Statutory Law - US Code - 50 USC 403l. Authority to accept gifts, devises and bequests


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50 USC § 403l. Authority to accept gifts, devises and bequests

*Current through Public Law 112-173, August 16th, 2012.

(a) Use for operational purposes prohibited
(1) 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.
(2) Any gift accepted under this section (and any income produced by any such gift)—
(A) may be used only for—”
(i) artistic display;
(ii) purposes relating to the general welfare, education, or recreation of employees or dependents of employees of the Agency or for similar purposes; or
(iii) purposes relating to the welfare, education, or recreation of an individual described in paragraph (3); and

(B) under no circumstances may such a gift (or any income produced by any such gift) be used for operational purposes.

(3) An individual described in this paragraph is an individual who—
(A) is an employee or a former employee of the Agency who suffered injury or illness while employed by the Agency that—
(i) resulted from hostile or terrorist activities;
(ii) occurred in connection with an intelligence activity having a significant element of risk; or
(iii) occurred under other circumstances determined by the Director to be analogous to the circumstances described in clause (i) or (ii);

(B) is a family member of such an employee or former employee; or
(C) is a surviving family member of an employee of the Agency who died in circumstances described in clause (i), (ii), or (iii) of subparagraph (A).

(4) The Director may not accept any gift under this section that 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.
(5) The Director may, in the Director's discretion, determine that an individual described in subparagraph (A) or (B) of paragraph (3) may accept a gift for the purposes described in paragraph (2)(A)(iii).
(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.
(f) Regulations
The Director, in consultation with the Director of the Office of Government Ethics, shall issue regulations to carry out the authority provided in this section. Such regulations shall ensure that such authority is exercised consistent with all relevant ethical constraints and principles, including—
(1) the avoidance of any prohibited conflict of interest or appearance of impropriety; and
(2) a prohibition against the acceptance of a gift from a foreign government or an agent of a foreign government.
(June 20, 1949, ch. 227, §12, as added Pub. L. 96–450, title IV, §404, Oct. 14, 1980, 94 Stat. 1979; amended Pub. L. 112–87, title IV, §411, Jan. 3, 2012, 125 Stat. 1889.)