50 U.S.C. § 403l : US Code - Section 403L: Authority to accept gifts, devises and bequests

Search 50 U.S.C. § 403l : US Code - Section 403L: Authority to accept gifts, devises and bequests

(a) Use for operational purposes prohibited
Subject to the provisions of this section, the Director may
accept, hold, administer, and use gifts of money, securities, or
other property whenever the Director determines it would be in the
interest of the United States to do so. Any gift accepted under
this section (and any income produced by any such gift) may be used
only for artistic display or for purposes relating to the general
welfare, education, or recreation of employees or dependents of
employees of the Agency or for similar purposes, and under no
circumstances may such a gift (or any income produced by any such
gift) be used for operational purposes. The Director may not accept
any gift under this section which is expressly conditioned upon any
expenditure not to be met from the gift itself or from income
produced by the gift unless such expenditure has been authorized by
law.
(b) Sale, exchange and investment of gifts
Unless otherwise restricted by the terms of the gift, the
Director may sell or exchange, or invest or reinvest, any property
which is accepted under this section, but any such investment may
only be in interest-bearing obligations of the United States or in
obligations guaranteed as to both principal and interest by the
United States.
(c) Deposit of gifts into special fund
There is hereby created on the books of the Treasury of the
United States a fund into which gifts of money, securities, and
other intangible property accepted under the authority of this
section, and the earnings and proceeds thereof, shall be deposited.
The assets of such fund shall be disbursed upon the order of the
Director for the purposes specified in subsection (a) or (b) of
this section.
(d) Taxation of gifts
For purposes of Federal income, estate, and gift taxes, gifts
accepted by the Director under this section shall be considered to
be to or for the use of the United States.
(e) "Gift" defined
For the purposes of this section, the term "gift" includes a
bequest or devise.