Skip to main content

Nonprofit · EIN 04-2103579

TRUSTEES OF PHILLIPS ACADEMY

Tax-exempt · ANDOVER, MA 01810

Financials

$186.8M$150.7M2022$207.9M$161.9M2023$207.7M$172.2M2024
Revenue Expenses · by fiscal year end
Financials of TRUSTEES OF PHILLIPS ACADEMY by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
June 30, 2025990$207,674,447$172,225,804$35,448,643$2,082,564,322$206,455,680$1,876,108,642
June 30, 2024990$207,899,000$161,869,538$46,029,462$2,008,258,462$212,115,262$1,796,143,200
June 30, 2023990$186,768,593$150,737,144$36,031,449$1,911,522,647$206,135,384$1,705,387,263
Financial details: 990 for the year ended June 30, 2025

Revenue

Contributions, gifts and grants
$34,746,955
Program service revenue
$93,307,459
Investment income
$79,009,751
Net gain from sales of assets
$66,207,093
Net income from sales of inventory
-$1,407
Other revenue
$610,282

Expenses

Grants and similar amounts paid
$30,214,137
Compensation of officers, directors and key employees
$4,756,254
Other salaries and wages
$54,775,257
Salaries, compensation and benefits (total)
$79,365,104
Professional fundraising fees
$9,138
Legal fees
$347,629
Accounting fees
$282,324
Occupancy
$5,245,045
Travel
$1,654,405
Depreciation
$11,480,986
Program services (functional)
$135,504,710
Management and general (functional)
$22,008,029
Fundraising (functional)
$14,713,065

Balance sheet and other

Total assets, start of year
$2,008,258,462
Total assets, end of year
$2,082,564,322
Total liabilities, end of year
$206,455,680
Net assets, end of year
$1,876,108,642
Land, buildings and equipment
$408,315,314
Publicly traded securities
$277,549,354
Net assets without donor restrictions
$622,509,503
Net assets with donor restrictions
$1,253,599,139
Gross unrelated business income
$4,835,035
Gross receipts
$576,087,136
Employees
1,238
Volunteers
1,493
Year formed
1778
State of legal domicile
MA

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.

