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86-505: Exeter is one of the nation's wealthiest boarding schools, with a financial endowment of $ 1.5 billion as of June 2023 and the world's largest high school library . The academy admits students on a need-blind basis and offers free tuition to students with family incomes under $ 125,000. Its list of notable alumni includes U.S. President Franklin Pierce , U.S. Senator Daniel Webster , Facebook founder Mark Zuckerberg , and three winners of

172-517: A private foundation that, while serving a good cause, might not qualify as a public charity. In some jurisdictions, it is common for endowed funds to be established as a trust independent of the organizations and the causes the endowment is meant to serve. Institutions that commonly manage endowments include academic institutions (e.g., colleges , universities , and private schools ); cultural institutions (e.g., museums, libraries, and theaters); service organizations (e.g., hospitals, retirement homes;

258-501: A $ 5.6 million ($ 72 million in February 2024 dollars) fundraising drive, ending in 1948. Later that year, J. P. Morgan partner Thomas W. Lamont '88 (the former president of the board of trustees) left Exeter another $ 3.5 million in his will. Under Saltonstall, the academy maintained strong ties to elite universities, although like nearly all boarding schools, it lost ground to public schools during this period. Exeter served as one of

344-516: A 30% annualized loss that was more than predicted in December 2008. At Stanford University , the endowment was reduced from $ 17 billion to $ 12 billion as of September 2009. Brown University 's endowment fell 27 percent to $ 2.04 billion in the fiscal year that ended June 30, 2009. George Washington University lost 18% in that same fiscal year, down to $ 1.08 billion. In Canada, after the financial crisis in 2008, University of Toronto reported

430-453: A building, plot of land or other assets for Muslim religious or charitable purposes with no intention of reclaiming the assets. The donated assets may be held by a charitable trust . Ibn Umar reported, Umar Ibn Al-Khattab got land in Khaybar , so he came to the prophet Muhammad and asked him to advise him about it. The Prophet said, 'If you like, make the property inalienable and give

516-630: A college-preparatory school. Amen cleaned up Exeter's social image, as the student body had acquired a reputation for unruly behavior. He doubled tuition from $ 75 to $ 150 between 1895 and 1899, and claimed in 1903 that he had expelled 400 boys in eight years. He also improved the academy's residential facilities; by 1903 two-thirds of Exeter students were living on campus. Despite the expulsions, Exeter's new-look mission resonated with parents, and enrollment jumped to 390 in 1903 and 572 in 1913. From 1890 to 1894, 67% of Exeter's college-bound students went on to Harvard, Yale or Princeton. 60-odd years later, in 1953,

602-632: A financial return." Impact investments provide capital to address social and environmental issues. Generally, endowment taxes are the taxation of financial endowments that are otherwise not taxed due to their charitable, educational, or religious mission. Endowment taxes are sometimes enacted in response to criticisms that endowments are not operating as nonprofit organizations or that they have served as tax shelters , or that they are depriving local governments of essential property and other taxes . Gideon Lane Soule Gideon Lane Soule ( / s oʊ l / SOHL ; July 25, 1796 – May 28, 1879)

688-419: A loss of 31% ($ 545 million) of its previous year-end value in 2009. The loss is attributed to over-investment in hedge funds. Critics like Justice Funders' Dana Kawaoka-Chen call for "redistributing all aspects of well-being, democratizing power, and shifting economic control to communities.". Endowment repatriation refers to campaigns that acknowledge the history of human and natural resource exploitation that

774-633: A man dies, only three deeds will survive him: continuing alms, profitable knowledge and a child praying for him. The two oldest known waqfiya (deed) documents are from the 9th century, while a third one dates from the early 10th century, all three within the Abbasid Period. The oldest dated waqfiya goes back to 876 CE, concerns a multi-volume Qur'an edition and is held by the Turkish and Islamic Arts Museum in Istanbul . A possibly older waqfiya

860-583: A mandatory part of a fellowship. A foundation (also a charitable foundation) is a category of nonprofit organization or charitable trust that will typically provide funding and support for other charitable organizations through grants, but may engage directly in charitable activities. Foundations include public charitable foundations, such as community foundations , and private foundations which are typically endowed by an individual or family. The term foundation though may also be used by organizations not involved in public grant-making. A financial endowment

