Phillips Exeter Academy was established in Exeter, New Hampshire, in 1781 by Elizabeth and John Phillips. John Phillips had made his fortune as a merchant and banker before going into public service, and financially supported his nephew Samuel Phillips, Jr. in founding his own school, Phillips Academy, in Andover, Massachusetts, three years earlier. As a result of this family relationship, the two schools share a rivalry. The school that Phillips founded at Exeter was to educate students under a Calvinist religious framework. However, like his nephew who founded Andover, Phillips stipulated in the school's founding charter that it would "ever be equally open to youth of requisite qualifications from every quarter."