This bill mandates the South Dakota Board of Technical Education and the Board of Regents to disclose any funding received from foreign sources, defined as entities or individuals from specific countries including China, Cuba, Iran, North Korea, Russia, and Venezuela. The legislation introduces new definitions for terms such as "foreign entity," "foreign government," "foreign person," and "funding," which encompasses various forms of financial support but excludes tuition payments for students. Each board is required to compile an annual report detailing the funding received, including the amount, source, purpose, and any associated documentation, which must be published on their respective websites by August 31 each year.

The reporting requirements will only apply to funding received on or after July 1, 2026, and the bill ensures that any information deemed confidential under state or federal law is not subject to disclosure. This initiative aims to enhance transparency regarding foreign financial influences on educational institutions in South Dakota.