946-410: A member of their class. Exeter's Principal at the time, Gideon Lane Soule , is said to have told them "You may do as you please — your classmate will stay." After a brief interlude in the 1880s when Exeter's focus partially shifted from college preparation to general education and only 18% of Exeter students went on to college, Charles Everett Fish (p. 1890–95) restored academic standards by adopting

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1032-418: A new way of teaching and learning, for which Harkness would donate funds to foot the bill: What I have in mind is a classroom where students could sit around a table with a teacher who would talk with them and instruct them by a sort of tutorial or conference method, where each student would feel encouraged to speak up. This would be a real revolution in methods. The result was "The Harkness Method," in which

1118-473: A number of restricted endowments that are intended to fund specific areas within the institution. The most common examples are endowed professorships (also known as named chairs), and endowed scholarships or fellowships. The practice of endowing professorships began in the modern European university system in England on September 8, 1502, when Lady Margaret Beaufort , Countess of Richmond and grandmother to

1204-429: A particular subject are common; in some places, a donor could fund a trust exclusively for the support of a pet. Ignoring the restriction is called " invading " the endowment. But change of circumstance or financial duress like bankruptcy can preclude carrying out the donor's intent. A court can alter the use of restricted endowment under a doctrine called cy-près meaning to find an alternative "as near as possible" to

1290-559: A policy of expelling students who could not attain a C average. A student in the Class of 1892 recalled that "[t]here was no real discipline ... the only measure of a boy's quality was his scholarship. If that was satisfactory, little else mattered." The percentages of students going on to college recovered rapidly to 1870s levels, although the student body shrank significantly, dropping from 355 in 1890 to 123 in 1895. Fish's successor Harlan Page Amen (p. 1895–1913) solidified Exeter's mission as

1376-451: A portion of the initial endowment after self-initiated research into the foundation's financial support of Native and Indigenous artists and communities. This results of this research indicated "the inadequacy of philanthropic support for Native arts and artists", related feedback from an unnamed Native leader that "[o]nce [big foundations] put the stuff in place for an Indian program, then it is not usually funded very well. It lasts as long as

1462-452: A prince or monarch and their role in training government officials made early Mediterranean universities similar to Islamic madrasas , although madrasas were generally smaller, and individual teachers, rather than the madrasa itself, granted the license or degree. Waqf ( Arabic : وَقْف ; [ˈwɑqf] ), also known as 'hubous' (حُبوس) or mortmain property, is a similar concept from Islamic law , which typically involves donating

1548-478: A private prison that was directly contrary to the foundation's mission, they developed and then began to advocate for a four-part ethical framework to endowment investments conceptualized as Human Capital, Natural Capital, Civic Capital, and Financial Capital. Another example is the Ford Foundation 's co-founding of the independent Native Arts and Culture Foundation in 2007. The Ford Foundation provided

1634-408: A specific purpose according to the will of its founders and donors . Endowments are often structured so that the inflation-adjusted principal or "corpus" value is kept intact, while a portion of the fund can be (and in some cases must be) spent each year, utilizing a prudent spending policy. Endowments are often governed and managed either as a nonprofit corporation , a charitable foundation , or

1720-448: A teacher and a group of students work together, exchanging ideas and information in a seminar setting. In November 1930, Harkness gave Exeter $ 5.8 million (approximately $ 110 million in February 2024 dollars) to support this initiative. To support the more intensive teaching style, Exeter's faculty grew from 32 teachers in 1914 to 82 in 1946. In addition, through Harkness' largesse, the academy was able to avoid cutting faculty salaries during

1806-513: A top-ten spot at the National High School Mock Trial Championship. Close to 80% of students live in the dormitories, with the other 20% commuting from homes within a 30-mile (48 km) radius. Each residence hall has several faculty members and senior student proctors. There are check-in hours of 8:00 pm (for first- and second-year students), 9:00pm (for third years), and 10:00 pm (for seniors) during

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1892-632: A total enrollment of 1,078 students. Exeter enrolls a racially and ethnically diverse student body; in the 2023–2024 school year, 56.0% of Exeter students identified as students of color . Of the 314 incoming students for the 2019–2020 school year, 52% previously attended U.S. public schools. In September 2023, the Exeter student body included students from 43 states, the District of Columbia, Guam, and 38 countries. 8.0% of students are international students, and another 6.5% are U.S. citizens residing outside

