TRUSTEES OF PHILLIPS ACADEMY

EIN: 042103579 501(c)(3) Education

ANDOVER, MA

Total Revenue
$207,899,000
Total Expenses
$161,869,538
Total Assets
$2,008,258,462
Net Assets
$1,796,143,200
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Organization Details

Formation Year
1778
Legal Domicile
MA
Principal Officer
RAYNARD KINGTON
Phone
9787494000
Tax Period
2023-07-01 to 2024-06-30

TRUSTEES OF PHILLIPS ACADEMY, founded in 1778, is a major nonprofit in the Education sector that reported $207.9M in total revenue in fiscal year 2023. Revenue grew 11% year-over-year, indicating healthy expansion. The organization ran a surplus of $46.0M, a strong 22% operating margin.

Mission

GIFTS TO THE ACADEMY'S COLLECTIONS OF ART, ARTIFACTS, ANTIQUES, AND RARE BOOKS ARE NOT CAPITALIZED UNDER ITS ACCOUNTING POLICY FOR COLLECTIONS AND, AS SUCH, DONATIONS OF THESE ITEMS ARE NOT REFLECTED IN THE ACADEMY'S FINANCIAL STATEMENTS.

Program Service Accomplishments

Program 1
Expenses: $120,193,684 Revenue: $80,733,182

EDUCATION, 1,156 STUDENTS - REGULAR SESSION GRADES 9 - 12: PHILLIPS ACADEMY IS A RESIDENTIAL SECONDARY SCHOOL WHICH SEEKS STUDENTS OF INTELLIGENCE AND INTEGRITY FROM DIVERSE CULTURAL, RACIAL...

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EDUCATION, 1,156 STUDENTS - REGULAR SESSION GRADES 9 - 12: PHILLIPS ACADEMY IS A RESIDENTIAL SECONDARY SCHOOL WHICH SEEKS STUDENTS OF INTELLIGENCE AND INTEGRITY FROM DIVERSE CULTURAL, RACIAL, SOCIOECONOMIC AND GEOGRAPHIC BACKGROUNDS. THE SCHOOL'S RESIDENTIAL STRUCTURE ENABLES FACULTY TO SUPPORT STUDENTS IN THEIR PERSONAL, SOCIAL AND INTELLECTUAL DEVELOPMENT. THE ACADEMIC PROGRAM FOSTERS EXCELLENCE IN ALL DISCIPLINES WITHIN THE LIBERAL ARTS TRADITION. FACULTY MEMBERS GUIDE STUDENTS IN MASTERING SKILLS, ACQUIRING KNOWLEDGE AND THINKING CRITICALLY, CREATIVELY AND INDEPENDENTLY. THE SCHOOL STRIVES TO HELP YOUNG PEOPLE ACHIEVE THEIR POTENTIAL NOT ONLY INTELLECTUALLY, BUT ALSO ARTISTICALLY, ATHLETICALLY AND MORALLY, SO THAT THEY MAY LEAD RESPONSIBLE AND FULFILLING LIVES. THE ACADEMY IS COMMITTED TO ESTABLISHING AN ENVIRONMENT THAT ENCOURAGES PEOPLE OF DIVERSE BACKGROUNDS AND BELIEFS TO UNDERSTAND AND RESPECT ONE ANOTHER AND TO BE SENSITIVE TO THE DIFFERENCES OF GENDER, ETHNICITY, CLASS AND SEXUAL ORIENTATION. IN ITS PROGRAMS THE SCHOOL SEEKS TO PROMOTE A BALANCE OF LEADERSHIP, COOPERATION AND SERVICE, TOGETHER WITH A DEEPER AWARENESS OF THE GLOBAL COMMUNITY AND NATURAL WORLD. ANDOVER'S 1778 CONSTITUTION CHARGES THE ACADEMY TO PREPARE "YOUTH FROM EVERY QUARTER" TO ASPIRE EQUALLY TO KNOWLEDGE AND GOODNESS. THIS OBLIGATION CHALLENGES STUDENTS IN MIND, BODY AND SPIRIT TO SEE BEYOND THEMSELVES AND TO GO BEYOND THE FAMILIAR; TO REMAIN COMMITTED TO DEVELOPING WHAT IS FINEST IN THEMSELVES AND OTHERS, FOR OTHERS AND THEMSELVES.

