What Are the Rules?
We would welcome the opportunity to advise you on how to set up an endowment properly, even if you decide not to invest your funds with ACEF. We will make sure that the endowment is written to ensure that your wishes will always be honored. This includes anticipating any future changes in the status of your parish or other beneficiary.
Can we take money out if we need it?
If a parish entrusts ACEF to invest general funds or a building fund, those investments can be withdrawn at any time, upon 90 days’ notice.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.
Can we add money to an existing fund, or do we have to start a new one?
Money can be added to an existing endowment fund at any time.