Analti_Calte

endowment is pretty much perpetual.
no minimum required spending needs specified.
so can be pretty aggressive with their portfolio.
Usually associated with universities (for grants etc).

foundations have a required minimum spending need - so the stuff about having the minimum required to be available, carry back/carry forward stuff in case the minimum spending is not met in a period. hence usually would tend to be a little more conservative in their portfolios. These could have a time horizon associated as well. (valid for the next 10 years e.g. to take care of Mr. X's child who is now 11 years old till he grows to be 21).

CP