Program 2
Expenses: $4,476,693 Revenue: $5,910,282

EDUCATION, 553 STUDENTS, 61 E-SUMMER STUDENTS, AND 62 ADVANTAGE STUDENTS - SUMMER SESSION: THE SUMMER SESSION OFFERS ITS STUDENTS INTENSIVE ACADEMIC ENRICHMENT THROUGH A VARIETY OF ON-CAMPUS AND...

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EDUCATION, 553 STUDENTS, 61 E-SUMMER STUDENTS, AND 62 ADVANTAGE STUDENTS - SUMMER SESSION: THE SUMMER SESSION OFFERS ITS STUDENTS INTENSIVE ACADEMIC ENRICHMENT THROUGH A VARIETY OF ON-CAMPUS AND VIRTUAL PROGRAMS. ITS FLAGSHIP ON-CAMPUS PROGRAM, A FIVE-WEEK RESIDENTIAL EXPERIENCE, IS CHARACTERIZED BY DEMANDING CLASSES, ENGAGING RECREATIONAL AFTERNOON ACTIVITIES, SOCIAL EVENTS, AND CULTURAL OPPORTUNITIES, AS WELL AS WELCOMING DORMITORIES, ALL OF WHICH ARE DESIGNED TO PREPARE STUDENTS IN GRADES 7 - 12 FOR SECONDARY SCHOOL AND COLLEGIATE RESIDENTIAL LIFE. IN ADDITION, THE FULLY-VIRTUAL E-SUMMER PROGRAM OFFERS STUDENTS FROM AROUND THE GLOBE AN OPPORTUNITY TO ENGAGE MEANINGFULLY WITH TALENTED FACULTY IN A PERSONALIZED, MASTERY-BASED EXPERIENCE, COMBINING SYNCHRONOUS CLASS SESSIONS AND 1:1 LEARNING CONFERENCES WITH ASYNCHRONOUS, SELF-PACED ONLINE LEARNING. IN KEEPING WITH ONE OF THE ACADEMY'S IDEALS "TO BE A PRIVATE SCHOOL WITH A PUBLIC PURPOSE," SUMMER SESSION STRIVES YEARLY TO USE ITS FINANCIAL AID BUDGET IN ORDER TO OFFER THE EXPERIENCE TO AS MANY QUALIFIED AND DESERVING APPLICANTS AS POSSIBLE. SUMMER SESSION WORKS COOPERATIVELY WITH OTHER PROGRAMS SUCH AS MINDS MATTER, THE EOS FOUNDATION, REACH MEMPHIS, THE WIGHT FOUNDATION, AND OTHERS TO IDENTIFY SCHOLARS "FROM EVERY QUARTER" TO SPONSOR FOR THIS SUMMER OPPORTUNITY. FINALLY, SUMMER SESSION SERVES AS THE UMBRELLA FOR THE OTHER OUTREACH PROGRAMS THAT WORK DIRECTLY WITH STUDENTS DURING THE SUMMER, BOTH ON-CAMPUS AND VIRTUALLY, MAKING SURE THAT THEY RECEIVE APPROPRIATE SUPPORT, HAVE ACCESS TO ACADEMY RESOURCES, AND SHARE AS FULLY AS POSSIBLE IN THE SUMMER COMMUNITY.

Program 3
Expenses: $1,009,121 Revenue: $54,200

THE INSTITUTE FOR RECRUITMENT OF TEACHERS (IRT) ADDRESSES THE LACK OF DIVERSITY IN THE NATION'S TEACHING FACULTIES BY RECRUITING OUTSTANDING STUDENTS OF COLOR AND OTHER SCHOLARS COMMITTED TO...