1978-506: A variety of New England private schools such as Belmont Hill School , Berwick Academy , Deerfield Academy , Northfield Mount Hermon , Brewster Academy , Choate Rosemary Hall , Groton School , The Governor's Academy , Loomis Chaffee , Tabor Academy , Milton Academy , Avon Old Farms , Worcester Academy , Cushing Academy , and various other northeastern prep and boarding schools. The academy has over 100 clubs listed. The number of functioning and reputable clubs fluctuates; several of

2064-593: A year as an assistant teacher, then left. He returned in 1822, as a permanent instructor in classical language. In 1838, he replaced Benjamin Abbot as principal of Exeter. He resigned as principal in 1873 citing old age as his reason. In 1856, he was awarded an LL.D degree by Harvard University . He was married to Elizabeth P. Emery, with whom he had five children. His two daughters died in infancy, while his three sons, Charles Emery, Nicholas Emery, and Augustus Lord , lived into adulthood. Augustus Soule went on to become

2150-671: Is a papyrus held by the Louvre Museum in Paris , with no written date but considered to be from the mid-9th century. The earliest known waqf in Egypt, founded by financial official Abū Bakr Muḥammad bin Ali al-Madhara'i in 919 (during the Abbasid period ), is a pond called Birkat Ḥabash together with its surrounding orchards, whose revenue was to be used to operate a hydraulic complex and feed

2236-465: Is inherent to many large private funds. Repatriation campaigns ask for private endowments to be returned to the control of the people and communities that have been most affected by labor and environmental exploitation and often offer ethical frameworks for discussing endowment governance and repatriation. Many might say that, by definition, philanthropy is about redistributing resources. Yet to truly embody this principle, philanthropy must move far beyond

2322-588: Is now known as medicine and basic sciences. Today, the University of Glasgow has fifteen Regius Professorships. Private individuals also adopted the practice of endowing professorships. Isaac Newton held the Lucasian Chair of Mathematics at Cambridge beginning in 1669, more recently held by the celebrated physicist Stephen Hawking . In the United States, the endowment is often integral to

2408-541: Is the second wealthiest private foundation , with an endowment of $ 67.3 billion. Most private endowments in the United States are governed by the Uniform Prudent Management of Institutional Funds Act which is based in part on the concept of donor intent that helps define what restrictions are imposed on the principal and earnings of the fund. Endowments in the United States are commonly categorized in one of three ways: All endowments ensure that

2494-403: Is typically overseen by a board of trustees and managed by a trustee or team of professional managers. Typically, the financial operation of the endowment is designed to achieve the stated objectives of the endowment. In the United States, typically 4–6% of the endowment's assets are spent every year to fund operations or capital spending. Any excess earnings are typically reinvested to augment

2580-428: Is worth 11 points and an E is worth 0 points. The academy's student-teacher ratio is 6:1, and 93% of Exeter faculty have postgraduate degrees. Students who attend Exeter for four years are required to take courses in the arts, classical or modern languages, computer science, English, health & human development, history, mathematics, religion, and science. Most students receive an English diploma, but students who take

2666-627: The COVID-19 pandemic . Exeter has admitted students on a need-blind basis since 2021. It previously adopted a need-blind admissions policy from 2006 to 2009, but was forced to abandon the policy due to the 2007–2008 financial crisis . In the 2023–2024 school year, 13% of the students were legacy students . In the 2023–2024 school year, Exeter enrolled 206 freshmen (in academy jargon, "juniors" or "preps"), 264 sophomores ("lower middlers" or "lowers"), 285 juniors ("upper middlers" or "uppers"), and 323 seniors and postgraduates ("seniors" and "PGs"), for

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2752-575: The Great Depression , making it a rarity among boarding schools. Since 1930, Exeter's principal mode of instruction has been by discussion, "seminar style," around an oval table known as the Harkness Table . Today, all classes are taught using this method, with no more than 12 students per class. William Saltonstall '24 (p. 1946-63) succeeded Perry and continued Perry's successful fundraising record. He began his tenure by completing

