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

Summary

The Maritime Administrator may accept and use gifts of money, property, or services for the United States Merchant Marine Academy, including gifts for non-appropriated fund units. Donated property and any money from it must be used following the donor’s terms as closely as possible. The Administrator may pay necessary costs to accept or transfer a gift. There is an "Academy Gift Fund" in the Treasury. The Administrator can order payments from the Fund and may use the money for appropriated or non-appropriated purposes unless the gift says otherwise. The Fund includes gifts of money, income or sale proceeds from donated property, and income from securities. On request, the Secretary of the Treasury may invest Fund amounts in United States government–guaranteed securities. Money in the Fund stays available until spent. Gifts are treated as gifts to the Government under the Internal Revenue Code of 1986.

Title 46, §51315

Shipping — Source: USLM XML via OLRC

(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