The U.S. health system is a mix of public and private, for-profit and nonprofit insurers and health care providers. The federal government provides funding for the national Medicare program for adults age 65 and older and some people with disabilities as well as for various programs for veterans and low-income people, including Medicaid and the Children’s Health Insurance Program. States manage and pay for aspects of local coverage and the safety net. Private insurance, the dominant form of coverage, is provided primarily by employers. The uninsured rate, 8.5 percent of the population, is down from 16 percent in 2010, the year that the landmark Affordable Care Act became law. Public and private insurers set their own benefit packages and cost-sharing structures, within federal and state regulations.
Townhomes are common in cities and densely populated neighborhoods. Townhouses are tall and narrow homes designed to make the most out of vertical space without too much of a yard or garden area.
Homes are considered townhouses when they:
- Share one or two walls with adjacent homes
- Have their own entrances
- Are built with multiple floors to maximize vertical space
- Often share a similar style to their neighbors’ homes and may operate under an HOA
Townhouses can be built to mimic other architecture styles, like Italianate and Greek Revival, while maintaining the condensed, vertical floor plan.
Italianate architecture continues the trend of asymmetrical design, romanticism, and Medieval influence — this time borrowing features from Medieval Italy. Italianate style is common up and down the East Coast and peaked in popularity between 1850 and 1880.
Italianate architecture features:
- Belvederes for natural light and airflow
- Overhanging eaves with decorative support brackets
- Tall and narrow or pedimented windows with rounded crowns
- Cast iron detailing and decor
Pattern books were becoming a popular way for craftsmen to build homes in different styles. This flexibility meant Italianate features were accessible for a variety of homes including large estates and urban townhouses.
The French Colonial house style can be seen around the world and has significant variety among its sub-styles.
French Colonial houses have the same symmetry as other Colonial homes with these distinct features:
- Dormer windows, including one centered above the door
- External stairs to enter higher floors
- Iron stairs and balconies
- Slightly raised basements to support the floor
French Colonial houses are most similar to Spanish Colonial houses and easily identified by their elaborate iron balconies, stairs, and entrances.
Second Empire homes were a modern Victorian-era style that started in France before spreading through the Northeastern and Midwestern United States. Second Empire architecture features similar ornate Victorian trends, though generally offers a simplified Victorian aesthetic.
These elements help identify a Second Empire home:
- Uniquely shaped Mansard Roof
- Decorative window framing and dormers
- Decorative rails or balustrades around terraces and staircases
- Iron roof crest and eaves with support brackets
Second Empire homes are also easy to identify since they’re the only Victorian-era style that often features a symmetrical, rectangular floor plan.
Modern Tudor homes are inspired by Medieval European Tudor homes and often have a charming cottage aesthetic. They’re popular on the East Coast and in parts of the Midwest.
Tudor homes are an easy style to identify. They feature:
- Steeply pitched gable roofs
- Exposed and decorative half-timbering with stucco exterior
- Mixed-material brick or stone walls
- Casement windows in groups or with diamond shapes
The Tudor Revival reached peak popularity in the 1920s and is still widely popular today.
1. From this valley they say you are going, I will miss your bright eyes and sweet smile, For they say you are taking the sunshine, that brightens our pathways awhile. (CHORUS) Come and sit by my side if you love me, do not hasten to bid me a-dieu, but remember the Red River Valley, and the cowboy who loved you so true.
2. I’ve been thinking a long time, my darlin’, Of the sweet words you never would say, now, alas, all my fond hopes must vanish. For they say you are going away. Repeat Chorus: Come and sit by my side if you love me, do not hasten to bid me a-dieu, but remember the Red River Valley, and the cowboy who loved you so true.
3. Do you think of the valley you’re leaving? Oh, how lonely and sad it will be! Do you think of the kind hearts you’re breaking, and the pain you are causing to me? Repeat Chorus: Come and sit by my side if you love me, do not hasten to bid me a-dieu, but remember the Red River Valley, and the cowboy who loved you so true.
4. I have promised you, darlin’, that never, will a word from my lips cause you pain; And my life, it will be yours forever If you only will love me again. Repeat Chorus: Come and sit by my side if you love me, do not hasten to bid me a-dieu, but remember the Red River Valley, and the cowboy who loved you so true.
Georgian-style homes were one of the most common styles in the 18th century and showcased formal and classical details that previous homes didn’t. Georgian houses are similar to Federal houses, though they can be distinguished by:
- A crown and pilasters framing the front door
- Decorative quoins or bricks at the corners
- Smooth decorative blocks as moulding
You can also find regional variations with hooded front doors and pent roofs between levels.
A college endowment refers to all the money that an institution receives in donations. However, endowment funds are not ‘no-questions-asked’ cash boosts for the college. Instead, endowments are tightly controlled investments that are supposed to be grown so that the interest can be used to upgrade facilities, hire new staff, provide scholarships or aid the college or its students in some way.
