§205g Gifts, Donations and Bequests to Board

Summary

The Board can take, keep, manage, and use gifts, donations, and bequests of land, other property, or services to help its work. Money gifts and money from selling donated items go into a separate fund in the U.S. Treasury and are spent only when the Board orders it. For federal income, estate, and gift tax rules, property given this way is treated as a gift to the United States. The Treasury Secretary can invest the fund in U.S. securities if the Board asks, and any income from those investments is spent when the Board orders. If the Board stops existing, any money left in that fund must go back to the U.S. Treasury on the date it ends.