This bill mandates that higher educational institutions report any foreign grants, donations, and contracts to the Department of Education and the General Court. It introduces a new chapter, Chapter 200-P, which defines key terms such as "contract," "foreign source," "reportable funding," and "covered institution." Institutions are required to submit quarterly reports detailing all reportable funding received from foreign sources, including the amount, purpose, and details about the foreign source. The reports will be public records and must be posted on the Department of Education's website. Additionally, failure to report such funding will result in fines of up to $10,000 per incident and forfeiture of unreported funds.

The bill also specifies that payments made by individuals qualifying as foreign sources for tuition or related fees do not need to be reported. The act will take effect 60 days after its passage. The fiscal impact of the bill is currently indeterminable, as the Department of Justice has not provided data on the frequency of reportable funding events or noncompliance likelihood. The University System of New Hampshire and the Community College System of New Hampshire estimate that the impact of this bill would be less than $10,000 per year.