§574 Other Rules Regarding Proceeds

Summary

When the government sells or transfers property that was bought with money not from the Treasury’s main fund, or bought with Treasury money that must be paid back from fees or taxes, the money from the sale must go back to the right fund or to the agency that called the property excess. The “net proceeds” are the sale money minus any costs for getting rid of the property, including care and handling. If it’s too hard or costly to figure the net amount, the money goes to miscellaneous receipts. An agency can keep some sale money in a special Treasury account to pay refunds or warranty claims, and it can take money out of that account for those payments no matter where the money originally came from. If a contract lets a contractor keep sale money to lower the contract price or cost, the sale is handled as the contract says. An agency that should get cash from a lease or sale may accept property instead of cash if the President says the property is strategic; that property is valued at market price when the cash would have been due. The Administrator of General Services will manage any credit, lease, or permit tied to a sale and can enforce, adjust, or settle the government’s rights.