Phillips Exeter Academy
Phillips Exeter Academy maintains over $2 billion in assets with consistent revenue generation, showing strong financial stability.
EIN: 20222174 · Exeter, NH · NTEE: B250 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $604.7M |
| Total Expenses | $153.2M |
| Program Spending | 85% |
| Net Assets | $1.8B |
| Transparency Score | 90/100 |
Is Phillips Exeter Academy Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Phillips Exeter Academy directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Phillips Exeter Academy
Phillips Exeter Academy (EIN: 20222174) is a nonprofit organization based in Exeter, NH, classified under NTEE code B250. The organization reported total revenue of $604.7M and total assets of $2.1B according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Phillips Exeter Academy's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Phillips Exeter Academy is a major nonprofit that has been operating for 80 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 4.1%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $153.6M |
| Total Expenses | $153.2M |
| Surplus / Deficit | +$418K |
| Total Assets | $2.0B |
| Total Liabilities | $191.9M |
| Net Assets | $1.8B |
| Operating Margin | 0.3% |
| Debt-to-Asset Ratio | 9.6% |
| Months of Reserves | 156.9 months |
Financial Health Grade: A
In 2023, Phillips Exeter Academy reported a surplus of $418K with revenue exceeding expenses, holds 156.9 months of operating reserves (strong position), has a debt-to-asset ratio of 9.6% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Phillips Exeter Academy's revenue has grown at a compound annual growth rate (CAGR) of 4.1%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -33.6% | +6.6% | +5.1% |
| 2022 | -5.8% | +1.9% | -8.6% |
| 2021 | +52.0% | +7.3% | +21.5% |
| 2020 | -7.7% | +1.8% | -0.6% |
| 2019 | -11.0% | +2.3% | +0.7% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 2000 |
| IRS Ruling Date | 1946 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Phillips Exeter Academy with a Mission Score of 90 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 10%
- programs: 85%
- fundraising: 5%
According to IRS 990 filings, Phillips Exeter Academy allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $418K, with revenue exceeding expenses.
- Debt-to-asset ratio: 9.6%.
Executive Compensation Analysis
The provided data consistently reports 0% for 'Officer Comp' across all filing periods, which is unusual for an organization of this size and suggests that executive compensation is either not reported in this specific field or is genuinely zero, requiring further scrutiny of the full 990 forms for a complete understanding.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Phillips Exeter Academy's IRS 990 filings:
- Unclear executive compensation reporting (0% 'Officer Comp' across all filings for a large institution)
Strengths
The following positive indicators were identified for Phillips Exeter Academy:
- Substantial and growing asset base (over $2 billion in recent years)
- Consistent ability to cover expenses with revenue, indicating operational stability
- Strong financial health with a positive net asset trend over the past decade
- Significant financial resources to support its educational mission
Frequently Asked Questions about Phillips Exeter Academy
Is Phillips Exeter Academy a legitimate charity?
Based on AI analysis of IRS 990 filings, Phillips Exeter Academy (EIN: 20222174) some concerns. Mission Score: 90/100. 1 red flag identified, 4 strengths noted.
How does Phillips Exeter Academy spend its money?
Phillips Exeter Academy directs 85% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Phillips Exeter Academy tax-deductible?
Phillips Exeter Academy is registered as a tax-exempt nonprofit (EIN: 20222174). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Phillips Exeter Academy's spending goes to programs?
Phillips Exeter Academy directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Phillips Exeter Academy compare to similar nonprofits?
With a transparency score of 90/100 (Excellent), Phillips Exeter Academy is above average for NTEE category B250 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Phillips Exeter Academy located?
Phillips Exeter Academy is headquartered in Exeter, New Hampshire and files with the IRS under EIN 20222174. It is classified under NTEE code B250.
How many years of IRS 990 filings does Phillips Exeter Academy have?
Phillips Exeter Academy has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $604.7M in total revenue.
How does Phillips Exeter Academy manage to report 0% officer compensation across all filings?
The provided summary consistently shows 0% for 'Officer Comp'. This could mean that executive compensation is reported in a different section of the 990 form, is genuinely zero, or is paid through a related entity not captured in this specific data point. A review of the full 990 forms would be necessary to clarify this.
