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.

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.

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.

The Royal Exchange in London was founded in the 16th century by the merchant Sir Thomas Gresham on the suggestion of his factor Richard Clough to act as a centre of commerce for the City of London.[1] The site was provided by the City of London Corporation and the Worshipful Company of Mercers, who still jointly own the freehold. It is trapezoidal in shape and is flanked by Cornhill and Threadneedle Street, which converge at Bank junction in the heart of the city. It lies in the ward of Cornhill.

It has twice been destroyed by fire and subsequently rebuilt. The present building was designed by Sir William Tite in the 1840s. The site was notably occupied by the Lloyd's insurance market for nearly 150 years. Today the Royal Exchange contains Fortnum & Mason The Bar & Restaurant, luxury shops, and offices.

Traditionally, the steps of the Royal Exchange are the place where certain royal proclamations (such as the dissolution of parliament) are read out by either a herald or a crier. Following the death or abdication of a monarch and the confirmation of the next monarch's accession to the throne by the Accession Council, the Royal Exchange Building is one of the locations where a herald proclaims the new monarch's reign to the public.

Contemporary homes resemble the modern homes of the mid-20th century with a renewed emphasis on sustainability. Current contemporary styles are rooted in minimalism, which you can see in these key features:

• Asymmetrical exterior
• Clean lines
• Open floor plan layout
• Geometry highlighted in its structure
• Sustainable building materials and features

Contemporary homes aim to find beauty in a simple and appealing design with ties to nature and more warmth than modern home styles offer.

Queen Anne homes were popularized in the later Victorian era, beginning around 1880. This style is the quintessential Victorian home for many, with ornate woodworking and decor inside and out.

Queen Anne homes have key regional differences across the country, but maintain these essentials:

• Textured walls with decorative shingles or half-timbering
• Large round or polygonal tower at the home’s corner
• Steeply pitched and asymmetrical roof
• Decorative spindles on porches and trim
• Decorative single-pane or stained glass windows

Queen Anne architecture is most common in homes, but can also be seen in schools, churches, and office buildings.

Around the 1820s, Americans experienced a renewed interest in classic Greek and Roman culture. This cultural shift was a natural fit for architects, who brought the Greek Revival house style to life.

Greek Revival architecture became popular in homes as well as businesses, banks, and churches. Prominent features include:

• Easy to identify shapes, including a rectangular building and triangular roofs
• Gable-front designs
• Large porches and protected entryways
• Greek-inspired columns both square and round

Greek Revival homes often have decorative trim and moulding around the front door and windows. These ornate features and columns are easy ways to identify Greek Revival architecture.

Cape Cod homes are similar to the British or American Colonial homes, though they originated further north in Cape Cod, Massachusetts. These are often seen as the classic American family home since the style’s revival in the 20th Century.

Cape Cod homes are identified by their:

• Shingle exteriors
• Modest size and ornamentation compared to British Colonial homes
• Originally single-story homes
• Large central fireplaces
• Attic lofts (20th-century revival)
• Dormer windows (20th-century revival)

Cape Cod homes are built of local wood and stone to withstand the north-eastern weather. This exterior weathering provides an iconic weathered-blue color to these homes.

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.

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