§51315 — Title 46 Shipping | U.S. Code

Summary

The Maritime Administrator can accept and use gifts of money, property, or services for the United States Merchant Marine Academy. Gifts must be used the way the donor intended when possible. Gifts go into the "Academy Gift Fund" in the Treasury. The Administrator can spend that money for Academy needs unless a gift says otherwise. The Fund includes donated cash, income or sale proceeds from donated property, and income from invested securities. The Treasury may invest the Fund in U.S. government‑backed securities if the Administrator asks. Gifts are treated as government gifts for tax purposes. The Administrator may pay reasonable costs to accept or transfer a gift.

Title 46, §51315

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(a)The Maritime Administrator may accept and use conditional or unconditional gifts of money or property for the benefit of the United States Merchant Marine Academy, including acceptance and use for non-appropriated fund instrumentalities of the Merchant Marine Academy. The Maritime Administrator may accept a gift of services in carrying out the Administrator’s duties and powers. Property accepted under this section and proceeds from that property must be used, as nearly as possible, in accordance with the terms of the gift.

(b)There is established in the Treasury a fund, to be known as the “Academy Gift Fund”. Disbursements from the Fund shall be made on order of the Maritime Administrator. Unless otherwise specified by the terms of the gift, the Maritime Administrator may use monies in the Fund for appropriated or non-appropriated purposes at the Academy. The Fund consists of—

(1)gifts of money;

(2)income from donated property accepted under this section;

(3)proceeds from the sale of donated property; and

(4)income from securities under subsection (c) of this section.

(c)On request of the Maritime Administrator, the Secretary of the Treasury may invest and reinvest amounts in the Fund in securities of, or in securities the principal and interest of which is guaranteed by, the United States Government.

(d)There are hereby authorized to be disbursed from the Fund such sums as may be on deposit, to remain available until expended.

(e)Gifts accepted under this section are a gift to or for the use of the Government under the Internal Revenue Code of 1986.

(f)The Maritime Administrator may pay all necessary expenses in connection with the conveyance or transfer of a gift, devise, or bequest accepted under this section.

Editorial Notes

References in Text

The Internal Revenue Code of 1986, referred to in subsec. (e), is classified generally to Title 26, Internal Revenue Code.

Amendments

2017—Subsec. (f). Pub. L. 115–91 added subsec. (f).

§51315 Gifts to the Merchant Marine Academy

Summary

Title 46, §51315

Notes & Related Subsidiaries

Editorial Notes

References in Text

Amendments

Citations & Metadata