Endowment vs Foundation IPS

From an IPS perspective they look identical - are there any big points to note in differences that i’m missing?

Liquidity(spending) needs are different. Spending for independent foundations has to be 5% of assets under management excluding expenses to maintain tax exempt status. Think that’s the biggest difference

Since liquidity is also lower for endowments, their risk can be higher than the foundation as well (in general terms, obviously itll depend on other details too)

cheers guys

A couple more: Endowments usually have more contributions/donations to follow on. The spending rules play an important role in Endowments.

Then Why foundation does not need spending rule?

^ cuz foundation has a required spending rate of 5%.