Trustees of Phillips Academy is a 501(c)(3) organization based in Andover, Massachusetts, registered in 1961, with $207,899,000 in FY2023 revenue. CharityIndex grades it B+, and it directs about 79% of spending to programs.
Revenue (FY2023)
$207.9M
▲ 11.3% vs prior year
Education median: $200K
Expenses (FY2023)
$161.9M
Net assets
$1.8B
Employees
1,171
Measures how much of every dollar spent actually reaches programs, plus what it costs to raise $100 of donations. The worse of the two measures sets the letter (85%+ to programs is an A; under $15 to raise $100 is an A), averaged over the three most recent filings. For Trustees of Phillips Academy: 79% to programs · $46 to raise $100 earns a B on this criterion. See the exact thresholds →
Measures whether the organization is built to last: how many months its reserves would cover expenses (3+ months earns an A-range score, but hoarding 5+ years of budget is capped) and whether it runs a surplus or a deficit. For Trustees of Phillips Academy: 133 mo reserves · +22% margin earns a B+ on this criterion. See the exact thresholds →
Checks how the organization is run, from its own Form 990: an independent board majority, a board of five or more, conflict-of-interest, whistleblower and document-retention policies, and independently audited financials. The share of disclosed checks that pass sets the letter. For Trustees of Phillips Academy: 6 of 6 checks met earns a A+ on this criterion. See the exact thresholds →
Counts five disclosure signals: a recent filing, a mission statement, program descriptions, a listed website, and the full expense breakdown. More disclosure, better letter. For Trustees of Phillips Academy: 5 of 5 disclosure signals earns a A+ on this criterion. See the exact thresholds →
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Education, 553 students, 61 e-summer students, and 62 advantage students - summer session: the summer session offers its students intensive academic enrichment through a variety of on-campus and virtual 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 addition, the fully-virtual e-summer program offers students from around the globe an opportunity to engage meaningfully with talented faculty in a personalized, mastery-based experience, combining synchronous class sessions and 1:1 learning conferences with asynchronous, self-paced online learning. 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.
The institute for recruitment of teachers (irt) addresses the lack of diversity in the nation's teaching faculties by recruiting outstanding students of color and other scholars committed to diversity in education, preparing them for the demands of careers in education, counseling them through the graduate school application process, and advocating for sufficient funding for advanced study. since 1990, the irt has built a national consortium of colleges and universities that are eager to enroll irt students to diversify their graduate student bodies and expand the pipeline of educators to teach, counsel, and administrate in american schools, colleges, and universities. irt urges its students to earn their advanced degrees and teaching credentials before they launch their educational careers. annually, the irt enrolls over 100 talented students who are majoring in the arts, humanities, social sciences, or education, to its associate program for college seniors and graduates who wish to continue their educational studies. since its inception, nearly every irt applicant has been admitted to at least one graduate school within the irt consortium of 38 colleges and universities; most have been admitted to four or more. approximately 50 percent of these students have received partial to full tuition waivers and full fellowship assistanceship funding for up to six years of graduate study. to date, the irt has worked with over 2,800 interns and associates. of that number, over 1,000 participants have already received terminal master's degrees and 430 have earned ph.d.s. irt alumni serve in the administrative and teaching ranks at over 130 colleges and universities as well as numerous public, private and parochial schools. in the coming decades, a number of these scholars will emerge as educational leaders.
Revenue grew from $147.7M (FY2013) to $207.9M (FY2023) across 11 reported years.
Financial snapshot
Operating margin
22.1%
Revenue exceeded expenses in the latest fiscal year.
Total assets
$2.0B
Total liabilities
$212.1M
Net assets
$1.8B
Salaries & benefits
$75.1M
46% of expenses
Board members
23
22 independent
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2023 | $207,899,000▲11.3% | $161,869,538▲7.4% | $1,796,143,200▲5.3% | $2,008,258,462▲5.1% | 990 |
| 2022 | $186,768,593▼22.5% | $150,737,144▲5.7% | $1,705,387,263▲2.7% | $1,911,522,647▲2.3% | 990 |
| 2021 | $241,100,696▲26.2% | $142,673,387▲10.5% | $1,659,942,001▼5.2% | $1,868,875,809▼4.5% | 990 |
| 2020 | $191,095,685▼18.1% | $129,086,973▼2.0% | $1,750,180,705▲22.4% | $1,957,778,755▲19.8% | 990 |
| 2019 | $233,355,240▲9.8% | $131,672,513▼4.7% | $1,429,643,469▲1.2% | $1,634,666,152▲0.7% | 990 |
| 2018 | $212,597,502▲10.7% | $138,162,537▲4.9% | $1,412,308,735▲2.8% | $1,623,486,435▲2.9% | 990 |
| 2017 | $191,983,200▲13.2% | $131,738,933▲2.2% | $1,373,764,067▲8.5% | $1,577,019,726▲7.5% | 990 |
| 2016 | $169,589,125▲14.5% | $128,864,251▲6.5% | $1,266,517,672▲9.1% | $1,466,532,663▲7.5% | 990 |
| 2015 | $148,126,618▼1.4% | $120,971,391▲1.8% | $1,161,003,779▼2.2% | $1,364,549,139▼2.2% | 990 |
| 2014 | $150,182,242▲1.7% | $118,798,350▲8.0% | $1,187,330,224▲0.4% | $1,394,826,856▲0.9% | 990 |
| 2013 | $147,680,386 | $110,037,862▲2.6% | $1,182,984,726▲10.8% | $1,382,712,017▲14.4% | 990 |
| 2012 | — | $107,245,065▲0.5% | $1,067,676,259▲9.6% | $1,208,400,446▲7.8% | 990 |
| 2011 | — | $106,712,569▲3.5% | $973,951,541▼1.7% | $1,120,609,083▼0.9% | 990 |
| 2010 | — | $103,107,773▲4.9% | $991,290,018▲13.9% | $1,131,294,796▲11.3% | 990 |
| 2009 | — | $98,309,386 | $870,011,382 | $1,016,005,717 | 990 |
Original Form 990 PDFs (the Form column) are served by ProPublica Nonprofit Explorer, as filed with the IRS. Create a free account to download the CSV report.
