A French Country home has a rustic yet upscale charm. French Country architecture is designed after French chateaus and became popular with American soldiers returning from World War I.

French Country homes offer a unique house style featuring:

• Steep pitched or hipped roofs
• Tall ceilings and windows
• Traditional materials including clay, stone, and brick offer a rustic appeal
• Exposed wooden beams in ceilings and walls

French Country homes are designed with their environment in mind. They often feature neutral colors with soft, nature-inspired pops of color like sunshine yellows and grass greens.

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.

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

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.

The American Academy of Arts and Sciences (abbreviation: AAA&S) is one of the oldest learned societies in the United States. It was founded in 1780 during the American Revolution by John Adams, John Hancock, James Bowdoin,[1] Andrew Oliver, and other Founding Fathers of the United States.[2] It is headquartered in Cambridge, Massachusetts.

Membership in the academy is achieved through a thorough petition, review, and election process.[3] The academy's quarterly journal, Dædalus, is published by MIT Press on behalf of the academy.[4] The academy also conducts multidisciplinary public policy research.

The Academy was established by the Massachusetts legislature on May 4, 1780, charted in order "to cultivate every art and science which may tend to advance the interest, honor, dignity, and happiness of a free, independent, and virtuous people."[6] The sixty-two incorporating fellows represented varying interests and high standing in the political, professional, and commercial sectors of the state. The first class of new members, chosen by the Academy in 1781, included Benjamin Franklin and George Washington as well as several international honorary members. The initial volume of Academy Memoirs appeared in 1785, and the Proceedings followed in 1846. In the 1950s, the Academy launched its journal Daedalus, reflecting its commitment to a broader intellectual and socially-oriented program.[7]

Since the second half of the twentieth century, independent research has become a central focus of the Academy. In the late 1950s, arms control emerged as one of its signature concerns. The Academy also served as the catalyst in establishing the National Humanities Center in North Carolina. In the late 1990s, the Academy developed a new strategic plan, focusing on four major areas: science, technology, and global security; social policy and education; humanities and culture; and education. In 2002, the Academy established a visiting scholars program in association with Harvard University. More than 75 academic institutions from across the country have become Affiliates of the Academy to support this program and other Academy initiatives.[8]

The Academy has sponsored a number of awards and prizes,[9] throughout its history and has offered opportunities for fellowships and visiting scholars at the Academy.[10]

In July 2013, the Boston Globe exposed then president Leslie Berlowitz for falsifying her credentials, faking a doctorate, and consistently mistreating her staff.[11] Berlowitz subsequently resigned.

The Pueblo Revival was inspired by the indigenous Pueblo people’s architecture in the Southwestern US. Pueblo homes were made of adobe or stucco and designed to handle the extreme temperatures of the desert.

Architects in California began to explore the Pueblo style in the late 19th century and the Pueblo Revival style spread across New Mexico, Arizona, and Colorado.

The Pueblo Revival hit its peak in the 1930s in Santa Fe, and these Pueblo-style elements are still popular in the Southwest:

• Rounded corners and irregular shapes
• Earth tones that reflect the desert colors
• Stepped effects with higher floors becoming smaller
• Flat roofs with parapet trim
• Exposed roof beams extending past the walls

The Pueblo Revival style is also commonly called Adobe or Santa Fe style architecture.

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.