Transparency in College Foreign Payments Act

Transparency in College Foreign Payments Act

This bill revises certain disclosure requirements for institutions of higher education (IHEs).

Specifically, the bill requires an IHE to disclose to the Department of Education (ED) any gift from or contract with a foreign source, regardless of the amount of the gift or contract. Under current law, an IHE must disclose to ED a gift or contract from a foreign source that is valued at $250,000 or more, considered alone or in combination with all other gifts from or contracts with that foreign source within a calendar year.

An IHE must also report the identity of each foreign source and the name of each foreign government.

Further, an IHE must report additional information when it receives a restricted or conditional gift or contract from a foreign source. Such additional information includes (1) the identity of the foreign source; (2) the identity of the specific department, college, project, or other division of the IHE that is the recipient of the gift or contract, if applicable; and (3) the intended purpose of the gift or contract.