Federal-style homes became popular after the American Revolution and were a refined upgrade to the popular Georgian house style. They have the same recurring shape and symmetry as other Colonial house styles, but their delicate ornamentation sets them apart.
Federal Colonial homes often feature:
- A layout built around a central hall
- An elliptical fanlight and two flanking lights (windows) around the door
- Paladin or tripartite windows
The elliptical fanlights and paladin windows are key distinguishing features from Georgian-style homes.
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
Shingle-style homes took influence from Colonial architecture rather than Medieval Europe. Ornamentation became simpler towards the end of the Victorian-era and Shingle-style homes are best known for their creative floor plans and signature shingles on exterior walls.
Shingle Victorian homes are identified by these interior and exterior features:
- Shingles cover the entire exterior
- Asymmetrical interior layouts without a central hallway
- Emphasis on horizontal planes
- Custom built to meld with the nature surrounding the house
Shingle-style houses were designed as a work of art and encouraged creativity in their use of shapes and features.
House styles will continue to evolve with influences from history, culture, and our lifestyles. All of these house styles can be seen and celebrated across the US and have their own stories to tell. Choose the house style that fits your lifestyle, location, and, of course, personal style best. Then check your credit score, get pre-approved, and start house-hunting.
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.
The Parthenon in Centennial Park, in Nashville, Tennessee, is a full-scale replica of the original Parthenon in Athens. It was designed by architect William Crawford Smith and built in 1897 as part of the Tennessee Centennial Exposition.
Today the Parthenon, which functions as an art museum, stands as the centerpiece of Centennial Park, a large public park just west of downtown Nashville. Alan LeQuire's 1990 re-creation of the Athena Parthenos statue in the naos (the east room of the main hall) is the focus of the Parthenon just as it was in ancient Greece. Since the building is complete and its decorations were polychromed (painted in colors) as close to the presumed original as possible, this replica of the original Parthenon in Athens serves as a monument to what is considered the pinnacle of classical architecture. The plaster replicas of the Parthenon Marbles found in the Treasury Room (the west room of the main hall) are direct casts of the original sculptures which adorned the pediments of the Athenian Parthenon, dating back to 438 BC. The surviving originals are housed in the British Museum in London and at the Acropolis Museum in Athens.
Mediterranean home styles are made of stucco, so they’re most common in warm climate states like Arizona and California. These homes grew in popularity in the 1920s and ‘30s after being featured as homes for the rich and famous on the silver screen.
Mediterranean-style homes include Spanish and Italian architectural elements. These key features make them easy to spot:
- Stucco walls painted white or brown
- Classic red tile roofs
- Arched doorways and windows
- Ornamentation including wrought iron, heavy doors, and decorative tiles
Mediterranean homes still carry the feelings of class and luxury they were built with over 100 years ago, with an added element of history and charm.
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.
Modern home design became popular in the early 20th century and has a heavy influence on today’s contemporary designs. The core of modern designs can be seen in their:
- Use of geometric shapes
- Large, floor-to-ceiling windows
- Clean lines and flat roofs
- Open floor plans
These styles attempt to connect with nature through minimalism and fluid design between outdoor and indoor spaces. Modern house styles branch into a few key sub-styles.
Most Dutch Colonial homes you find today are actually from the Colonial Revival period of the early 20th Century. Original Dutch Colonial homes feature flared roof eaves and creative wood and brickwork. They are much more ornamental than classic Colonial homes, though the Dutch Colonial Revival style tends to be more subdued than the original Dutch Colonial homes.
Dutch Colonial Revival houses feature:
- Broad gambrel roofs that are visually similar to barn-style roofs
- Open-floor plans
- Flared roof eaves
- Split doors
The large barn-style roofs are the most identifiable feature of a Dutch Colonial home and even became known as “Dutch roofs.”
