Phillips Exeter Academy: $153.6M Revenue, $153.2M Expenses

Phillips Exeter Academy earns a C on the efficiency rubric — the median bucket on the NonprofitTruth scale, indicating performance close to the national midpoint across financial reserves, officer compensation, and revenue consistency. Composite score: 54/100.

Phillips Exeter Academy is a large nonprofit by U.S. standards: $153.6M in 2023 revenue against $153.2M in expenses. Organizations in this revenue bracket usually run multiple programs with permanent staff and a meaningful endowment or reserve. On the financial-health factor, Phillips Exeter Academy runs thin — assets relative to annual spending fall below the cushion nonprofit-finance experts typically recommend.

Five-year revenue trend is mildly negative: a modest decline that could reflect grant-cycle timing, donor turnover, or program wind-down. Worth checking against the program-spending pattern to see whether the decline is structural. Officer compensation is modest relative to organizational size: Phillips Exeter Academy reports $1.1M in total compensation for current officers and key employees (Form 990 Part IX, line 5) against $153.6M in revenue. The ratio is well within the bands third-party charity raters consider reasonable at this scale. In the Education category, Phillips Exeter Academy sits alongside universities, K-12 systems, scholarship funds, and education-research organizations. Education-sector nonprofits often hold large endowments, which affects how the reserves-and-revenue figures should be read.