2838-473: The Nobel Prize . Phillips Exeter Academy was established in 1781 by John and Elizabeth Phillips , prominent citizens of Exeter, New Hampshire. It is the nation's sixth-oldest boarding school. John Phillips had earned degrees from Harvard College and came to Exeter as a young man in 1741, initially as a teacher. He made his fortune as a merchant and banker, and gained influence over time as an advisor to

2924-516: The Red Cross ); and religious organizations (e.g., churches, synagogues, mosques). Private endowments are some of the wealthiest entities in the world, notably private higher education endowments . Harvard University's endowment (valued at $ 53.2 billion as of June 2021 ) is the largest academic endowment in the world. As of 31 December 2022 , the Bill and Melinda Gates Foundation

3010-505: The U.S. Constitution , left $ 1,000 to Exeter to teach sacred music . The academy's first schoolhouse, the First Academy Building, was built on a site on Tan Lane in 1783, and today stands not far from its original location. The building was dedicated on February 20, 1783, the same day that the school's first Preceptor, William Woodbridge , was chosen by John Phillips. Exeter's Deed of Gift, written by John Phillips at

3096-556: The "live hand" of the public as opposed to the "dead hand" of the founders of private foundations. Research published in the American Economic Review indicates that major academic endowments often act in times of economic downturn in a way opposite of the intention of the endowment. This behavior is referred to as endowment hoarding, reflecting the way that economic downturns often lead to endowments decreasing their payouts rather than increasing them to compensate for

3182-714: The 2021-22 school year, Exeter reported total assets of $ 1.91 billion, net assets of $ 1.71 billion, investment holdings of $ 1.22 billion, and cash holdings of $ 242.6 million. Exeter also reported $ 124.0 million in program service expenses and $ 25.3 million in grants (primarily student financial aid ). Exeter offers 65 interscholastic sports teams at the varsity and junior varsity level, 27 intramural sports teams, and various fitness classes. All students are required to participate in athletics. Basketball, water polo, wrestling, swimming, cycling, soccer, squash, cross country, crew , and ice hockey teams have won recent New England championships. Exeter has graduated multiple elite athletes in

3268-519: The 20th century, criteria for U.S. college and university admissions evolved to include more meritocratic considerations and an emphasis on wider demographic factors. Exeter reports that while 10 or more students attended seven of the eight Ivy League colleges (ex. Dartmouth) and MIT between the years 2022-24, 10 or more students also attended Boston College , Bowdoin , GWU , Georgetown , NYU , Northeastern , Tufts , UChicago , USC , and Wesleyan . Exeter uses an 11-point grading system, in which an A

3354-578: The 5% payout requirements for grants and distribute ALL of its power and resources. This includes spending down one's endowment, investing in local and regional economic initiatives that build community wealth rather than investing in Wall Street, giving up decision-making power for grants, and, ultimately, turning over assets to community control. After the Heron Foundation's internal audit of its investments in 2011 uncovered an investment in

3440-856: The Chinese government that the students were becoming Americanized. Lewis Perry was appointed principal in 1914 and ran the academy until 1946. Although his early years were marked by grave financial difficulties, including a $ 200,000 bill to rebuild the Academy Building (destroyed by fire five months into Perry's administration) and the disruption of World War I , he had a "talent for getting wealthy men to part with their money." A professional fundraiser, he did not teach classes; instead, he "spen[t] much time away from school spreading Exeter's fame and obtaining endowments." Exeter's endowment increased ninefold during his tenure. In 1936, Exeter boasted an $ 8 million endowment for roughly 700 students, making it

3526-1303: The Foreign Studies Program began. Exeter offers the Washington Intern Program, where students intern in the office of a senator or congressional representative. Exeter also participates in the Milton Academy Mountain School program, which allows students to study in a small rural setting in Vershire, Vermont . The academy currently sponsors trimester-long foreign study programs in Grenoble , Tema , Tokyo , Saint Petersburg , Stratford-upon-Avon , Eleuthera , Taichung , Göttingen , Rome , Cuenca , and Callan ; as well as school-year abroad programs in Beijing, Rennes , Viterbo , and Zaragoza . The academy also offers foreign language summer programs in France, Japan, Spain, and Taiwan. Exeter typically accepts from 14-16% of applicants annually, including 16% in 2023. The admission rate briefly dropped to 10% during

