§ 101-43.307-5 - Unconditional gifts.

Any unconditional gift accepted by a Federal agency, or by an employee or agent representing a Federal agency in an official capacity, shall immediately become property of the Federal Government. If the receiving agency has specific authority to use the property, it may then be used for any authorized purpose by that agency. Such property shall be accounted for in the same manner as personal property acquired from other authorized sources and shall lose its identity as an unconditional gift upon entry into the agency property account. When property acquired as an unconditional gift cannot be used or is no longer required by the receiving agency, it shall be reported to GSA as excess personal property in accordance with § 101-43.304.