Section 3. Disclosure requirements.
(a) In general.--
(1) Every college and university shall disclose the
amount, terms, restrictions, requirements and conditions
attached to or made a part of any gift of a value equal to or
in excess of $100,000 made to the college or university by a
donor known to the college or university through reasonable
good faith efforts to be a foreign government, foreign legal
entity or foreign person in any fiscal year of the college or
university. This provision shall only apply in circumstances
where the contribution of the foreign government, foreign
legal entity or foreign person, alone or together with
others, exceeds 50% of the total gift.
(2) If the foreign government, foreign legal entity or
foreign person makes more than one gift to a college or
university in any fiscal year of the college or university
and the total value of the gifts equals or exceeds $100,000,
the college or university shall make the same disclosure with
respect to all such gifts received.
(b) Report.--The foregoing information shall be forwarded by a college or university to the secretary not later than the due date for the Federal return of organizations exempt from income tax. Such information shall include:
(1) The name and address of the donor of the gift.
(2) The amount and date of the making of each gift.
(3) The subject of each gift.
(4) A detailed description of any terms, restrictions,
requirements or conditions imposed on the college by the
terms of the gift.
(5) A detailed description of the purpose for which the
gift will be used by the college or university, including the
identification of the persons whom the gift is explicitly
intended to benefit.
(c) Forms.--Colleges and universities shall forward the foregoing information to the secretary on forms prepared and made available by the secretary for that purpose.