Nonprofit · EIN 02-0222174
PHILLIPS EXETER ACADEMY
Tax-exempt · EXETER, NH 03833
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $239,865,952 | $166,349,787 | $73,516,165 | $2,196,295,020 | $180,825,707 | $2,015,469,313 |
| June 30, 2024 | 990 | $187,279,148 | $158,188,218 | $29,090,930 | $2,078,494,595 | $193,261,045 | $1,885,233,550 |
| June 30, 2023 | 990 | $153,586,037 | $153,168,212 | $417,825 | $2,002,825,149 | $191,873,185 | $1,810,951,964 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $33,235,586
- Program service revenue
- $81,450,292
- Investment income
- $123,847,094
- Net rental income
- $580,587
- Net gain from sales of assets
- $114,880,987
- Net income from sales of inventory
- $227,697
- Other revenue
- $1,332,980
Expenses
- Grants and similar amounts paid
- $29,264,227
- Compensation of officers, directors and key employees
- $1,223,452
- Other salaries and wages
- $57,296,169
- Salaries, compensation and benefits (total)
- $80,559,488
- Professional fundraising fees
- $0
- Legal fees
- $495,239
- Accounting fees
- $452,392
- Occupancy
- $7,126,642
- Travel
- $2,450,644
- Depreciation
- $19,447,930
- Program services (functional)
- $143,551,717
- Management and general (functional)
- $13,447,964
- Fundraising (functional)
- $9,350,106
Balance sheet and other
- Total assets, start of year
- $2,078,494,595
- Total assets, end of year
- $2,196,295,020
- Total liabilities, end of year
- $180,825,707
- Net assets, end of year
- $2,015,469,313
- Land, buildings and equipment
- $391,135,958
- Publicly traded securities
- $29,222,580
- Net assets without donor restrictions
- $575,319,408
- Net assets with donor restrictions
- $1,440,149,905
- Gross unrelated business income
- $1,640,461
- Gross receipts
- $859,456,356
- Employees
- 1,314
- Volunteers
- 4,177
- Year formed
- 1781
- State of legal domicile
- NH
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended June 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| WILLIAM RAWSON | PRINCIPAL Trustee or director, Officer | 40 | $655,338 | $213,372 |
| JUSTIN MERRILL | DIRECTOR OF INVESTMENTS Highest-paid employee | 40 | $398,869 | $60,247 |
| MORGAN DUDLEY | DIR. OF INSTITUTIONAL ADVANCEMENT Highest-paid employee | 40 | $362,476 | $82,011 |
| MARIJKA BEAUCHESNE | CHIEF FINANCIAL OFFICER Officer | 40 | $379,566 | $58,265 |
| HOLLY BARCROFT | GENERAL COUNSEL Highest-paid employee | 40 | $330,202 | $90,496 |
| KAREN LASSEY | ASSISTANT PRINCIPAL Highest-paid employee | 40 | $222,075 | $123,419 |
| TOM TSENG | DIR. INTL. & PRINCIPAL GIFTS Highest-paid employee | 40 | $229,420 | $28,003 |
| KRISTYN MCLEOD VAN OSTERN | PRESIDENT/TRUSTEE Trustee or director | 2 | $0 | $0 |
| SUZI K COHEN | VICE PRESIDENT/TRUSTEE Trustee or director | 2 | $0 | $0 |
| BRADFORD BRINER | TRUSTEE Trustee or director | 2 | $0 | $0 |
| SAMUEL J BROWN | TRUSTEE Trustee or director | 2 | $0 | $0 |
| ELIZABETH A FLEMING | TRUSTEE Trustee or director | 2 | $0 | $0 |
| SCOTT SANG-WON HAHN | TRUSTEE Trustee or director | 2 | $0 | $0 |
| IRA D HELFAND | TRUSTEE Trustee or director | 2 | $0 | $0 |
| PAULINA L JEREZ | TRUSTEE Trustee or director | 2 | $0 | $0 |
13 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| GILES K KEMP | TRUSTEE Trustee or director | 2 | $0 |
| ERIC A LOGAN | TRUSTEE Trustee or director | 2 | $0 |