Highest-paid: Kirsten A Glantz — $1,012,670 (0.63% of total expenses)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| Kirsten A Glantz | Chief Investment Officer | 55 | $1,012,670 |
| Raynard S Kington | Head of School / Trustee | 60 | $706,365 |
| Thomas P Lockerby | Secretary of the Academy | 55 | $452,096 |
| Christian A Reusche | Assoc Director of Investments | 55 | $383,283 |
| Xue Yang | Assoc Director of Investments | 55 | $357,836 |
| Andrew Jaffoni | Assoc Director of Investments | 55 | $354,976 |
| Fernando R Alonso | Asst Head of School/cfo | 55 | $335,078 |
| Amy Patel | Chief Medical Officer | 55 | $254,173 |
| Jessica L Herbster | General Counsel | 55 | $244,474 |
| James F Ventre | Asst Head of School Admission | 55 | $209,689 |
| J Lawrence Muench | Director of Facilities | 55 | $203,766 |
| Jeffrey C Domina | Dean of Faculty | 55 | $172,168 |
| Merrilee Mardon | Deputy Head of School Academic | 55 | $150,017 |
| Rajesh Mundra | Interim Deputy Head of School | 55 | $125,717 |
| Aisha Jorge Massengill | Alumni Trustee | 3 | — |
| Allison E Picott | Trustee | 3 | — |
| Amy C Falls | Trustee/president | 3 | — |
| Amy Christodoulo | Trustee | 3 | — |
| Andrew J Guff Jr | Trustee | 3 | — |
| Carlos Montemayor | Trustee | 3 | — |
| Contractor | Services | Paid |
|---|---|---|
| Architectural Resources Cambridge | Architecture | $791,865 |
| Waterford Hotel Group | Cap Project/mgmt Fee | $442,359 |
| Northern Trust Company | Investment Custodian | $438,354 |
| Galanis Consulting LLC | Construction Mgmt | $367,470 |
| Lee Kennedy Co Inc | Architecture | $258,200 |
244 grants to Trustees of Phillips Academy totaling $58.4M, reported by foundations on their Schedule I filings — showing the 15 most recent.
| Grantmaker | Purpose | Year | Amount |
|---|---|---|---|
| Greater Horizons | Education | 2024 | $255,500 |
| The Community Foundation For Greater Atlanta Inc | Education | 2024 | $243,750 |
| Morgan Stanley Global Impact Funding Trust Inc | Unrestricted general support | 2024 | $216,875 |
| American Online Giving Foundation Inc | General support | 2024 | $167,501 |
| Daffy Charitable Fund | General support of mission | 2024 | $125,000 |
| American Endowment Foundation | Educational | 2024 | $93,000 |
| The Bessemer Giving Fund | General support | 2024 | $71,500 |
| The Us Charitable Gift Trust | For recipient's exempt purpose | 2024 | $58,250 |
| Fiduciary Charitable Foundation | Donations | 2024 | $52,000 |
| Gs Donor Advised Philanthropy Fund For Wealth Management Inc | Education | 2024 | $22,653 |
| Ayco Charitable Foundation | Education | 2024 | $17,500 |
| Community Foundation of New Jersey | Secondary, primary, preschools | 2024 | $12,000 |
| Denver Foundation | Secondary & high schools | 2024 | $11,059 |
| Raymond James Charitable Endowment Fund | General support | 2024 | $10,756 |
| Morgan Stanley Global Impact Funding Trust Inc | Unrestricted general support | 2024 | $10,000 |
2 grants totaling $500K in FY2023. All grants made by Trustees of Phillips Academy →
| Recipient | Purpose | Amount |
|---|---|---|
| Town of Andover | See part iv | $475,783 |
| City of Methuen | See part iv | $24,280 |
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Data for Trustees of Phillips Academy (EIN 04-2103579) comes from the IRS Business Master File and e-filed Form 990 returns, via CharityIndex. Figures reflect what the organization reported to the IRS for each fiscal year.