NameTitleHours / weekCompensationOther / benefits
KIRSTEN A GLANTZCHIEF INVESTMENT OFFICER
Key employee
55$1,118,162$86,927
RAYNARD S KINGTONHEAD OF SCHOOL / TRUSTEE
Trustee or director, Officer
60$907,895$246,730
THOMAS P LOCKERBYSECRETARY OF THE ACADEMY
Key employee
55$543,311$121,487
MERRILEE MARDONDEP HD OF SCH/INT DEAN FACULTY
Key employee
55$299,928$205,806
FERNANDO R ALONSOASST HEAD OF SCHOOL/CFO
Officer
55$366,856$125,922
CHRISTIAN A REUSCHEASSOC DIRECTOR OF INVESTMENTS
Highest-paid employee
55$434,800$53,644
AMY PATELCHIEF MEDICAL OFFICER
Highest-paid employee
55$258,839$205,551
ANDREW JAFFONIASSOC DIRECTOR OF INVESTMENTS
Highest-paid employee
55$382,395$45,691
XUE YANGASSOC DIRECTOR OF INVESTMENTS
Highest-paid employee
55$372,353$55,330
JESSICA L HERBSTERGENERAL COUNSEL
Highest-paid employee
55$252,686$127,113
JAMES F VENTREASST HEAD OF SCHOOL ADMISSION
Key employee
55$221,112$157,122
JEFFREY C DOMINADEAN OF FACULTY
Former
55$129,793$147,792
CHRISTOPER S AUGUSTETRUSTEE
Trustee or director
3$0$0
GIL CAFFRAYTRUSTEE/TREASURER
Trustee or director, Officer
3$0$0
AMY CHRISTODOULOTRUSTEE
Trustee or director
3$0$0
21 more people on this return
NameTitleHours / weekCompensation
DAVID J CORKINSTRUSTEE
Trustee or director
3$0
ANNA DURHAMTRUSTEE
Trustee or director
3$0
AMY C FALLSTRUSTEE/PRESIDENT
Trustee or director, Officer
3$0
KEITH T FLAHERTYTRUSTEE
Trustee or director
3$0
ANDREW J GUFF JRTRUSTEE
Trustee or director
3$0
STEPHEN KINGTRUSTEE
Trustee or director
3$0
TRISTIN BATCHELDER MANNIONTRUSTEE
Trustee or director
3$0
CARLOS MONTEMAYORTRUSTEE
Trustee or director
3$0
ALLISON E PICOTTTRUSTEE
Trustee or director
3$0
TAMARA ELLIOTT ROGERSTRUSTEE
Trustee or director
3$0
STACY SCHIFFTRUSTEE
Trustee or director
3$0
MICHAEL SCHMERTZLERTRUSTEE
Trustee or director
3$0
HENRY SMYTHTRUSTEE
Trustee or director
3$0
YICHEN ZHANGTRUSTEE
Trustee or director
3$0
ERIC L ZINTERHOFERTRUSTEE
Trustee or director
3$0
ROBERT BARBERALUMNI TRUSTEE
Trustee or director
3$0
SANJIV DESAIALUMNI TRUSTEE
Trustee or director
3$0
AISHA JORGE MASSENGILLALUMNI TRUSTEE
Trustee or director
3$0
UCHE OSUJIALUMNI TRUSTEE
Trustee or director
3$0
LOYCE LASHAWNDRA PACEALUMNI TRUSTEE
Trustee or director
3$0
KENT STRONGALUMNI TRUSTEE
Trustee or director
3$0
990 for the year ended June 30, 2024: 36 people
NameTitleHours / weekCompensationOther / benefits
KIRSTEN A GLANTZCHIEF INVESTMENT OFFICER
Key employee
55$1,012,670$86,032
RAYNARD S KINGTONHEAD OF SCHOOL / TRUSTEE
Trustee or director, Officer
60$706,365$306,312
THOMAS P LOCKERBYSECRETARY OF THE ACADEMY
Key employee
55$452,096$114,523
FERNANDO R ALONSOASST HEAD OF SCHOOL/CFO
Officer
55$335,078$119,910
CHRISTIAN A REUSCHEASSOC DIRECTOR OF INVESTMENTS
Highest-paid employee
55$383,283$53,191
XUE YANGASSOC DIRECTOR OF INVESTMENTS
Highest-paid employee
55$357,836$52,075
ANDREW JAFFONIASSOC DIRECTOR OF INVESTMENTS
Highest-paid employee
55$354,976$53,011
AMY PATELCHIEF MEDICAL OFFICER
Highest-paid employee
55$254,173$141,370
JEFFREY C DOMINADEAN OF FACULTY
Key employee
55$172,168$186,224
JAMES F VENTREASST HEAD OF SCHOOL ADMISSION
Key employee
55$209,689$146,071
JESSICA L HERBSTERGENERAL COUNSEL
Highest-paid employee
55$244,474$76,912
MERRILEE MARDONDEPUTY HEAD OF SCHOOL ACADEMIC
Key employee
55$150,017$102,346
J LAWRENCE MUENCHDIRECTOR OF FACILITIES
Key employee
55$203,766$24,483
RAJESH MUNDRAINTERIM DEPUTY HEAD OF SCHOOL
Former
55$125,717$48,158
CHRISTOPER S AUGUSTETRUSTEE
