New Hampshire · Nonprofit
PHILLIPS EXETER ACADEMY
PHILLIPS EXETER ACADEMY (New Hampshire) receives grants from 245 organizations whose IRS filings report $79,447,284 to it, the largest being FIDELITY INVESTMENTS CHARITABLE GIFT FUND ($37,522,936). 187 of them have funded it in more than one year, and 74% of the money arrives through donor-advised or pass-through sponsors rather than from an institution directly.
- Revenue FY2025
- $240M
- Funders on record
- 245
- Grants received
- $79M
- Net assets
- $2.0B
What Phillips Exeter Academy does
Mission
Unite goodness and knowledge and inspire youth from every quarter to lead purposeful lives. [text in quotations is taken from the academy's deed of gift, drafted in 1781] knowledge and goodness "above all, it is expected that the attention of instructors to the disposition of the minds and morals of the youth under their charge will exceed every other care; well considering that though goodness without knowledge is weak and feeble, yet knowledge without goodness is dangerous, and that both united form the noblest character, and lay the surest foundation of usefulness to [hu]mankind." exeter today continues the commitment to unite knowledge and goodness. The challenges that students meet at exeter and the support they receive have a common objective: to stimulate their development as individuals and prepare them to lead purposeful lives. Academic excellence academic excellence is a signature strength of Phillips Exeter Academy. In every discipline and at every level within our curriculum we inspire students to develop critical thinking skills and seek complex truths. Intellectual exploration through rigorous inquiry and thoughtful discourse at the harkness table nurtures…
As stated on its FY2025 Form 990.
Programs
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…
$136,389,993 spentof which $28,186,523 as grants$74,497,070 earned by the program95% of program spendingSee 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.
$6,406,686 spentof which $896,328 as grants$7,151,052 earned by the program4% of program spendingAuxiliary enterprises include student grill, facility rentals, and the children's center which service the academy during both summer and regular sessions.
$755,038 spentof which $181,376 as grants$1,844,321 earned by the program1% of program spending
The 3 programs described on its FY2024 Form 990, listed largest first by expense. Program spending in total: $143,551,717.
The organization over time
Each line starts at 100 in 2017, so what you read is the shape rather than the size: 150 means half as much again as 2017, 50 means half. The number beside each label in the key is where it ended. The shaded band is where the middle 50% of its peers' revenue would sit, given their growth.
Balance sheet
Total assets and total liabilities at each year end, in dollars. The largest one-year move in total assets was 2020 to 2021, from $1.7B to $2.1B (+22%).
How it's funded, over time
Each bar is one year's revenue split into where it came from, and every bar is the same height — these are shares, not amounts, so a year that raised twice as much looks the same size. Hover a bar for the split.
14% of PHILLIPS EXETER ACADEMY’s revenue is contributions — more donation-reliant than the typical peer (14% for the typical peer).
Surplus & reserves
Operating surplus or deficit each year, and months of liquidity in hand. 0 of the last 9 reported years ran a deficit.
reserve
Leadership and staff
The officers, directors, trustees and key employees listed on each return. Joined and no longer listed compare each filing with the year before, matching people by surname and first initial; a year after a gap, or a roster under three people, has no comparison.
Who funds it, year by year
2017 → 2023: the base broadened from 65 funders to 122 funders, grant income rose $3.2M → $20M.
50 of 245 of your funders are donor-advised or pass-through sponsors (tagged DAF) — 74% of grant dollars received. That money is really individual donors directing a sponsor; the institutions to cultivate are the non-DAF funders.
From the IRS filings of PHILLIPS EXETER ACADEMY’s funders (the co-funder graph). Top 30 of 245 funders by total. Association, not causation. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.
How concentrated its funding is
PHILLIPS EXETER ACADEMY leans on a few funders — its largest provides 47% of grant income and the top three 60%; half comes from just 2 funders.
the vertical line marks half of all grant income — 2 funders to its left
77% of the income these shares are computed over arrives through pass-through sponsors or from payers whose filings do not say what kind of payment it is. Concentration is still measured over all of it, because the money is real; what it does not support is a claim about how many institutions have chosen to fund PHILLIPS EXETER ACADEMY.
Largest funder’s share by year: 2017 17% · 2018 22% · 2019 23% · 2020 25% · 2021 27% · 2022 71% · 2023 70% — growing more concentrated.