| EUGENE P LYNCH | TRUSTEE Trustee or director | 2 | $0 |
| CIA BUCKLEY MARAKOVITS | TRUSTEE Trustee or director | 2 | $0 |
| CHRISTINE M ROBSON WEAVER | TRUSTEE Trustee or director | 2 | $0 |
| GENISHA SAVERIMUTHU | TRUSTEE Trustee or director | 2 | $0 |
| MICHAEL J SCHMIDTBERGER | TRUSTEE Trustee or director | 2 | $0 |
| PETER M SCOCIMARA | TRUSTEE Trustee or director | 2 | $0 |
| SANJAY SHETTY | TRUSTEE Trustee or director | 2 | $0 |
| LEROY SIMS | TRUSTEE Trustee or director | 2 | $0 |
| RHODA K TAMAKLOE | TRUSTEE Trustee or director | 2 | $0 |
| BELINDA A TATE | TRUSTEE Trustee or director | 2 | $0 |
| E JANNEY WILSON | TRUSTEE Trustee or director | 2 | $0 |
990 for the year ended June 30, 2024: 29 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| WILLIAM RAWSON | PRINCIPAL Trustee or director, Officer | 40 | $656,751 | $135,966 |
| JUSTIN MERRILL | DIRECTOR OF INVESTMENTS Highest-paid employee | 40 | $383,862 | $80,659 |
| KATHARINA LILLY | MEDICAL DIRECTOR Highest-paid employee | 40 | $294,822 | $131,688 |
| MARIJKA BEAUCHESNE | CFO Officer | 40 | $365,057 | $55,415 |
| MORGAN DUDLEY | DIRECTOR INSTITUTIONAL ADV. Highest-paid employee | 40 | $329,829 | $75,347 |
| HOLLY BARCROFT | GENERAL COUNSEL Highest-paid employee | 40 | $316,985 | $86,770 |
| WILLIAM LEAHY | DEAN OF ENROLLMENT Highest-paid employee | 40 | $210,049 | $102,781 |
| WOLE C COAXUM | TRUSTEE Trustee or director | 2 | $0 | $0 |
| MORGAN C SZE | PRESIDENT/TRUSTEE Trustee or director | 2 | $0 | $0 |
| DEIDRE G O'BYRNE | VICE PRESIDENT/TRUSTEE Trustee or director | 2 | $0 | $0 |
| E JANNEY WILSON | TRUSTEE Trustee or director | 2 | $0 | $0 |
| PETER M SCOCIMARA | TRUSTEE Trustee or director | 2 | $0 | $0 |
| SUZI K COHEN | TRUSTEE Trustee or director | 2 | $0 | $0 |
| KRISTYN MCLEOD VAN OSTERN | TRUSTEE Trustee or director | 2 | $0 | $0 |
| CIA BUCKLEY MARAKOVITS | TRUSTEE Trustee or director | 2 | $0 | $0 |
| SANJAY SHETTY | TRUSTEE Trustee or director | 2 | $0 | $0 |
| IRA D HELFAND | TRUSTEE Trustee or director | 2 | $0 | $0 |
| SCOTT SANG-WON HAHN | TRUSTEE Trustee or director | 2 | $0 | $0 |
| ELIZABETH A FLEMING | TRUSTEE Trustee or director | 2 | $0 | $0 |
| PAULINA L JEREZ | TRUSTEE Trustee or director | 2 | $0 | $0 |
| GILES K KEMP | TRUSTEE Trustee or director | 2 | $0 | $0 |
| ERIC A LOGAN | TRUSTEE Trustee or director | 2 | $0 | $0 |
| UNA JAIN BASAK | TRUSTEE Trustee or director | 2 | $0 | $0 |
| SAMUEL M MARUCA | TRUSTEE Trustee or director | 2 | $0 | $0 |
| MICHAEL J SCHMIDTBERGER | TRUSTEE Trustee or director | 2 | $0 | $0 |
| BRADFORD BRINER | TRUSTEE Trustee or director | 2 | $0 | $0 |
| CHRISTINE M ROBSON WEAVER | TRUSTEE Trustee or director | 2 | $0 | $0 |
| LEROY SIMS | TRUSTEE Trustee or director | 2 | $0 | $0 |
| BELINDA A TATE | TRUSTEE Trustee or director | 2 | $0 | $0 |
990 for the year ended June 30, 2023: 27 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| WILLIAM RAWSON | PRINCIPAL Trustee or director, Officer | 40 | $494,781 | $80,321 |
| JUSTIN MERRILL | DIRECTOR OF INVESTMENTS Highest-paid employee | 40 | $363,051 | $53,486 |
| HOLLY BARCROFT | GENERAL COUNSEL Highest-paid employee | 40 | $309,259 | $82,260 |
| KATHARINA LILLY | MEDICAL DIRECTOR Highest-paid employee | 40 | $303,763 | $85,117 |
| MARIJKA BEAUCHESNE | CFO Officer | 40 | $330,409 | $51,699 |
