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

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.

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.

Cottage-style homes are often quaint and cozy — emphasizing charm and comfort over ornamentation. Cottage houses come in a variety of styles and can mimic bungalows, Tudor house styles, and more.

Look for these designs to identify a cottage:

• Asymmetrical exterior
• Typically one to one-and-a-half stories
• Traditional aesthetics that aren’t too rustic
• Open floor plans with wide halls and doorways

A cottage house style is extremely versatile, and its small size makes it great for small families or guest houses.

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.

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.

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.”

The National Academy of Sciences (NAS) is a United States nonprofit, non-governmental organization. NAS is part of the National Academies of Sciences, Engineering, and Medicine, along with the National Academy of Engineering (NAE) and the National Academy of Medicine (NAM).

As a national academy, new members of the organization are elected annually by current members, based on their distinguished and continuing achievements in original research. Election to the National Academy is one of the highest honors in the scientific field. Members of the National Academy of Sciences serve pro bono as "advisers to the nation" on science, engineering, and medicine. The group holds a congressional charter under Title 36 of the United States Code.

Founded in 1863 as a result of an Act of Congress that was approved by Abraham Lincoln, the NAS is charged with "providing independent, objective advice to the nation on matters related to science and technology. … to provide scientific advice to the government 'whenever called upon' by any government department."[2]

The Academy receives no compensation from the government for its services.[3]

The Academy currently has 2,984 members and international members. Existing members elect new members for life. Up to 120 members are elected every year; up to 30 foreign citizens may be elected as international members annually. The election process begins with a formal nomination, followed by a vetting period, and culminates in a final ballot at the Academy's annual meeting in April each year. Members are affiliated with a section -- a specific scientific field -- in one of six so-called "classes": (1) Physical and Mathematical Sciences; (2) Biological Sciences; (3) Engineering and Applied Sciences; (4) Biomedical Sciences; (5) Behavioral and Social Sciences; and (6) Applied Biological, Agricultural, and Environmental Sciences.[6] Since its founding, the Academy has elected 6,457 members. Harvard University is associated with the most members (329), some 5% of the all-time total. The top ten institutions, half of which are Ivy League universities, account for nearly 28% of all members ever elected.[11]

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.

Gothic Revival architecture grew in the mid-19th century and was one of the early styles of Victorian-era homes. The Gothic Revival style takes influence from Medieval Europe and was designed as a country home. Architects believed the asymmetrical design and ornamentation complemented the nature of rural America.

Gothic Revival homes can be identified by their:

• Pointed arch in windows, doors, and decoration
• Elaborate wood trim vergeboards and bargeboards
• Steeply pitched roofs and front-facing gables
• Towers and turrets resembling medieval castles

Gothic Revival architecture was a popular style for schools and churches as well as rural homes.

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.

The American Farmhouse is a simple and timeless style. Farmhouses are designed to be practical first and foremost. They’re common across the US and often showcase regional variations, like wrap-around porches in the South.

Farmhouses have evolved with time and location, but often feature these elements:

• Rectangular floor plan
• Large front porches
• Natural wood and stone materials
• Few and small windows
• Formal front rooms separated from family rooms

Of course, the easiest way to identify a farmhouse is that they’ll often be situated on a large plot of farmland.