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THE INSTITUTE FOR RECRUITMENT OF TEACHERS (IRT) ADDRESSES THE LACK OF DIVERSITY IN THE NATION'S TEACHING FACULTIES BY RECRUITING OUTSTANDING STUDENTS OF COLOR AND OTHER SCHOLARS COMMITTED TO DIVERSITY IN EDUCATION, PREPARING THEM FOR THE DEMANDS OF CAREERS IN EDUCATION, COUNSELING THEM THROUGH THE GRADUATE SCHOOL APPLICATION PROCESS, AND ADVOCATING FOR SUFFICIENT FUNDING FOR ADVANCED STUDY. SINCE 1990, THE IRT HAS BUILT A NATIONAL CONSORTIUM OF COLLEGES AND UNIVERSITIES THAT ARE EAGER TO ENROLL IRT STUDENTS TO DIVERSIFY THEIR GRADUATE STUDENT BODIES AND EXPAND THE PIPELINE OF EDUCATORS TO TEACH, COUNSEL, AND ADMINISTRATE IN AMERICAN SCHOOLS, COLLEGES, AND UNIVERSITIES. IRT URGES ITS STUDENTS TO EARN THEIR ADVANCED DEGREES AND TEACHING CREDENTIALS BEFORE THEY LAUNCH THEIR EDUCATIONAL CAREERS. ANNUALLY, THE IRT ENROLLS OVER 100 TALENTED STUDENTS WHO ARE MAJORING IN THE ARTS, HUMANITIES, SOCIAL SCIENCES, OR EDUCATION, TO ITS ASSOCIATE PROGRAM FOR COLLEGE SENIORS AND GRADUATES WHO WISH TO CONTINUE THEIR EDUCATIONAL STUDIES. SINCE ITS INCEPTION, NEARLY EVERY IRT APPLICANT HAS BEEN ADMITTED TO AT LEAST ONE GRADUATE SCHOOL WITHIN THE IRT CONSORTIUM OF 38 COLLEGES AND UNIVERSITIES; MOST HAVE BEEN ADMITTED TO FOUR OR MORE. APPROXIMATELY 50 PERCENT OF THESE STUDENTS HAVE RECEIVED PARTIAL TO FULL TUITION WAIVERS AND FULL FELLOWSHIP ASSISTANCESHIP FUNDING FOR UP TO SIX YEARS OF GRADUATE STUDY. TO DATE, THE IRT HAS WORKED WITH OVER 2,800 INTERNS AND ASSOCIATES. OF THAT NUMBER, OVER 1,000 PARTICIPANTS HAVE ALREADY RECEIVED TERMINAL MASTER'S DEGREES AND 430 HAVE EARNED PH.D.S. IRT ALUMNI SERVE IN THE ADMINISTRATIVE AND TEACHING RANKS AT OVER 130 COLLEGES AND UNIVERSITIES AS WELL AS NUMEROUS PUBLIC, PRIVATE AND PAROCHIAL SCHOOLS. IN THE COMING DECADES, A NUMBER OF THESE SCHOLARS WILL EMERGE AS EDUCATIONAL LEADERS.

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Trantor Score

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

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $29,255,120
Program Service Revenue $87,017,521
Investment Income $91,600,966
Other Revenue $25,393
TOTAL REVENUE $207,899,000

Expense Breakdown

Grants Paid $27,523,735
Salaries & Benefits $75,050,686
Fundraising Expenses $13,545,654
Program Expenses $127,178,207
Other Expenses $59,279,142
TOTAL EXPENSES $161,869,538

Year-over-Year Comparison

2023 2022 Change
Revenue $207,899,000 $186,768,593 +0.1%
Expenses $161,869,538 $150,737,144 +0.1%
Net Income $46,029,462 $36,031,449 +0.3%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
23
Independent Members
22
Employees
1171
Volunteers
2311

