Proper Disposition of Proceeds From Sale of Excess Property

The Assistant Secretary of the Interior for Fish and Wildlife and Parks asked whether the proceeds from the sale of precious metals in the possession of the Department of the Interior may be used to pay certain outstanding claims against the American Revolution Bicentennial Administration (ARBA) or for further bicentennial commemorative activities. Interior is the successor to ARBA and has the precious metals as a result of the melting down of commemorative medals that were struck by the Department of the Treasury for ARBA. As successor to the American Revolutionary Bicentennial Commission, ARBA was specifically given responsibility for the commemorative medal program. ARBA retained the profits from the sale of the medals and applied these profits to authorized program activities. When ARBA went out of existence, its authorities were transferred to Interior. Interior was directed to provide appropriate bicentennial commemorative events through 1983, administer existing contracts and grants of ARBA, and expend revenues received under these existing contracts. The authority to sell and expend proceeds was limited to proceeds from the sale of commemorative medals and did not extend to proceeds resulting from the sale of precious metal remaining after the medals were melted down. It is the opinion of GAO that the proceeds from the sale of precious metals held by Interior as the successor to ARBA must be deposited in the Treasury as miscellaneous receipts.