What is the primary source of Phillips Exeter Academy's substantial revenue?
While the specific breakdown isn't provided, for an institution of this type and asset size, revenue likely comes from a combination of tuition, endowment returns, and philanthropic contributions. The significant assets, reaching $2.078 billion, suggest a substantial endowment generating investment income.
How does the academy's asset growth compare to its liabilities?
The academy's assets have grown significantly from $1.5 billion in 2014 to over $2 billion in recent years, while liabilities have remained relatively stable, typically ranging between $140 million and $200 million. This indicates a strong and growing net asset position.
Filing History
IRS 990 filing history for Phillips Exeter Academy showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Phillips Exeter Academy's revenue has grown by 62.6%, moving from $94.5M to $153.6M. Total assets increased by 54.4% over the same period, from $1.3B to $2.0B. Total functional expenses rose by 55.8%, from $98.3M to $153.2M. In its most recent filing year (2023), Phillips Exeter Academy reported a surplus of $418K, with revenue exceeding expenses. The organization holds $191.9M in liabilities against $2.0B in assets (debt-to-asset ratio: 9.6%), resulting in net assets of $1.8B.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $153.6M | $153.2M | $2.0B | $191.9M | — | — |
| 2022 | $231.5M | $143.7M | $1.9B | $197.8M | — | View 990 |
| 2021 | $245.6M | $141.1M | $2.1B | $209.9M | — | View 990 |
| 2020 | $161.6M | $131.5M | $1.7B | $169.5M | — | View 990 |
| 2019 | $175.1M | $129.2M | $1.7B | $178.9M | — | View 990 |
| 2018 | $196.8M | $126.3M | $1.7B | $173.0M | — | View 990 |
| 2017 | $145.3M | $124.1M | $1.6B | $174.6M | — | — |
| 2016 | $192.3M | $117.4M | $1.5B | $183.4M | — | View 990 |
| 2015 | $135.4M | $113.2M | $1.5B | $147.0M | — | View 990 |
| 2014 | $170.0M | $108.8M | $1.5B | $140.9M | — | View 990 |
| 2013 | $144.9M | $102.2M | $1.4B | $132.9M | — | View 990 |
| 2012 | $148.2M | $98.1M | $1.3B | $142.8M | — | View 990 |
| 2011 | $94.5M | $98.3M | $1.3B | $125.5M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $153.6M, expenses of $153.2M, and assets of $2.0B (revenue -33.6% year-over-year).
- 2022: Revenue of $231.5M, expenses of $143.7M, and assets of $1.9B (revenue -5.8% year-over-year).
- 2021: Revenue of $245.6M, expenses of $141.1M, and assets of $2.1B (revenue +52.0% year-over-year).
- 2020: Revenue of $161.6M, expenses of $131.5M, and assets of $1.7B (revenue -7.7% year-over-year).
- 2019: Revenue of $175.1M, expenses of $129.2M, and assets of $1.7B (revenue -11.0% year-over-year).
- 2018: Revenue of $196.8M, expenses of $126.3M, and assets of $1.7B (revenue +35.4% year-over-year).
- 2017: Revenue of $145.3M, expenses of $124.1M, and assets of $1.6B (revenue -24.4% year-over-year).
- 2016: Revenue of $192.3M, expenses of $117.4M, and assets of $1.5B (revenue +42.0% year-over-year).
- 2015: Revenue of $135.4M, expenses of $113.2M, and assets of $1.5B (revenue -20.4% year-over-year).
- 2014: Revenue of $170.0M, expenses of $108.8M, and assets of $1.5B (revenue +17.3% year-over-year).
- 2013: Revenue of $144.9M, expenses of $102.2M, and assets of $1.4B (revenue -2.2% year-over-year).
- 2012: Revenue of $148.2M, expenses of $98.1M, and assets of $1.3B (revenue +56.8% year-over-year).
- 2011: Revenue of $94.5M, expenses of $98.3M, and assets of $1.3B.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Phillips Exeter Academy:
Data Sources and Methodology
This transparency report for Phillips Exeter Academy is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.