Phillips Exeter Academy
Phillips Exeter Academy reported $239.9 million in revenue and $166.3 million in expenses for the fiscal year ending June 30, 2025. Of every $100 it spent, $86.30 went to program services, $8.08 to management and general costs and $5.62 to fundraising. Its largest source of revenue was investment income: 51.6% of the total. The highest compensation it reported for one person was $868,710 (PRINCIPAL). 136 people received more than $100,000 in reportable compensation. Revenue rose 48% between FY2020 and FY2025. Source: Form 990, FY2025.
Where $100 of spending went
The fiscal year ending June 30, 2025 · Form 990, Part IX, line 25 · total expenses $166MFor context, the median across 5,499 covered education charities: $85.56 programs, $13.59 management, $0.85 fundraising (medians computed separately, so they may not sum to $100).
Where $100 of revenue came from
The fiscal year ending June 30, 2025 · Form 990, Part VIII · total revenue $240MThe 990 scorecard · same measures for every charity, no grades
| Measure | FY2025 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 86.3% | 84.4% |
| Management & general Part IX 25(C) ÷ 25(A) | 8.1% | 13.4% |
| Fundraising Part IX 25(D) ÷ 25(A) | 5.6% | 0.8% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.28 | $0.04 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 13.9% | 19.1% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 0.0% | 1.1% |
| Program service revenue share Part VIII 2g ÷ 12 | 34.0% | 69.9% |
| Highest reported compensation Part VII-A, columns D–F | $868,710 | $331,578 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 0.52% | 1.28% |
| People paid over $100,000 Part VII, line 2 | 136 | 8 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 145.4 | 13.3 |
| Independent voting board members Part VI 1a–1b | 21 of 22 | 100.0% |
A median is context, not a target: hospitals, universities, food banks and grantmakers spend in very different ways. What these measures can and can't tell you.
What the money paid for, in its own words
FY2025 · Form 990, Part III · the three largest programs by expenseSee schedule ophillip 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 2024-2025 was 1,106. 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…
See schedule ophillips 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
Highest reported compensation
FY2025 · Form 990, Part VII, Section A · roles as filed; names are in the filing, not here| Role | From this org | From related orgs | Other | Total |
|---|---|---|---|---|
| PRINCIPAL Director/trustee, officer, 40.00 hrs/week | $655,338 | $0 | $213,372 | $868,710 |
| DIRECTOR OF INVESTMENTS Highest compensated employee, 40.00 hrs/week | $398,869 | $0 | $60,247 | $459,116 |
| DIR. OF INSTITUTIONAL ADVANCEMENT Highest compensated employee, 40.00 hrs/week | $362,476 | $0 | $82,011 | $444,487 |
| CHIEF FINANCIAL OFFICER Officer, 40.00 hrs/week | $379,566 | $0 | $58,265 | $437,831 |
| GENERAL COUNSEL Highest compensated employee, 40.00 hrs/week | $330,202 | $0 | $90,496 | $420,698 |
| ASSISTANT PRINCIPAL Highest compensated employee, 40.00 hrs/week | $222,075 | $0 | $123,419 | $345,494 |
| DIR. INTL. & PRINCIPAL GIFTS Highest compensated employee, 40.00 hrs/week | $229,420 | $0 | $28,003 | $257,423 |
136 people received more than $100,000 in reportable compensation from Phillips Exeter Academy (Part VII, line 2). Compensation of current officers, directors and key employees totaled $1.2M (Part IX, line 5).