Trustee or director
3$0$0
GIL CAFFRAYTRUSTEE/TREASURER
Trustee or director, Officer
3$0$0
AMY CHRISTODOULOTRUSTEE
Trustee or director
3$0$0
DAVID J CORKINSTRUSTEE
Trustee or director
3$0$0
AMY C FALLSTRUSTEE/PRESIDENT
Trustee or director, Officer
3$0$0
KEITH T FLAHERTYTRUSTEE
Trustee or director
3$0$0
ANDREW J GUFF JRTRUSTEE
Trustee or director
3$0$0
STEFAN L KALUZNYTRUSTEE
Trustee or director
3$0$0
TRISTIN BATCHELDER MANNIONTRUSTEE
Trustee or director
3$0$0
CARLOS MONTEMAYORTRUSTEE
Trustee or director
3$0$0
ALLISON E PICOTTTRUSTEE
Trustee or director
3$0$0
TAMARA ELLIOTT ROGERSTRUSTEE
Trustee or director
3$0$0
STACY SCHIFFTRUSTEE
Trustee or director
3$0$0
MICHAEL SCHMERTZLERTRUSTEE
Trustee or director
3$0$0
YICHEN ZHANGTRUSTEE
Trustee or director
3$0$0
ERIC L ZINTERHOFERTRUSTEE
Trustee or director
3$0$0
JENNIFER AMSTUTZALUMNI TRUSTEE
Trustee or director
3$0$0
SANJIV DESAIALUMNI TRUSTEE
Trustee or director
3$0$0
CHRISTOPHER JWB LEGGETTALUMNI TRUSTEE
Trustee or director
3$0$0
AISHA JORGE MASSENGILLALUMNI TRUSTEE
Trustee or director
3$0$0
LOYCE LASHAWNDRA PACEALUMNI TRUSTEE
Trustee or director
3$0$0
WILLIAM M TONGALUMNI TRUSTEE
Trustee or director
3$0$0
990 for the year ended June 30, 2023: 35 people
NameTitleHours / weekCompensationOther / benefits
RAYNARD S KINGTONHEAD OF SCHOOL/TRUSTEE
Trustee or director, Officer
60$858,643$274,721
KIRSTEN A GLANTZCHIEF INVESTMENT OFFICER
Key employee
55$966,514$82,042
THOMAS P LOCKERBYSECRETARY OF THE ACADEMY
Key employee
55$560,838$78,237
XUE YANGINVESTMENT ASSOCIATE
Highest-paid employee
55$413,230$48,724
FERNANDO R ALONSOASST HEAD OF SCHOOL/CFO
Officer
55$316,874$115,801
ANDREW JAFFONIASSOC DIRECTOR OF INVESTMENTS
Highest-paid employee
55$312,153$42,094
CHRISTIAN A REUSCHEASSOC DIRECTOR OF INVESTMENTS
Highest-paid employee
55$307,117$45,490
JAMES F VENTREASST HEAD OF SCHOOL ADMISSION
Key employee
55$198,882$143,402
JEFFREY C DOMINADEAN OF FACULTY
Key employee
55$167,971$153,520
RAJESH MUNDRAINTERIM DEPUTY HEAD OF SCHOOL
Key employee
55$208,934$92,517
JESSICA L HERBSTERGENERAL COUNSEL
Highest-paid employee
55$235,736$27,056
LEONARD E COREYASSOCIATE COMPTROLLER
Highest-paid employee
40$239,100$897
J LAWRENCE MUENCHDIRECTOR OF FACILITIES
Key employee
55$200,920$25,194
CHRISTOPHER S AUGUSTETRUSTEE
Trustee or director
3$0$0
GIL CAFFRAYTRUSTEE/TREASURER
Trustee or director, Officer
3$0$0
AMY CHRISTODOULOTRUSTEE
Trustee or director
3$0$0
DAVID J CORKINSTRUSTEE
Trustee or director
3$0$0
AMY C FALLSTRUSTEE/PRESIDENT
Trustee or director, Officer
3$0$0
KEITH T FLAHERTYTRUSTEE
Trustee or director
3$0$0
ANDREW J GUFF JRTRUSTEE
Trustee or director
3$0$0
STEFAN L KALUZNYTRUSTEE
Trustee or director
3$0$0
GARY LEETRUSTEE
Trustee or director
3$0$0
TRISTIN BATCHELDER MANNIONTRUSTEE
Trustee or director
3$0$0
CARLOS MONTEMAYORTRUSTEE
Trustee or director
3$0$0
ALLISON E PICOTTTRUSTEE
Trustee or director
3$0$0
TAMARA ELLIOTT ROGERSTRUSTEE
Trustee or director
3$0$0
MICHAEL SCHMERTZLERTRUSTEE
Trustee or director
3$0$0
YICHEN ZHANGTRUSTEE
Trustee or director
3$0$0
ERIC L ZINTERHOFERTRUSTEE
Trustee or director
3$0$0
JENNIFER AMSTUTZALUMNI TRUSTEE
Trustee or director
3$0$0
ANNA DURHAMALUMNI TRUSTEE
Trustee or director
3$0$0
CHRISTOPHER JWB LEGGETTALUMNI TRUSTEE
Trustee or director
3$0$0
AISHA JORGE MASSENGILLALUMNI TRUSTEE
Trustee or director
3$0$0
LOYCE LASHAWNDRA PACEALUMNI TRUSTEE
Trustee or director
3$0$0
WILLIAM M TONGALUMNI TRUSTEE
Trustee or director
3$0$0

