Sec. 1. Audits of institutions with respect 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 redesignating subsections
(g)and
(h)as subsections
(h)and (i), respectively; and by inserting after subsection
(f)the following: Beginning not later than 60 days after the date of enactment of this subsection, and every 2 years thereafter, the Secretary shall conduct an audit of no fewer than 30 institutions to assess compliance with the reporting requirements under this section. In determining which institutions to audit under this subsection, the Secretary shall prioritize audits for institutions that meet 1 or more of the following criteria: Institutions that are in the top 1 percent when the endowments of all institutions are ranked from largest to smallest. Institutions with a previous history of receiving a substantial gift from, or entering into a substantial contract with, a foreign source. Institutions that have previously been noncompliant with the requirements of this section. Institutions that publicly report receiving contributions from a foreign entity of concern (as defined in section 10612(a) of the Research and Development, Competition, and Innovation Act ( 42 U.S.C. 19221(a) )). Institutions that have a formal agreement, including a memorandum of understanding, with a Federal agency. As part of each audit conducted under this subsection, the Secretary shall determine— if the institution was in compliance with requirements of this section for the 2 reporting years prior to the year in which the audit is conducted; and in the case of noncompliance, the gifts from, or contracts with, foreign sources whose amounts the institution under reported or over reported in the prior 2 reporting years, along with the following information for each of these gifts or contracts: The amount under reported or over reported. The foreign source. The country of origin. The receipt date or contract start and end dates. Not later than 30 days after the date on which the audit under this subsection is completed, the Secretary shall— submit to Congress a report on the results of the audit; and make the report described in subparagraph (A)— available to the Speaker of the House, the majority and minority leaders of the House of Representatives, the majority and minority leaders of the Senate, the Chair and Ranking Member of the committee and each subcommittee of jurisdiction in the House of Representatives and the Senate, and any other Member of Congress who requests the report; and publicly available on the Department of Education website. .
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