| MORGAN DUDLEY | DIRECTOR INSTITUTIONAL ADV. Highest-paid employee | 40 | $298,802 | $37,148 |
| WILLIAM LEAHY | DEAN OF ENROLLMENT Highest-paid employee | 40 | $205,845 | $110,645 |
| WOLE C COAXUM | TRUSTEE Trustee or director | 2 | $0 | $0 |
| MORGAN C SZE | PRESIDENT/TRUSTEE Trustee or director | 2 | $0 | $0 |
| DEIDRE G O'BYRNE | VICE PRESIDENT/TRUSTEE Trustee or director | 2 | $0 | $0 |
| SALLY JUTABHA MICHAELS | TRUSTEE Trustee or director | 2 | $0 | $0 |
| E JANNEY WILSON | TRUSTEE Trustee or director | 2 | $0 | $0 |
| PETER M SCOCIMARA | TRUSTEE Trustee or director | 2 | $0 | $0 |
| SUZI K COHEN | TRUSTEE Trustee or director | 2 | $0 | $0 |
| CLAUDINE GAY | TRUSTEE Trustee or director | 2 | $0 | $0 |
| KRISTYN MCLEOD VAN OSTERN | TRUSTEE Trustee or director | 2 | $0 | $0 |
| CIA BUCKLEY MARAKOVITS | TRUSTEE Trustee or director | 2 | $0 | $0 |
| SANJAY SHETTY | TRUSTEE Trustee or director | 2 | $0 | $0 |
| IRA D HELFAND | TRUSTEE Trustee or director | 2 | $0 | $0 |
| SCOTT SANG-WON HAHN | TRUSTEE Trustee or director | 2 | $0 | $0 |
| ELIZABETH A FLEMING | TRUSTEE Trustee or director | 2 | $0 | $0 |
| PAULINA L JEREZ | TRUSTEE Trustee or director | 2 | $0 | $0 |
| GILES K KEMP | TRUSTEE Trustee or director | 2 | $0 | $0 |
| ERIC A LOGAN | TRUSTEE Trustee or director | 2 | $0 | $0 |
| UNA JAIN BASAK | TRUSTEE Trustee or director | 2 | $0 | $0 |
| SAMUEL M MARUCA | TRUSTEE Trustee or director | 2 | $0 | $0 |
| MICHAEL J SCHMIDTBERGER | TRUSTEE Trustee or director | 2 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 20 MAIN ST, EXETER, NH 03833-2438
- In care of
- % LORI NOVELL
- Principal officer (990 for 2024)
- WILLIAM RAWSON, 20 MAIN STREET, EXETER, NH 038332460
- Signed the 990
- MARIJKA BEAUCHESNE, CFO
- Phone
- (603) 772-4311
- Website
- WWW.EXETER.EDU
- Return prepared by
- GRANT THORNTON ADVISORS LLC
Mission
SEE SCHEDULE O
Program accomplishments
- SEE 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 CONTINUED WHILE THE CONTENT OF THE CURRICULUM HAS UNDERGONE SEVERAL REVISIONS AS EXETER HAS SOUGHT TO BLEND ITS RESPECT FOR TRADITION WITH ITS COMMITMENT TO EDUCATE YOUNG PEOPLE FOR A RAPIDLY CHANGING WORLD.THE CURRENT CURRICULUM IS BASED ON TWO FUNDAMENTAL ASSUMPTIONS ABOUT AN EXETER EDUCATION. FIRST, EXETER VIEWS ITS CHARGE AS PROVIDING STUDENTS WITH A BROAD, LIBERAL ARTS PROGRAM THAT CREATES A STRONG FOUNDATION FOR CONTINUING STUDY AT THE COLLEGE AND UNIVERSITY LEVEL. SECOND, THE ACADEMY BELIEVES THE PROCESS OF EDUCATION IS AS IMPORTANT AS ITS CONTENT. FACULTY EMPHASIZE NOT MERELY WHAT THEY WANT STUDENTS TO KNOW, BUT ALSO WHAT SORTS OF INDIVIDUALS THEY WANT THEM TO BECOME: YOUNG PEOPLE WHOSE PASSION FOR LEARNING EXCEEDS WHAT THEY ALREADY KNOW AND WHOSE INTEREST IN OTHERS AND IN THE WORLD SURPASSES THEIR SELF-CONCERN. EXETER'S SCHOOL YEAR CONSISTS OF THREE TERMS, WHICH ALLOWS EXPANDED ELECTIVE CHOICES ACROSS A RANGE OF DISCIPLINES TO BE COMBINED WITH A FOCUS ON DEPTH OF STUDY IN ADVANCED COURSES IN EACH DEPARTMENT. STUDENTS NORMALLY ENROLL IN FIVE COURSES AND PARTICIPATE IN A SPORT EACH TERM.EVERY YEAR, STUDENTS COME TO US FROM AROUND THE WORLD AND ARE ADMITTED WITHOUT REGARD TO THE FAMILY'S ABILITY TO PAY. THE ACADEMY IS COMMITTED TO MEETING THE FULL DEMONSTRATED FINANCIAL NEED OF EACH ADMITTED STUDENT AND APPROXIMATELY HALF OF ALL ADMITTED STUDENTS RECEIVE FINANCIAL AID.Expenses $136,389,993 · grants $28,186,523 · revenue $74,497,070