Address and contacts

Address (IRS master file)
180 MAIN ST, ANDOVER, MA 01810-4166
In care of
% FERNANDO R ALONSO
Principal officer (990 for 2024)
RAYNARD KINGTON, 180 MAIN STREET, ANDOVER, MA 018104166
Signed the 990
FERNANDO R ALONSO, ASST HEAD OF SCHOOL
Phone
(978) 749-4000
Return prepared by
PwC US Tax LLP

Mission

SEE SCHEDULE O

990 for the year ended June 30, 2025

Program accomplishments

  • 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.
    Expenses $128,262,863 · grants $29,286,251 · revenue $87,278,854
  • EDUCATION, 558 STUDENTS, AND 60 ADVANTAGE STUDENTS - SUMMER SESSION: THE SUMMER SESSION OFFERS ITS STUDENTS INTENSIVE ACADEMIC ENRICHMENT THROUGH A VARIETY OF ON-CAMPUS 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 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.
    Expenses $4,690,448 · grants $361,323 · revenue $6,053,139
  • EDUCATION, 108 STUDENTS - MATHEMATICS AND SCIENCE FOR MINORITY STUDENTS (MS) 2: (MS) 2, FOUNDED IN 1977, PROVIDES ACADEMIC ENRICHMENT, COLLEGE ACCESS, AND OPPORTUNITIES FOR PERSONAL DEVELOPMENT TO NURTURE THE COMPETENCIES AND SELF-CONFIDENCE OF ACADEMICALLY TALENTED AND MOTIVATED HIGH SCHOOL STUDENTS FROM UNDERREPRESENTED COMMUNITIES WHO ARE INTERESTED IN CAREERS IN MATH AND SCIENCE RELATED FIELDS FOR FIVE WEEKS FOR THREE CONSECUTIVE SUMMERS AT PHILLIPS ACADEMY. THE PROGRAM IS FREE TO ALL ENROLLED STUDENTS, INCLUDING TRAVEL TO AND FROM ANDOVER. STUDENTS APPLY DURING THE FALL OF THEIR 9TH GRADE YEAR AND BEGIN THE PROGRAM THE FOLLOWING SUMMER. THE PROGRAM PROVIDES THE SCHOLARS WITH RIGOROUS COURSEWORK AND OFFERS THEM OPPORTUNITIES TO GAIN VALUABLE LIFE SKILLS TO BETTER PREPARE THEM FOR COLLEGE AND CAREERS IN MATH AND SCIENCE RELATED FIELDS.
    Expenses $930,500 · grants $8,173

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 yearYear endedDueIRS public records
2025June 30, 2026November 16, 2026Not due yet
2024June 30, 2025November 17, 2025990 on file
2023June 30, 2024November 15, 2024990 on file

IRS record

EIN
04-2103579
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
1961
Accounting year ends
June
Files
Form 990 or 990-EZ
Category (NTEE)
Education (B250)
Assets (IRS master file)
$2,082,564,322
Income (IRS master file)
$576,087,136

Filing history

FormYear endedRevenueExpensesAssetsReturn
990June 2025$207,674,447$172,225,804$2,082,564,322IRS
990-TJune 2025–––IRS
990June 2024$207,899,000$161,869,538$2,008,258,462IRS
990-TJune 2024–––IRS
990June 2023$186,768,593$150,737,144$1,911,522,647XML
990-TJune 2023–––IRS
990June 2022$241,100,696$142,673,387$1,868,875,809IRS
990-TJune 2022–––IRS
990June 2021–––IRS
990-TJune 2021–––IRS
990June 2020–––IRS
990June 2019–––IRS
990June 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 04-2103579).

Questions about TRUSTEES OF PHILLIPS ACADEMY

What is the EIN of TRUSTEES OF PHILLIPS ACADEMY?
The employer identification number (EIN) of TRUSTEES OF PHILLIPS ACADEMY is 04-2103579.
Is TRUSTEES OF PHILLIPS ACADEMY tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1961.
Are donations to TRUSTEES OF PHILLIPS ACADEMY tax-deductible?
Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
Which annual return does TRUSTEES OF PHILLIPS 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 TRUSTEES OF PHILLIPS 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 TRUSTEES OF PHILLIPS 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 TRUSTEES OF PHILLIPS ACADEMY?
The 990 for the year ended June 30, 2025 names RAYNARD KINGTON.
Who are the officers and directors of TRUSTEES OF PHILLIPS ACADEMY?
The 990 for the year ended June 30, 2025 lists 36 people; 12 received compensation from the organization, the highest $1,118,162 (KIRSTEN A GLANTZ, CHIEF INVESTMENT OFFICER).
How much revenue does TRUSTEES OF PHILLIPS ACADEMY have?
On its 990 for the year ended June 30, 2025 it reported revenue of $207,674,447, expenses of $172,225,804 and total assets of $2,082,564,322 at year end.

Other nonprofits in ANDOVER

All nonprofits in ANDOVER · Massachusetts · Education