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
4
$1,467,665
Total Directors
23
$1,012,677
Key Employees
6
$2,860,085
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
KIRSTEN A GLANTZ CHIEF INVESTMENT OFFICER 55.0
Key Emp
$1,012,670 $86,032 $1,098,702
RAYNARD S KINGTON HEAD OF SCHOOL / TRUSTEE 60.0
Officer Director
$706,365 $306,312 $1,012,677
THOMAS P LOCKERBY SECRETARY OF THE ACADEMY 55.0
Key Emp
$452,096 $114,523 $566,619
FERNANDO R ALONSO ASST HEAD OF SCHOOL/CFO 55.0
Officer
$335,078 $119,910 $454,988
CHRISTIAN A REUSCHE ASSOC DIRECTOR OF INVESTMENTS 55.0
Highest
$383,283 $53,191 $436,474
XUE YANG ASSOC DIRECTOR OF INVESTMENTS 55.0
Highest
$357,836 $52,075 $409,911
ANDREW JAFFONI ASSOC DIRECTOR OF INVESTMENTS 55.0
Highest
$354,976 $53,011 $407,987
AMY PATEL CHIEF MEDICAL OFFICER 55.0
Highest
$254,173 $141,370 $395,543
JEFFREY C DOMINA DEAN OF FACULTY 55.0
Key Emp
$172,168 $186,224 $358,392
JAMES F VENTRE ASST HEAD OF SCHOOL ADMISSION 55.0
Key Emp
$209,689 $146,071 $355,760
JESSICA L HERBSTER GENERAL COUNSEL 55.0
Highest
$244,474 $76,912 $321,386
MERRILEE MARDON DEPUTY HEAD OF SCHOOL ACADEMIC 55.0
Key Emp
$150,017 $102,346 $252,363
J LAWRENCE MUENCH DIRECTOR OF FACILITIES 55.0
Key Emp
$203,766 $24,483 $228,249
RAJESH MUNDRA INTERIM DEPUTY HEAD OF SCHOOL 55.0
$125,717 $48,158 $173,875
CHRISTOPER S AUGUSTE TRUSTEE 3.0
Director
$0 $0 $0
GIL CAFFRAY TRUSTEE/TREASURER 3.0
Officer Director
$0 $0 $0
AMY CHRISTODOULO TRUSTEE 3.0
Director
$0 $0 $0
DAVID J CORKINS TRUSTEE 3.0
Director
$0 $0 $0
AMY C FALLS TRUSTEE/PRESIDENT 3.0
Officer Director
$0 $0 $0
KEITH T FLAHERTY TRUSTEE 3.0
Director
$0 $0 $0
ANDREW J GUFF JR TRUSTEE 3.0
Director
$0 $0 $0
STEFAN L KALUZNY TRUSTEE 3.0
Director
$0 $0 $0
TRISTIN BATCHELDER MANNION TRUSTEE 3.0
Director
$0 $0 $0
CARLOS MONTEMAYOR TRUSTEE 3.0
Director
$0 $0 $0
ALLISON E PICOTT TRUSTEE 3.0
Director
$0 $0 $0
TAMARA ELLIOTT ROGERS TRUSTEE 3.0
Director
$0 $0 $0
STACY SCHIFF TRUSTEE 3.0
Director
$0 $0 $0
MICHAEL SCHMERTZLER TRUSTEE 3.0
Director
$0 $0 $0
YICHEN ZHANG TRUSTEE 3.0
Director
$0 $0 $0
ERIC L ZINTERHOFER TRUSTEE 3.0
Director
$0 $0 $0
JENNIFER AMSTUTZ ALUMNI TRUSTEE 3.0
Director
$0 $0 $0
SANJIV DESAI ALUMNI TRUSTEE 3.0
Director
$0 $0 $0
CHRISTOPHER JWB LEGGETT ALUMNI TRUSTEE 3.0
Director
$0 $0 $0
AISHA JORGE MASSENGILL ALUMNI TRUSTEE 3.0
Director
$0 $0 $0
LOYCE LASHAWNDRA PACE ALUMNI TRUSTEE 3.0
Director
$0 $0 $0
WILLIAM M TONG ALUMNI TRUSTEE 3.0
Director
$0 $0 $0
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 No data No data No data No data
2024 $207,899,000 $161,869,538 $2,008,258,462 $46,029,462
2023 $186,768,593 $150,737,144 $1,911,522,647 $36,031,449
2022 $241,100,696 $142,673,387 $1,868,875,809 $98,427,309
2021 $191,095,685 $129,086,973 $1,957,778,755 $62,008,712
2020 $233,355,240 $131,672,513 $1,634,666,152 $101,682,727
2019 $212,597,502 $138,162,537 $1,623,486,435 $74,434,965
2018 $191,983,200 $131,738,933 $1,577,019,726 $60,244,267
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