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§ 106.501 - What minimum requirements are applicable to SBA's solicitation and/or acceptance of Gifts?

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While SBA may subject the solicitation and/or acceptance of Gifts to additional requirements through internal policy and procedure, the following requirements must apply to all Gift solicitations and/or acceptances under the authority of the Small Business Act sections cited in § 106.500:

SBA is required to use the Gift (whether cash or in-kind) in a manner consistent with the original purpose of the Gift;

There must be written documentation of each Gift solicitation and/or acceptance signed by an authorized SBA official;

Any Gift solicited and/or accepted must undergo a determination, prior to solicitation of the Gift or prior to acceptance of the Gift if unsolicited, of whether a conflict of interest exists between the Donor and SBA; and

All cash Gifts donated to SBA under the authority cited in § 106.500 must be deposited in an SBA trust account at the U.S. Department of the Treasury.

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