Question about Endowment Risk Tolerance

Question about Endowment Risk Tolerance Should I start from high risk tolerance for endowment and then adjust it based on factors of the case(institution dependability, no smoothing rule…) to below average? Or should I start from average? Please explain

Endowments usually have pretty high risk tolerance due to long time horizon, low liquidity needs, no legal spending requirement, etc. Somewhere in CFAI readings they mention that “low return and low volatility investments increase probability of not meeting endowment objectives” (& one of the objectives is capital preservation). Thus, I would not expect endowment risk tolerance to be below average.

original reading, page 328 ,under risk objectives…paragraph start with “An institution risk torerance…” My question what do you put for endowment that have those negative factors mentioned in this paragraph