Over the past three decades, the total market value of the 20 largest college endowments has grown nearly tenfold — from $30.6 billion to $302.1 billion. As the size of college endowments has increased, so too has the debate over their purpose, management and ethical obligations.
To get a better idea of how college endowments have changed over the last 30 years, DegreeQuery looked at the market value of the 20 largest U.S. college endowments from 1990 to 2020.
30 Years of U.S. college endowments
Based on the most recent NACUBO survey of 810 universities, the total market value of endowments in 2018 was $624.3 billion. 48.3% of that is held by just 20 colleges. But why the huge growth in market value over the past 30 years? It might be something to do with how much of the endowment the university chooses to spend on operations or the return rates of the endowment’s investment portfolio. Due to their often wealthy donor base and long-term investment horizons, the largest university endowments can invest in a diverse array of asset classes, and often grow faster than the economy as a whole.
From 1990 to 2020, the market value of the 20 largest college endowments grew at an average annual rate of 8.5% — faster than the 6.6% average annual growth rate for the Fortune 500 over the same period. The universities with the fastest growth over the past 30 years include the University of Michigan, Duke University and the University of Notre Dame. Meanwhile, the endowments with the slowest growth include Emory University, Rice University and Washington University in St. Louis.
1. U.S. college endowments in the 1990s
From 1990 to 1999, the market value of the 20 largest U.S. college endowments grew at an average annual rate of 12.5% — the fastest of the last three decades. As you can see from our graph, over this period, the University of Michigan endowment rose from the 20th largest to the 17th largest, and the University of Pennsylvania rose from the 16th largest to the 12th largest. Meanwhile, the Columbia University endowment fell from the sixth-largest to the 11th largest. Although the University of Texas System endowment had the slowest growth of the 20 largest endowments over this period, it remained the second-largest endowment overall.
2. U.S. college endowments in the 2000s
Endowment growth is closely connected with the overall health of the economy. As of 2018, just 4% of endowment assets were held as cash, the rest invested in equities, fixed income instruments and alternative investment vehicles. In the lead up to the 2008 financial crisis — university endowments had increasingly invested in high-risk, illiquid investments like private equity, real estate and hedge funds. As a result, endowments lost tens of billions of dollars in value, with some schools losing more than 25% of their total endowment value. From 2008 to 2009, the total value of the 20 largest endowments fell 3.4%. Yale posted the largest percentage decline, losing 28.6% of its market value. Other university endowments that posted big losses from the recession include Harvard, Duke and Stanford.
3. U.S. college endowments in the 2010s
Endowment growth rates rebounded in the wake of the Great Recession, although growth was still slow compared to the 1990s. From 2010 to 2018, the market value of the 20 largest endowments grew at an average annual rate of 7.6%. This is more than the 3.5% average annual growth rate for 2000 to 2009, yet less than the 12.5% rate for 1990 to 1999. During this period, the biggest winners were the University of Pennsylvania, rising from 11th to 7th largest, and the Texas A&M University System, which rose from 10th to 8th largest. Lackluster performance at some of the wealthiest schools has prompted some universities to make major changes to their endowment management. In 2017, for example, Harvard announced it would lay off roughly half of its 230-person staff in the wake of poor investment performance.
As you can see, university endowments were big business over the past 30 years. Nowadays, students, policymakers and the general public are increasingly involved in the conversation surrounding their management, mission and societal impact. For example, the 2017 Tax Cuts and Jobs Act, which imposed a 1.4% tax on the net investment income of the wealthiest endowments, recently sparked a wave of criticism from university administrators. Elsewhere on campus, protesting students demanded their universities divest from fossil fuel companies.
As the debate rages on and endowments continue to grow, these visualizations help us see how we got to this point.
Methodology
To get a better idea of how college endowments have changed over the last 30 years, DegreeQuery looked at the market value of the 20 largest U.S. college endowments from 1990 to 2018. Data on endowment asset value by university came from the National Association of College and University Business Officers (NACUBO) and is unadjusted for inflation. In years when certain universities did not participate in the NACUBO survey, we estimated the endowment value based on the compound annual growth rate for all available years. Estimated figures include the market value of the endowment assets for the Texas A&M University System for 1990, as well as the market value of the endowment assets for the University of California system for the years 1990 through 1992.
SOURCES
Fortune 500. (n.d.) Fortune 500 2018. fortune.com
NACUBO. (2019). Detailed Asset Allocations for U.S. College and University Endowments and Affiliated Foundations, FY18. nacubo.org
Miller, C. & Fabrikant, G. (2008). Universities retrench as endowments suffer from financial crisis. nytimes.com
Humphreys, J. et al. (2010). Educational Endowments and the Financial Crisis: Social Costs and Systemic Risks in the Shadow Banking System. tellus.org
Plender, J. (2014). There is a history lesson to be learnt from Yale endowment. ft.com
Fabrikant, G. (2017). Harvard Makes Changes in Managing a Lagging Endowment. nytimes.com
Tax Policy Center. (n.d.). What is the tax treatment of college and university endowments? taxpolicycenter.org