“Effective funders” = inverse Herfindahl index (1 / Σ shareᵢ²) — the number of equal-sized funders that would give the same concentration. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.
How long its funders stay
56% of PHILLIPS EXETER ACADEMY's funders are still giving 3 years after their first grant; 76% give in more than one year at all.
Share of funders still giving k years after their first recorded grant, pooled across every acquisition cohort. A funder counts as retained in a year only if it made a grant that year. Measured to FY2023, the last fiscal year that has finished arriving — a funder cannot be counted as lapsed in a year most filers have not reached.
Where its funders are
74% of PHILLIPS EXETER ACADEMY's grant income arrives through donor-advised or pass-through sponsors, whose addresses record where the money is held rather than where the donor is. Of the $21M that is directly attributable, 99% of it comes from funders outside New Hampshire, across 33 states.
In-state vs out-of-state, by year
Funder states come from each funder’s own filing. $59M arriving through sponsors registered in 23 states is excluded from the map and the split above: a sponsor holds money on a donor’s behalf, so its registered address would place those dollars somewhere no donor need ever have been. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.
Against its field
PHILLIPS EXETER ACADEMY runs a healthier operating margin than three-quarters of the 684 education nonprofits its size.
this organization peer median middle 50% of peers· 684 education nonprofits over $100M, FY2025
Organizations like PHILLIPS EXETER ACADEMY
Organizations whose mission and program text most resemble this one, by semantic similarity over every organization in the US filings — the closest peers, and often the clearest route to shared or prospective funders.
In New Hampshire
Nationally
Read directly from this organization’s own Form 990, as neutral context.
Where the money goes
86% of spending goes to programs.
Governance
Public support
73%
Share of support from the public (Schedule A) — the basis for its public-charity status.
Footprint & structure
Files a return copy in 4 states
Part of a family of 6 related entities
- Heinz Exeter Scholarship Fund · exempt
- Mssc Trust FBO Phillips Exeter Academy · exempt
- Yocum Family Perpetual Charitable Trust · exempt
- Tuw Philena R Peabody-Lloyd 01-34608 · exempt
- Pooled Income Fund (2) · corp_trust
Screen this organization
A dated, signed PDF of the compliance screen for PHILLIPS EXETER ACADEMY: IRS status (Business Master File, Publication 78, auto-revocation), the OFAC sanctions lists, the Internal Revenue Bulletin, and California registration, with the Rev. Proc. 2018-32 §8.01 reliance elements stated element by element. Generated from the current files at the moment you download it.
Screens are triage, not determinations; a source that cannot be read reports not screened, never clear. Screen this nonprofit · How the screen works · on the API as GET /api/screening/{ein}?format=pdf
Questions and answers
- Who funds PHILLIPS EXETER ACADEMY?
- PHILLIPS EXETER ACADEMY (New Hampshire) receives grants from 245 organizations whose IRS filings report $79,447,284 to it, the largest being FIDELITY INVESTMENTS CHARITABLE GIFT FUND ($37,522,936). 187 of them have funded it in more than one year, and 74% of the money arrives through donor-advised or pass-through sponsors rather than from an institution directly.
- How many funders does PHILLIPS EXETER ACADEMY have?
- IRS filings report 245 organizations giving $79,447,284 in grants to PHILLIPS EXETER ACADEMY, 187 of which have funded it in more than one year.
- Who is the largest funder of PHILLIPS EXETER ACADEMY?
- FIDELITY INVESTMENTS CHARITABLE GIFT FUND is the largest funder on record, with $37,522,936 in grants. The full list of funders is on this page.
- How can an organization like PHILLIPS EXETER ACADEMY find more funders?
- Start with the funders already giving here, then look at the foundations that back similar organizations in New Hampshire. The funding by cause and by state pages list the largest funders for a given area and how to approach them.
Play a game about who funds Phillips Exeter Academy →
These figures are read directly from IRS Form 990 / 990-PF e-file XML: this organization’s own return for FY2025 (financials across 2017–2025), and the filings of 245 funders that report grants to it. “On record” means captured in the filings we have parsed — a funder that does not e-file, or whose grant detail is not itemized, will not appear. Filings run roughly 12–24 months behind. Trends on this page end at FY2023, the last fiscal year that has finished arriving; later years are shown and marked, and move no figure. Data on this page was exported October 22, 2026. What this page cannot tell you · view filing