FINANCIAL MANAGEMENT POLICY MANUAL

U.S. Code 2601. Under the provisions of this statute, the Secretary of
the Navy may accept, hold, administer, and spend any gift, devise, or
bequest of real or personal property, made on the condition that it be
used for the benefit, or in connection with the establishment,
operation, or maintenance, of a school, hospital, library, museum,
cemetery, or other institution under the jurisdiction of the Department
of the Navy, unless within the purview of a more specific statute e.g.,
the United States Naval Academy Gift and Museum Fund (10 U.S.
Code 6973).
b. Structure and Content.
All gifts and bequests of money, and the proceeds of the sale of
property, accepted under authority of 10 U.S. Code 2601 shall be
deposited directly into the Department of the Navy General Gift Fund.
Separate account designations have been established to distinguish
between gifts received for the Navy and Marine Corps under the
Department of the Navy General Gift Fund. Disbursements of the
deposited funds shall be strictly in accordance with the terms of the
gift, devise, or bequest. Upon acceptance, an appropriate letter of
acknowledgment shall be sent to the donor by the accepting official.
In the case of a gift, devise, or bequest for the purchase of a specific
item or items the letter of acknowledgment should indicate that it is
possible that the gift, devise, or bequest will not exactly match the cost
that the Department of the Navy will incur in securing the specific
item or items, and that in such instances the residual funds will be
applied to related items or activities.
c. Administration.
The Office of Budget is responsible for the development of budget
estimates and the financial administration of the Department of the
Navy General Gift Fund. Although the fund is exempt from the
apportionment process, appropriation records and receipts are
maintained for all money received. Appropriation-type accounting
records are utilized for the purpose of making funds available to the
designated institution or organization in accordance with the terms of
the gift, devise, or bequest. Regularly prescribed financial accounting
procedures are observed in the accounting for and reporting of funds
that are drawn from this account, and files should be maintained that
support compliance with terms of the gift, devise, or bequest.
4. UNITED STATES NAVAL ACADEMY MUSEUM FUND.
a. Scope and Content.
In accordance with P.L. 106-398, the Floyd D. Spence National
Defense Authorization Act 2001, Section 942, the U.S. Naval
Academy Museum Fund and the U.S. Naval Academy General Gift
Financial Management Policy
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