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, and information about the foreign source providing the funding. Notably, 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 enforcing these provisions and will make the reports publicly available on their website.

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 for each violation, along with the forfeiture of any unreported funding. The bill introduces specific definitions for terms such as "contract," "covered institution," "foreign source," and "reportable funding" to clarify the scope of the reporting obligations.