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3612-571: The General Manager of the Philadelphia Phillies in 2020. Exeter's main athletic rival is Phillips Academy, Andover. The two schools have been competing against each other in both baseball and football since 1878 (in those first games, Exeter defeated Andover 12–0 in baseball, while Andover won the football game, 22-0). Today, Exeter-Andover weekend is still a large tradition in both schools. Other athletic opponents include

3698-551: The Harkness Method, including the Harkness Table, are now used in many independent schools around the world. The Class of 2023's average combined SAT score was 1434 (713 reading, 721 math). Although Exeter does not offer AP courses, its students may take AP exams if they wish; the Class of 2023's pass rate was 94%. During the tenure of Exeter's tenth principal, Richard W. Day , the Washington Intern Program and

3784-794: The PEAN, which is the academy's yearbook. Exeter also has the oldest surviving secondary school society, the Golden Branch (founded in 1818), a society for public speaking, inspired by PEA's Rhetorical Society of 1807–1820. Now known as the Daniel Webster Debate Society, these groups served as America's first secondary school organization for oratory . The Model UN club has won the "Best Small Delegation" award at HMUN . Exeter's Mock Trial Association, founded by attorney and historian Walter Stahr, has since 2011 claimed seventeen individual titles, five all-around state titles, and

3870-431: The United States. An endowed professorship (or endowed chair ) is a position permanently paid for with the revenue from an endowment fund specifically set up for that purpose. To set up an endowed chair generally costs between US$ 1 and $ 5 million at major research universities. Typically, the position is designated to be in a certain department. The donor might be allowed to name the position. Endowed professorships aid

3956-433: The United States. Most Exeter students (79%) live on campus. The remaining 21% are day students who commute to Exeter from nearby communities. In the 2023–2024 school year, Exeter charged boarding students $ 64,789 and day students $ 50,604, plus other mandatory and optional fees. 44% of Exeter students are on financial aid , which covers, on average, $ 56,251 for boarders and $ 36,353 for day students. Exeter and Andover are

4042-468: The academic world, and the university can use them to reward its best faculty or to recruit top professors from other institutions. An endowed faculty fellow is a position permanently paid for to recruit and retain new and/or junior (and above) professors who have already demonstrated superior teaching and research. The donor might be allowed to name the faculty fellowship. A faculty fellow appointment cultivates confidence and institutional loyalty, keeping

4128-482: The academy's coeducational status, a new gender-inclusive Latin inscription Hic Quaerite Pueri Puellaeque Virtutem et Scientiam ("Here, boys and girls, seek goodness and knowledge") was added over the main entrance to the Academy Building. This new inscription augments the original one— Huc Venite, Pueri, ut Viri Sitis ("Come hither boys so that ye may become men"). In 1999, 55% of incoming Exeter students came from public schools. On January 25, 2019, William K. Rawson

4214-495: The basement of Phillips Church in late 2015 brought criticism to the Academy. An in-depth investigation uncovered sexual misconduct that had occurred at Exeter since the 1970s and involved at least 11 members of the faculty and staff. The report harshly criticized the school for not supporting victims when they reported incidents and for a pattern of not including these allegations in faculty members' files. In April 2016, Exeter hired

4300-472: The colleges of their choice. From 1953 to 1963, the percentage of Exeter graduates admitted to Harvard, Yale, or Princeton declined by a third, from 67% to 42%. Faced with a decline in applicants, the academy responded by broadening its student body. In 1969, Exeter stopped requiring students to attend a weekly religious service. In 1970, it became coeducational; it later appointed its first female principal ( Kendra Stearns O'Donnell ) in 1987. In 1996, to reflect

4386-801: The colonial governor, circuit court judge, elected representative, and senior militia officer in the years leading up to the Revolutionary War. In 1778, he supported his nephew, Samuel Phillips Jr. , financially when the latter founded Phillips Academy in Andover, Massachusetts ,about 40 miles distant. As result of this original family relationship, the two schools share a friendly and historic rivalry . John Phillips stipulated in Exeter's founding charter that it would "ever be equally open to youth of requisite qualifications from every quarter." The new academy benefited from donors besides John Phillips. Phillips had previously been married to Sarah Gilman,

