Foreign Gifts and Contracts Disclosure Requirements
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This notice requires educational institutions to disclose gifts and contracts from foreign sources. Schools must report such finances to the U.S. Department of Education twice a year. The aim is to promote transparency regarding foreign influences.
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Key Changes
- Educational institutions must report foreign financial transactions twice a year.
- A new, user-friendly portal has been introduced for reporting.
- The potential burden on institutions is being assessed and minimized.
Obligations
What this law requires
Educational institutions must disclose gifts and contracts from foreign sources to the U.S. Department of Education.
Educational institutions must file their disclosure reports with the Secretary of Education by January 31 or July 31, whichever is sooner.
Educational institutions must use the specified portal at https://www.foreignfundinghighered.gov to submit their disclosures.