This bill mandates that all public and private two-year and four-year colleges and universities in Nebraska report certain funding received from foreign sources to the Attorney General and the Legislature. The report must be submitted quarterly and include details such as the amount of funding, the type and purpose of the funding, a description of the foreign source, and any associated contracts or agreements. However, payments made for tuition or related fees by individuals who qualify as foreign sources are exempt from this reporting requirement. The Attorney General is tasked with posting these reports publicly and enforcing compliance.

Additionally, the bill establishes a civil penalty for covered institutions that fail to comply with the reporting requirements, which could amount to up to ten thousand dollars per violation, along with the forfeiture of any unreported funding. The bill aims to enhance transparency regarding foreign funding in Nebraska's higher education institutions and ensure that such financial relationships are disclosed to the appropriate authorities.