Do you mean the DAO? Why would the time lock be the owner?
Isn’t that the inverted? The Endowment should work as a damping mechanism for ENS: income goes into the endowment, endowment creates yield, maximum expenditure should be calculated as portion of the yield, and the DAO should then vote on how that budget is distributed. Of course, we will take a few years to get the endowment up and running, but that’s how I see it should work ideally.
Again, ENS Labs is not the owner of these funds nor it should make decisions on expenditure or requests for the Endaoment. Endaoment yield sets how much we can spend, and then the DAO decides on where that budget should go.