6 years of filings
Form 990, Parts I, VII, IX and X · each row is that year's own filing, linkedGovernance answers, as filed
FY2025 · the organization's own yes/no answers; explanations, if any, are in Schedule O of the filing · what each means- Voting board members, and how many are independent Part VI, lines 1a–1b22 · 21 independent
- Audited financial statements Part XII 2bYes
- Conflict-of-interest policy Part VI 12aYes
- Whistleblower policy Part VI 13Yes
- Document retention policy Part VI 14Yes
- Independent process for top executive pay Part VI 15aYes
- Board given the 990 before filing Part VI 11aNo
- Family or business ties among insiders Part VI 2No
- Aware of a significant diversion of assets Part VI 5No
- Excess benefit transaction with an insider Part IV 25aNo
- Loans to or from insiders outstanding Part IV 26No
- Lobbying, or a 501(h) election in effect Part IV 4Yes
- Over $15,000 of professional fundraising services Part IV 18No
- Over $10,000 of activity outside the U.S. Part IV 14bYes
- Employees Part I, line 51,314
- Volunteers Part I, line 64,177
Largest outside contractors
FY2025 · Form 990, Part VII, Section B · businesses only| HARVEY CONSTRUCTION CO INC Construction services | $34,064,482 |
| CONSIGLI CONSTRUCTION CO INC Construction services | $4,570,742 |
| BEYER BLINDER BELLE ARCH & PLANNERS LLP Architect consulting | $659,742 |
| MARTINI NORTHERN LLC Contract services | $603,640 |
| BLACKBAUD INC It consulting services | $514,245 |
Individuals listed as contractors are left out. 43 contractors were paid more than $100,000 in all.
Private foundation grants it received
88 private foundations reported grants to Phillips Exeter Academy totaling $2.2M on their tax year 2023 Form 990-PF returns. See which foundations, on WHOFUNDS.
Source: WHOFUNDS open grant graph, matched from Form 990-PF Part XV.
Correct a figure or respond
Every number above is copied from Phillips Exeter Academy's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for Phillips Exeter Academy, you can publish a response that is linked from this page.
Share or embed this breakdown
Of every $100 Phillips Exeter Academy spent in FY2025, $86.30 went to programs. The full breakdown, from its IRS Form 990:
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Similar-sized charities in this cause
- A T Still University of Health SciencesKirksville, MO · revenue $239M · programs 86.4% · FY2025
- Rhode Island School of DesignProvidence, RI · revenue $240M · programs 78.5% · FY2025
- Florida Institute of TechnologyMelbourne, FL · revenue $238M · programs 61.6% · FY2025
- Bradley UniversityPeoria, IL · revenue $241M · programs 93.7% · FY2025
- Lewis UniversityRomeoville, IL · revenue $237M · programs 84.4% · FY2025
All education charities · Largest charities in New Hampshire
Questions people ask
How much of Phillips Exeter Academy's spending goes to programs?
In the fiscal year ending June 30, 2025, Phillips Exeter Academy reported that 86.3% of its $166.3 million in expenses went to program services, 8.1% to management and general and 5.6% to fundraising (Form 990, Part IX).
How much does Phillips Exeter Academy pay its top executive?
The largest total compensation Phillips Exeter Academy reported for one person in the fiscal year ending June 30, 2025 was $868,710, for the role of PRINCIPAL (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does Phillips Exeter Academy get its money?
Of $239.9 million in revenue in the fiscal year ending June 30, 2025, 13.9% came from contributions and grants and 34.0% from program service revenue (Form 990, Part VIII).
Is Phillips Exeter Academy a registered charity?
The IRS lists EIN 02-0222174 as a 501(c)(3) organization (school), and its records show contributions as tax-deductible. Form 990 filings on record here cover tax years 2019, 2020, 2021, 2022, 2023, 2024. A filing shows what the organization reported; it doesn't by itself show whether a program works.
Sources
- FY2025: Form 990 for the fiscal year ending June 30, 2025, object 202601329349301835 · read the filing · XML
- FY2024: Form 990 for the fiscal year ending June 30, 2024, object 202511339349302401 · read the filing
- FY2023: Form 990 for the fiscal year ending June 30, 2023, object 202421349349302287 · read the filing
- FY2022: Form 990 for the fiscal year ending June 30, 2022, object 202331329349308898 · read the filing
- FY2021: Form 990 for the fiscal year ending June 30, 2021, object 202221329349305917 · read the filing
- FY2020: Form 990 for the fiscal year ending June 30, 2020, object 202121319349302872 · read the filing
All filings for EIN 02-0222174: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.