Trustees of Phillips Academy

What it reported doing in 2024

Education, 1,168 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.

Financial Efficiency

• Mission deployment rate: 96.2%; rating input score 96
• Program expense ratio: 78.7%; rating input score 79
• Fundraising efficiency: $2.36 raised per $1 spent on fundraising; rating input score 7; 7th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
• Pay-setting controls: 5 of 6 controls in place; rating input score 83
  • Compensation committee: Pass
  • Independent consultant: Pass
  • Other Form 990s reviewed: Pass
  • Written employment contract: Missing
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• Foreign activity oversight: Scored; rating input score 0
• Grant itemization coverage: 100%; rating input score 100; 77th percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 96%; rating input score 96; 50th percentile among comparable filings
• Governance controls: 8 of 8 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: NotApplicable
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 17.1%; rating input score 85; 85th percentile among comparable filings
• Total-asset coverage ratio: 12.09; rating input score 92; 92nd percentile among comparable filings
• Liabilities to assets ratio: 0.1; rating input score 83; 83rd percentile among comparable filings
• Officer compensation ratio: 4%; rating input score 26; 26th percentile among comparable filings

Growth

• Program expense growth: 3.2% per year; rating input score 100; 23rd percentile among comparable filings
• Revenue growth: 3.9% per year; rating input score 100; 31st percentile among comparable filings
• Asset growth: 4.6% per year; rating input score 100; 33rd percentile among comparable filings