PHILLIPS EXETER ACADEMY (EIN 020222174) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1781

Legal Domicile

Principal Officer

WILLIAM RAWSON

Phone

6037724311

Tax Period

2024-07-01 to 2025-06-30

PHILLIPS EXETER ACADEMY, founded in 1781, is a major nonprofit in the Education sector that reported $239.9M in total revenue in fiscal year 2024. Revenue surged 28% from the prior year, signaling strong growth momentum. The organization ran a surplus of $73.5M, a strong 31% operating margin.

Mission

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.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $33,235,586

Program Service Revenue $81,450,292

Investment Income $123,847,094

Other Revenue $1,332,980

TOTAL REVENUE $239,865,952

Expense Breakdown

Grants Paid $29,264,227

Salaries & Benefits $80,559,488

Fundraising Expenses $9,350,106

Program Expenses $143,551,717

Other Expenses $56,526,072

TOTAL EXPENSES $166,349,787

Year-over-Year Comparison

	2024	2023	Change
Revenue	$239,865,952	$187,279,148	+0.3%
Expenses	$166,349,787	$158,188,218	+0.1%
Net Income	$73,516,165	$29,090,930	+1.5%

Key Indicators

✗ Grants to Organizations ✓ Grants to Individuals ✓ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

1314

Volunteers

4177

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✓ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✓ Engaged in Lobbying

✗ Operated Donor Advised Fund

✓ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,306,541

Total Directors

$868,710

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
WILLIAM RAWSON	PRINCIPAL	40.00	Officer Director	$655,338	$213,372	$868,710
KRISTYN MCLEOD VAN OSTERN	PRESIDENT/TRUSTEE	2.00	Director	$0	$0	$0
SUZI K COHEN	VICE PRESIDENT/TRUSTEE	2.00	Director	$0	$0	$0
BRADFORD BRINER	TRUSTEE	2.00	Director	$0	$0	$0
SAMUEL J BROWN	TRUSTEE	2.00	Director	$0	$0	$0
ELIZABETH A FLEMING	TRUSTEE	2.00	Director	$0	$0	$0
SCOTT SANG-WON HAHN	TRUSTEE	2.00	Director	$0	$0	$0
IRA D HELFAND	TRUSTEE	2.00	Director	$0	$0	$0
PAULINA L JEREZ	TRUSTEE	2.00	Director	$0	$0	$0
GILES K KEMP	TRUSTEE	2.00	Director	$0	$0	$0
ERIC A LOGAN	TRUSTEE	2.00	Director	$0	$0	$0
EUGENE P LYNCH	TRUSTEE	2.00	Director	$0	$0	$0
CIA BUCKLEY MARAKOVITS	TRUSTEE	2.00	Director	$0	$0	$0
CHRISTINE M ROBSON WEAVER	TRUSTEE	2.00	Director	$0	$0	$0
GENISHA SAVERIMUTHU	TRUSTEE	2.00	Director	$0	$0	$0
MICHAEL J SCHMIDTBERGER	TRUSTEE	2.00	Director	$0	$0	$0
PETER M SCOCIMARA	TRUSTEE	2.00	Director	$0	$0	$0
SANJAY SHETTY	TRUSTEE	2.00	Director	$0	$0	$0
LEROY SIMS	TRUSTEE	2.00	Director	$0	$0	$0
RHODA K TAMAKLOE	TRUSTEE	2.00	Director	$0	$0	$0
BELINDA A TATE	TRUSTEE	2.00	Director	$0	$0	$0
E JANNEY WILSON	TRUSTEE	2.00	Director	$0	$0	$0
MARIJKA BEAUCHESNE	CHIEF FINANCIAL OFFICER	40.00	Officer	$379,566	$58,265	$437,831
TOM TSENG	DIR. INTL. & PRINCIPAL GIFTS	40.00	Highest	$229,420	$28,003	$257,423
MORGAN DUDLEY	DIR. OF INSTITUTIONAL ADVANCEMENT	40.00	Highest	$362,476	$82,011	$444,487
JUSTIN MERRILL	DIRECTOR OF INVESTMENTS	40.00	Highest	$398,869	$60,247	$459,116
HOLLY BARCROFT	GENERAL COUNSEL	40.00	Highest	$330,202	$90,496	$420,698
KAREN LASSEY	ASSISTANT PRINCIPAL	40.00	Highest	$222,075	$123,419	$345,494

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$239,865,952	$166,349,787	$2,196,295,020	$73,516,165
2024	$187,279,148	$158,188,218	$2,078,494,595	$29,090,930
2023	$153,586,037	$153,168,212	$2,002,825,149	$417,825
2022	$231,466,382	$143,695,561	$1,905,644,826	$87,770,821
2021	$245,618,588	$141,057,738	$2,084,878,320	$104,560,850
2020	$161,625,804	$131,491,472	$1,715,514,168	$30,134,332
2019	$175,100,100	$129,183,833	$1,726,083,549	$45,916,267
2018	$196,784,881	$126,325,308	$1,713,668,931	$70,459,573

PHILLIPS EXETER ACADEMY