S.1684

Audits and excise taxes on foreign gifts to institutions of higher education.

The bill requires audits of institutions of higher education regarding their disclosures of foreign gifts. It mandates the Department of Education to audit at least 30 institutions every two years, prioritizing those with large endowments, a history of foreign gifts, or noncompliance. The bill also imposes excise taxes on unreported foreign funding and contributions from foreign countries of concern. The tax rates are 110% and 300%, respectively. Audit results must be reported to Congress and made public.