assets: unrealized gain on swap market value $1,012,261 change in bad debt expense ($374,154) change in value of split-interest agreements $1,356,481 ------------ total to form 990, part xi, line 9: $1,994,588”