Exeter, NH (June 1, 2009)—Phillips Exeter Academy honored one of its own former financial aid students on Friday, May 22, for making extraordinary contributions to the school—including helping to make Exeter’s financial aid program one of the most generous of its kind in the nation.

Richard L. Smith (class of 1966), a founding member of Bay Resource Corp.—a Boston-based management consulting firm—received Exeter’s Founder’s Day Award for quietly but effectively advancing major school initiatives over the course of more than 20 years of distinguished volunteer service to the Academy. He has served Exeter in an array of roles—including trustee, consultant, advocate and philanthropic leader—and has offered untold assistance in the form of time, wisdom, energy and resources.

Bolstering financial aid for middle-income families

Smith’s involvement in financial aid at Exeter began in the early 1990s, when he wrote a letter of support for then-Principal Kendra Stearns O’Donnell’s call to increase Exeter’s scholarship funds and ensure its long-standing tradition of meritocracy. Soon he was leading the effort, devoting countless hours to historical research and meticulous economic analysis. His findings inspired the Academy’s Trustees to launch a $40 million middle-income scholarship initiative, which has enabled the Academy to retain the gains made in offering aid to lower-income families, while supplementing the resources available to middle-income families. “As a former [financial] aid student, it was immensely satisfying to be involved in this renewal of Exeter’s long commitment to enrolling ‘youth from every quarter,’ ” Smith said, in accepting the Founder’s Day Award.

Ensuring sustainable facilities growth

Smith also played a leading part in Exeter’s decision to provide each new campus facility with a dedicated endowment, thereby ensuring continual maintenance and renewal. “This policy,” he said, “helped to not only fund the construction and deferred maintenance costs of the Phelps Science Center, but also made significant steps toward embedding this type of funding commitment into the school’s DNA. This commitment has won Exeter even more confidence among donors, and admiration among leaders in education. Moreover, and most importantly in my view, it makes Exeter more durable.”

Serving Exeter one of the “most satisfying experiences”

The first in his family to attend a private secondary school, Smith struggled academically during his first year at Exeter, but soon excelled in the classroom and as a member of the football team. He went on to earn a bachelor’s degree from Princeton University and a doctorate in philosophy from Yale University before embarking on a successful business career.

Addressing current Exeter students who had gathered for the award ceremony, Smith said, “I have had the good fortune of a wonderful student experience leading, unexpectedly, to a second chance to be significantly involved with Exeter as an adult. Some of you may have that chance. Take it, and you could have one of the most satisfying experiences of your life.”

The Founder’s Day Award is given by the General Alumni/ae Association “in recognition of devoted service to the Academy.” The award is given annually to an alumnus, alumna, faculty emeritus, emerita, retired staff member, parent or friend who has demonstrated exceptional and sustained service to the Academy.

For further information, please contact Harold Brown Jr. ’74, director of Alumni/ae Affairs, at 603-777-3353. A complete list of upcoming events is available on the Phillips Exeter Academy public events line at 603-777-4309 and on our website or our News and Events page. For directions to Phillips Exeter Academy, call 603-777-4330.