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4472-499: The corresponding number was 67% for the entire academy. From 1879 to 1881, Exeter (and several other schools) participated in the Chinese Educational Mission , hosting students from Qing China who were sent to the United States to learn about Western technology. However, all students were recalled after just 2 years due to mounting tensions between the United States and China, as well as growing concern within

4558-736: The donor's intent. The earliest endowed chairs were established by the Roman emperor and Stoic philosopher Marcus Aurelius in Athens in AD 176. Aurelius created one endowed chair for each of the major schools of philosophy : Platonism , Aristotelianism , Stoicism , and Epicureanism . Later, similar endowments were set up in some other major cities of the Empire. The earliest universities were founded in Europe, Asia and Africa. Their endowment by

4644-583: The downturn. Large U.S.-based college and university endowments, which had posted large, highly publicized gains in the 1990s and 2000s, faced significant losses of principal in the 2008 economic downturn . The Harvard University endowment , which held $ 37 billion in June 2008, was reduced to $ 26 billion by mid-2009. Yale University , the pioneer of an approach that involved investing heavily in alternative investments such as real estate and private equity , reported an endowment of $ 16 billion as of September 2009,

4730-494: The early 2000s. Most classes at Exeter are taught seminar-style around Harkness Tables with no more than 10-12 students per class period. No classrooms have rows of desks or chairs, and lectures are uncommon. The completion of the Phelps Science Center in 2001 enabled all science classes, which previously had been taught in more conventional classrooms, to be conducted around the same Harkness Tables. Elements of

4816-443: The end of apartheid, more than 150 universities divested of South African investments, although it is not clear to what extent this campaign was responsible for ending the policy. A proactive version of divestment campaigns is impact investing, or mission investing which refers to investments "made into companies, organizations, and funds with the intention to generate a measurable, beneficial social or environmental impact alongside

4902-468: The endowment and to compensate for inflation and recessions in future years. This spending figure represents the proportion that historically could be spent without diminishing the principal amount of the endowment fund. The case of Leona Helmsley is often used to illustrate the downsides of the legal concept of donor intent as applied to endowments. In the 2000s, Helmsley bequested a multi-billion dollar trust to "the care and welfare of dogs". This trust

4988-426: The financial health of educational institutions. Alumni or friends of institutions sometimes contribute capital to the endowment. The use of endowment funding is strong in the United States and Canada but less commonly found outside of North America, with the exceptions of Cambridge and Oxford universities. Endowment funds have also been created to support secondary and elementary school districts in several states in

5074-430: The founding of the school, states that Exeter's mission is to instill in its students both goodness and knowledge: "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

5160-531: The full series of Latin and Ancient Greek classes receive a Classical diploma. Although Exeter administrators helped originate the Advanced Placement program, Exeter no longer offers AP courses, asserting that some of its courses "go well beyond the AP curriculum" and often reach "the pace and level of college courses." Exeter was one of the first private schools to begin phasing out AP classes, starting in

5246-486: The future king Henry VIII , created the first endowed chairs in divinity at the universities of Oxford ( Lady Margaret Professor of Divinity ) and Cambridge ( Lady Margaret's Professor of Divinity ). Nearly 50 years later, Henry VIII established the Regius Professorships at both universities, this time in five subjects: divinity, civil law, Hebrew, Greek, and physic—the last of those corresponding to what

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5332-545: The institution competitive over hiring and retention of talents. An endowed scholarship is tuition (and possibly other costs) assistance that is permanently paid for by an organisation or individual with the revenue of an endowment fund specifically set up for that purpose. It can be either merit-based or need-based (the latter is only awarded to those students for whom the college expense would cause their family financial hardship) depending on university policy or donor preferences. Some universities will facilitate donors' meeting

5418-466: The law firm of Holland & Knight LLP to investigate allegations of past misconduct by Exeter faculty and staff. A report was released in August 2018 providing an overview of the investigation and its findings. Financial endowment A financial endowment is a legal structure for managing, and in many cases indefinitely perpetuating, a pool of financial , real estate , or other investments for

5504-471: The listed clubs on the website do not hold tables on Club Night. The Exonian is the school's weekly newspaper. It is the oldest continuously running preparatory school newspaper in the United States, having begun publishing in 1878. Recently, The Exonian began online publication. The Exonian has been a finalist for a National Pacemaker Award several times, winning in 2007. Other long-established clubs include ESSO, which focuses on social service outreach, and

