Sec. 207. Amendments to disclosures of foreign gifts
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Section 117 of the Higher Education Act of 1965 ( 20 U.S.C. 1011f ) is amended— by amending subsection
(a)to read as follows: An institution shall file a disclosure report with the Secretary not later than March 31 occurring after— the calendar year in which a foreign source gains ownership of, or control over, the institution; or the calendar year in which the institution receives a gift from, or enters into a contract with, a foreign source, the value of which is $50,000 or more, considered alone or in combination with all other gifts from or contracts with that foreign source within a calendar year. The Secretary shall permit institutions to revise and update disclosure reports previously filed to ensure accuracy, compliance, and the ability to cure. ; by amending subsection
(b)to read as follows: Each report to the Secretary required by this section shall contain the following: For gifts received from or contracts entered into with a foreign source other than a foreign government, the aggregate dollar amount of such gifts and contracts attributable to a particular country and the legal or formal name of the foreign source. The country to which a gift is attributable is the country of citizenship, or if unknown, the principal residence for a foreign source who is a natural person, and the country of incorporation, or if unknown, the principal place of business, for a foreign source which is a legal entity. For gifts received from or contracts entered into with a foreign government, the aggregate amount of such gifts and contracts received from each foreign government. In the case of an institution which is owned or controlled by a foreign source, the identity of the foreign source, the date on which the foreign source assumed ownership or control, and any changes in program or structure resulting from the change in ownership or control. An assurance that the institution will maintain true copies of gift and contract agreements subject to the disclosure requirements under this section for at least the duration of the agreement. An assurance that the institution will produce true copies of gift and contract agreements subject to the disclosure requirements under this section upon request of the Secretary during a compliance audit or other institutional investigation. ; by amending subsection
(e)to read as follows: Not later than 30 days after receiving a disclosure report under this section, the Secretary shall make such report electronically available to the public for downloading on a searchable database under which institutions can be individually identified and compared. ; in subsection (f), by adding at the end the following: The Secretary may impose a fine on any institution that repeatedly fails to file a disclosure report for a receipt of a gift from or contract with a foreign source in accordance with subsection
(a)in an amount that is not more than 3 times the amount of the gift or contract with the foreign source. In this paragraph, the term repeatedly fails means that the institution failed to file a disclosure report for a receipt of a gift from or contract with a foreign source in 3 consecutive years. ; by amending subsection
(g)to read as follows: Not later than 1 year after the date of enactment of the Safeguarding American Innovation Act , the Secretary shall issue regulations to carry out this section using the negotiated rulemaking procedure set forth in section 492(b). Regulations issued pursuant to paragraph
(1)shall— incorporate instructions for— reporting structured gifts and contracts; and reporting contracts that balances the need for transparency, while protecting the proprietary information of institutes of higher education; and clarify the definition of subunit , for purposes of subsection (i)(4)(C). ; by redesignating subsection
(h)as subsection (i); by inserting after subsection
(g)the following: A tuition and related fees and expenses payment to an institution by, or a scholarship from, a foreign source made on behalf of a student enrolled at such institution shall not be considered a gift from or contract with a foreign source under this section. ; and in subsection (i), as redesignated— in paragraph (3), by striking or property and inserting , property, human resources, or staff, including staff salaries ; and in paragraph (5)(B), by inserting institutes, instructional programs, after centers, .
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Sec. 207
Amendments to disclosures of foreign gifts
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