Charity Search / TRUSTEES OF PHILLIPS ACADEMY
Education (B250) IRS Verified DX Registered 990 on File

TRUSTEES OF PHILLIPS ACADEMY

EIN: 04-2103579 · ANDOVER, MA 01810-4166 · United States · FY 2023 Data
3 out of 5 58 / 100 Based on 2+ years of filings
Financial strength (30%) 82/100
Reliability (20%) 55/100
Effectiveness (25%) 88/100
Impact (25%) No data yet
Financial data: FY 2023 · Scored 9/13/2026
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Mission Statement

Phillips Academy, a residential secondary school, 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 a community that encourages people of diverse backgrounds and beliefs to understand and respect one another and to be sensitive to 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 the natural world. Andover’s 1778 Constitution charges the Academy to prepare “Youth from every quarter” to understand that “goodness without knowledge is weak…yet knowledge without goodness is dangerous.” 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. This revised version of the Statement of Purpose, voted by the faculty in winter 2000, reaffirms the Academy’s goals set forth in the Constitution of 1778.

Financial Overview — FY 2023
$186.8M
Total Revenue
$150.7M
Total Expenses
$1705.4M
Net Assets
1132
Employees
Revenue Sources
Expense Breakdown
Program Expense Ratio 78.5%
Fundraising Efficiency N/A
Operating Reserve 135.76x
Liability-to-Asset 10.8%
Revenue Diversification 44.1%
Executive Compensation $4.7M
Compared with Peers
FY 2023
Compared with 607 similar organizations (United States, Education, $100M and over in expenses), FY 2023.
This organization Middle half of peers (P25–P75) Peer median
Ratio This org Peer median Position (P10 → P90)
Program expense ratio
Program expenses / total expenses · higher is better
78.5% 87.4%
P10P90
Bottom quarter
Admin expense ratio
Management and general / total expenses · lower is better
12.9% 10.5%
P10P90
Below median
Fundraising expense ratio
Fundraising expenses / total expenses · lower is better
8.6% 1.3%
P10P90
Bottom quarter
Operating reserve
Months of expenses covered by net assets · higher is better
135.8 mo 20.3 mo
P10P90
Top quarter
Liabilities to assets
Total liabilities / total assets · lower is better
10.8% 27.0%
P10P90
Top quarter
Revenue concentration
Share of revenue from the largest source · lower is better
44.1% 84.6%
P10P90
Top quarter
Revenue growth
Year over year revenue growth
-22.5% -2.0%
P10P90
Expense growth
Year over year expense growth
5.7% 5.9%
P10P90
Surplus margin
Surplus as a share of revenue
19.3% 1.3%
P10P90
Financial History
Year Revenue Expenses Net Assets Program % Staff
2023 $186.8M $150.7M $1705.4M 78.5% 1132
2022 $241.1M $142.7M $1659.9M 77.2% 1056
2021 $191.1M $129.1M N/A 945
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Organization Details
EIN
04-2103579
State
MA
City
ANDOVER
ZIP
01810-4166
Classification
B250
Category
Education
Rating
3★
Coverage
A
Last Updated
Aug 2026
Foundation Code
11
Form 990
On File
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