Summary

The Vice President of New York Medical College asked whether amounts due or to become due under grants of Federal funds for the construction or restoration of teaching facilities for medical, dental and other health personnel may be assigned to a bank, trust company, or other financing institution.

GAO determined that unless an assignment of the proceeds of the grants to the New York Medical College was forbidden under the terms of the grants as accepted by the College, amounts due or to become due under the grants were assignable under the provisions of the Assignment of Claims Act of 1940.