If a parish entrusts ACEF to invest general funds or a building fund, those investments can be withdrawn at any time, upon 90 days notice. Once an individual has established an endowment with ACEF, money cannot be taken out of that endowment. This is not strictly an ACEF rule, but part of a binding legal agreement that applies to all endowments.
These policies are generally well understood. What causes some confusion is the following: A parish that has its own established endowments can entrust ACEF to invest these funds. In these cases, the parish is free to withdraw its investments and move them elsewhere. The parish cannot, however, dissolve these established endowments.