FINANCIAL MANAGEMENT POLICY MANUAL

Fund have been merged together as the U.S. Naval Academy Gift and
Museum Fund.
5. UNITED STATES NAVAL ACADEMY GIFT AND MUSEUM FUND.
a. Scope and Content.
The Secretary of the Navy, under authority of 10 U.S. Code 6973, may
accept, hold, administer, and spend gifts or bequests of personal
property, and may accept, hold, and administer any loan of personal
property other than money, made on the condition that they be used for
the benefit of, and for use in connection with, the United States Naval
Academy or the Naval Academy Museum, its collections, or its
services. Gifts or bequests of money or the proceeds from the sale of
property received as gifts for use in connection with the Naval
Academy (including the Naval Academy Museum) are deposited in
the Treasury in the trust fund, United States Naval Academy Gift and
Museum Fund. The Chief of Naval Operations is responsible for
budgeting, accounting, and reporting for this fund.
b. Administration.
The United States Naval Academy Gift and Museum Fund is exempt
from the apportionment process. Funds are allocated to the Chief of
Naval Operations. The Chief of Naval Operations issues a
NAVCOMPT Form 372 to the Superintendent, United States Naval
Academy for interest and contributions received. The Superintendent
has the authority to expend the funds in accordance with the wishes of
the donor subject to established financial controls and responsibilities.
6. OFFICE OF NAVAL RECORDS AND HISTORY FUND.
a. Scope and Content.
In accordance with P.L. 106-398, the Floyd D. Spence National
Defense Authorization Act 2001, Section 942, the Office of Naval
Records and History Fund has been merged into the Department of the
Navy General Gift Fund.
7. SHIPS' STORES PROFITS, NAVY.
a. Scope and Content.
Ships' Stores Profits, Navy is a trust fund carried on the books of the
Treasury Department. Deposits to this fund are derived from profits
realized through the operation of ships' stores and from the acceptance
of gifts authorized by 10 U.S. Code 7220 for the purpose of providing
recreation, amusement, and contentment for enlisted members of the
Navy and the Marine Corps. The current issuance of SECNAVINST
4001.2 outlines responsibilities and procedures for the acceptance of
gifts for the Navy and Marine Corps pursuant to 10 U.S. Code 7220.
Financial Management Policy
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