§ 101-43.307-4 - Conditional gifts to reduce the public debt.

(a) Pursuant to 31 U.S.C. 3113, gifts may be made to the United States on the sole condition that the property be sold and the proceeds used to reduce the public debt. Any agency receiving an offer of a gift (other than money or intangible property) for such purpose shall notify the appropriate GSA regional office and shall submit a recommendation as to acceptance or rejection of the gift.

(b) Prior to such notification, the receiving agency shall acknowledge receipt of the offer and advise the donor of its referral to GSA but shall not indicate acceptance or rejection of the gift on behalf of the United States. A copy of the acknowledgment shall accompany the notification and recommendation to the GSA regional office.

(c) GSA will advise the donor and the agency concerned of the action taken with respect to acceptance or rejection of the conditional gift. If the gift is determined acceptable, GSA will convert it into money and the proceeds shall be deposited into a special account in the Department of the Treasury established for this purpose.