Increased Transparency for US Colleges: Foreign Gifts, Contracts, and Investments Disclosure
This law mandates greater transparency in the funding of US higher education institutions by requiring detailed reporting of gifts and contracts from foreign sources, especially those deemed concerning. The goal is to protect national security and student interests by exposing potential foreign influence in academia. Citizens will benefit from a public database detailing the origin of foreign funds received by colleges.
Key points
Colleges must report all foreign gifts and contracts valued at $50,000 or more. For 'countries of concern,' reporting is mandatory regardless of value.
The law prohibits entering into contracts with 'foreign countries or entities of concern,' unless the institution obtains a specific, one-year waiver from the Secretary of Education.
Faculty and staff (covered individuals) must disclose foreign gifts above a minimal value and contracts of $5,000 or more to their institutions, which must then make this information publicly available.
Large private institutions (with assets over $6 billion or 'investments of concern' over $250 million) must report their investments in 'entities of concern' (e.g., stocks, debt).
Significant financial penalties are introduced for knowing or willful non-compliance, including the potential loss of federal funding for institutions that repeatedly violate the rules.
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