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." The bill specifies that any funding exceeding $50,000 from a foreign source must be reported quarterly, detailing the amount, purpose, and source of the funding, along with any associated contracts or agreements. The reports will be public records and must be made available on the Department of Education's website, as well as provided to key government officials.

Additionally, the bill imposes penalties for non-compliance, including fines of up to $10,000 for willful failure to report and forfeiture of unreported funds. However, it exempts payments made by individuals for tuition or related fees from reporting requirements. The bill does not allocate funding for enforcement or new positions, and while the fiscal impact is indeterminable, it is noted that the Department of Justice may require additional resources if violations occur frequently. Overall, the bill aims to enhance transparency regarding foreign funding in higher education institutions.