- 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.Expenses $6,406,686 · grants $896,328 · revenue $7,151,052
- AUXILIARY ENTERPRISES INCLUDE STUDENT GRILL, FACILITY RENTALS, AND THE CHILDREN'S CENTER WHICH SERVICE THE ACADEMY DURING BOTH SUMMER AND REGULAR SESSIONS.Expenses $755,038 · grants $181,376 · revenue $1,844,321
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | 990 on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 02-0222174
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- School
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1946
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Education (B250)
- Assets (IRS master file)
- $2,196,295,020
- Income (IRS master file)
- $859,456,356
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $239,865,952 | $166,349,787 | $2,196,295,020 | IRS |
| 990-T | June 2025 | – | – | – | IRS |
| 990 | June 2024 | $187,279,148 | $158,188,218 | $2,078,494,595 | IRS |
| 990-T | June 2024 | – | – | – | IRS |
| 990 | June 2023 | $153,586,037 | $153,168,212 | $2,002,825,149 | XML |
| 990-T | June 2023 | – | – | – | IRS |
| 990 | June 2022 | $231,466,382 | $143,695,561 | $1,905,644,826 | IRS |
| 990-T | June 2022 | – | – | – | IRS |
| 990 | June 2021 | – | – | – | IRS |
| 990-T | June 2021 | – | – | – | IRS |
| 990 | June 2020 | – | – | – | IRS |
| 990 | June 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 02-0222174).
Questions about PHILLIPS EXETER ACADEMY
- What is the EIN of PHILLIPS EXETER ACADEMY?
- The employer identification number (EIN) of PHILLIPS EXETER ACADEMY is 02-0222174.
- Is PHILLIPS EXETER ACADEMY tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1946.
- Are donations to PHILLIPS EXETER ACADEMY tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does PHILLIPS EXETER ACADEMY file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of PHILLIPS EXETER ACADEMY due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did PHILLIPS EXETER ACADEMY last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2025.
- Who is the principal officer of PHILLIPS EXETER ACADEMY?
- The 990 for the year ended June 30, 2025 names WILLIAM RAWSON.
- Who are the officers and directors of PHILLIPS EXETER ACADEMY?
- The 990 for the year ended June 30, 2025 lists 28 people; 7 received compensation from the organization, the highest $655,338 (WILLIAM RAWSON, PRINCIPAL).
- How much revenue does PHILLIPS EXETER ACADEMY have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $239,865,952, expenses of $166,349,787 and total assets of $2,196,295,020 at year end.
Other nonprofits in EXETER
- VIRTUAL LEARNING ACADEMY CHARTER SCHOOL EIN 56-2668724 · last filed 990 for 2025
- GREAT BAY ELEARNING CHARTER SCHOOL EIN 59-3791072 · last filed 990 for 2025
- SEACOAST CLASSICAL EDUCATION FOUNDATION EIN 88-1089349 · last filed 990-PF for 2025
- EXETER DAY SCHOOL EIN 02-0244311 · last filed 990 for 2025
- THOMAS JAY MCCAHILL III SOCNH FOUNDATION EIN 87-2403914 · last filed 990 for 2025
- EXETER ELEMENTARY PTO PARENTS-TEACHERS ORGANIZATION EIN 02-0348210 · last filed 990-EZ for 2025
- NORTH EAST ASSOCIATION OF LEARNING SPECIALISTS NEALS EIN 56-2450642 · last filed 990-EZ for 2025
- NEW HAMPSHIRE HIGH SCHOOL MOCK TRIAL ASSOC INC EIN 81-0989281 · last filed 990-EZ for 2025