5590-451: The noblest character, and lay the surest foundation of usefulness to mankind." In the early 1800s, a deep religious divide opened up between Unitarian Harvard and Calvinist Yale. As a result, Unitarian-friendly Exeter developed a closer relationship with Harvard and Calvinist-friendly Andover with Yale. Although originally, most Exeter graduates did not go on to further formal education (as with most 18th and 19th Century secondary schools),

5676-471: The ones that did placed at Harvard in substantial numbers. From 1846 to 1870, Exeter supplanted Boston Latin School as Harvard's largest feeder school, supplying 16% of all Harvard students during that period. In the latter half of the 19th century, graduates of Exeter and the now-defunct Adams Academy of Quincy, Massachusetts were "dominant socially" on Harvard Yard. Exeter's first recorded minority student

5762-514: The only two co-educational prep schools in the United States that both admit students on a need-blind basis and offer financial aid that covers 100% of demonstrated financial need for every admitted student. Since 2008, Exeter has also guaranteed free tuition for families with incomes under a certain threshold, initially set at $ 75,000. In 2024, Exeter raised the threshold to $ 125,000. Exeter's financial endowment stands at $ 1.5 billion as of June 30, 2023. In its Internal Revenue Service filings for

5848-463: The original principal, inflation-adjusted, is held in perpetuity and prudent spending methods should be applied in order to avoid the erosion of corpus over reasonable time frames. Restricted endowments may also facilitate additional donor requirements. An expendable endowment fund is one which can be spent in certain circumstances. Endowment revenue can be restricted by donors to serve many purposes. Endowed professorships or scholarships restricted to

5934-779: The past few decades. For example, crew Olympians include Anne Marden '76, Rajanya Shah '92, Sabrina Kolker '98, and Andréanne Morin '02. Georgia Gould is an Olympic medalist in mountain biking, while Joy Fahrenkrog is a member of the United States Archery Team. Duncan Robinson plays for the Miami Heat in the National Basketball Association . Tom Cavanagh played in the National Hockey League . Sam Fuld played 8 years of Major League Baseball , and became

6020-516: The poor. In India, wakfs are relatively common among Muslim communities and are regulated by the Central Wakf Council and governed by Wakf Act 1995 (which superseded Wakf Act 1954). Academic institutions, such as colleges and universities, will frequently control an endowment fund that finances a portion of the operating or capital requirements of the institution. In addition to a general endowment fund, each university may also control

6106-426: The profit from it to charity.'" It goes on to say that Umar gave it away as alms, that the land itself would not be sold, inherited or donated. He gave it away for the poor, the relatives, the slaves, the jihad , the travelers and the guests. And it will not be held against him who administers it if he consumes some of its yield in an appropriate manner or feeds a friend who does not enrich himself by means of it. When

6192-438: The program officer who had an interest and then goes away" and recommended that an independent endowment be established and that "[n]ative leadership is crucial". Another approach to reforming endowments is the use of divestment campaigns to encourage endowments to not hold unethical investments. One of the earliest modern divestment campaigns was Disinvestment from South Africa which was used to protest apartheid policies. By

6278-476: The religious service of their choice was required of students until 1969, after which religion at Exeter stagnated until it was revived by a new approach "as concerned with the religious dimension of all of our lives as it is with the particular religious needs of any one of us." A renovation of Phillips Church, completed in 2002, provided spaces for worship and meditation for students of diverse religious persuasions. An incident of student misconduct that occurred in

6364-489: The richest boarding school in New England in both absolute and per capita terms. Perry used the money to improve student quality of life, expand access for the underrepresented, and build a more cohesive and higher-achieving student body. Under Perry's leadership, Exeter was able to provide housing for all its students for the first time. Perry also adopted a policy that scholarship students should comprise at least 20% of

6450-447: The school educated 725 boys. Despite Perry's reforms, Exeter retained a certain informality, which was reflected in the school's "unwritten code that there were no rules at the academy until you broke one." Expelled alumni include the journalist David Lamb and the writer and editor George Plimpton . Perry's largest financial windfall came on April 9, 1930, when philanthropist and oil magnate Edward Harkness wrote to Perry to propose

