(1) In general.— Under regulations the Administrator of General Services may prescribe, a federal agency may obtain excess personal property for the purpose of furnishing it to a public agency or an organization that is
nonprofit">
nonprofit and exempt from taxation under section 501 of the Internal Revenue Code of 1986 (
26 U.S.C.
501), if
(A) the agency or organization is conducting a federally sponsored project pursuant to a grant made for a specific purpose with a specific termination provision;
(B) the property is to be furnished for use in connection with the grant; and
(C)
(i) the sponsoring federal agency pays an amount equal to 25 percent of the original acquisition cost (except for costs of care and handling) of the excess property; and
(ii) the amount is deposited in the Treasury as miscellaneous receipts.