6536-408: The student body. He imposed greater restrictions on students' after-class activities, culminating in the abolition of fraternities in 1940. Perhaps counterintuitively, these restrictions limited the number of disciplinary cases and helped students improve their academics. From 1922 to 1931, the number of students expelled or asked to leave for academic reasons declined from 136 to 40. When Perry retired,

6622-399: The students they are helping. The amount that must be donated to start an endowed scholarship can vary greatly. Fellowships are similar, although they are most commonly associated with graduate students. In addition to helping with tuition, they may also include a stipend. Fellowships with a stipend may encourage students to work on a doctorate . Frequently, teaching or working on research is

6708-422: The testing grounds for the Advanced Placement program, and in 1957, it produced 11 of the 30 incoming Harvard students with enough AP credit to enter as sophomores. In addition, in 1963 Exeter produced 73 National Merit Scholarship finalists, the most in the nation. However, elite universities relentlessly pushed Exeter to tighten academic standards even further, as Harvard's appetite for Exeter graduates meant that

6794-419: The top cut of Exeter students did not reflect the full breadth of the academy's contingent at Harvard. (In 1955, Harvard admitted 79% of applicants from Exeter and Andover; by contrast, in 1957, 30% of recent Exeter graduates made the dean's list at Harvard, compared to 40% for the entire freshman class.) Due to a surge of applicants from public schools, Exeter students no longer enjoyed near-automatic admission to

6880-430: The university by providing a faculty member who does not have to be paid entirely out of the operating budget, allowing the university to either reduce its student-to-faculty ratio, a statistic used for college rankings and other institutional evaluations, or direct money that would otherwise have been spent on salaries toward other university needs. In addition, holding such a professorship is considered to be an honour in

6966-487: The wealthy widow of Phillips' cousin, Nathaniel Gilman, whose large fortune, bequeathed to Phillips, enabled him to endow the academy. The Gilman family also donated to the academy much of the land on which it stands, including the initial 1793 grant by New Hampshire Governor John Taylor Gilman of the Yard, the oldest part of campus; the academy's first class in 1783 included seven Gilmans. In 1814, Nicholas Gilman , signer of

7052-565: The weekdays and 11:00 pm on Saturday night. Religious life on campus is supported by the Religious Services Department, which provides a vintage stone chapel and a full-service ministry for the spiritual needs of students. The chapel was originally built in 1895 and has been updated. It accommodates worship for "twelve religious traditions including Christian, Muslim, Jewish, Hindu, Quaker, Buddhist, Catholic among others" as well as Secular Humanism. Weekly attendance at

7138-528: Was Moses Uriah Hall, a young Black man, who entered the Academy in 1858, served in the Union Army during the Civil War, and was known for many years as a skilled stonemason and businessman in nearby Epping, New Hampshire . Exeter's official records indicate that six years later, five White students from a border state, Kentucky, threatened to leave the Academy because another young Black man had enrolled as

7224-634: Was an American educator , and the third principal of Phillips Exeter Academy . Soule was born in Freeport, Maine , in 1796 to Moses and Martha Soule. He was descended from George Soule , a Mayflower passenger, and John Wheelwright , the founder of the town of Exeter, New Hampshire . At a young age, he left school to work as an errand boy for Jacob Abbot, who helped him attain admission to Phillips Exeter in 1813. After three years, he entered Bowdoin College , graduating in 1818. He taught at Exeter for

7310-414: Was appointed by the academy's trustees as the 16th Principal Instructor. He is the fourth alumnus of Exeter to serve as Principal, after Gideon Lane Soule (1838–1873), Harlan Amen (1895–1913), and William Saltonstall (1946–1963). In 2021, Rawson announced that Exeter would adopt a need-blind admissions policy, following a $ 90 million fundraising campaign to support financial aid. In the later half of

7396-539: Was estimated at the time to total 10 times more than the combined 2005 assets of all registered animal-related charities in the United States. In 1914, Frederick Goff sought to eliminate the "dead hand" of organized philanthropy and so created the Cleveland Foundation : the first community foundation . He created a corporately structured foundation that could utilize community gifts in a responsive and need-appropriate manner. Scrutiny and control resided in

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