109 HR 6234 IH: Get Information on Financial U.S. House of Representatives 2006-09-28 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 109th CONGRESS 2d Session H. R. 6234 IN THE HOUSE OF REPRESENTATIVES September 28, 2006 Mr. Burton of Indiana (for himself, Mr. Poe, Mr. LaHood, Mr. Linder, Mrs. Blackburn, Mr. Kennedy of Minnesota, Mr. Carter, and Mr. Miller of Florida) introduced the following bill; which was referred to the Committee on Education and the Workforce A BILL To amend the Higher Education Act of 1965 to require the disclosure of substantial gifts of cash or property to programs assisted under title VI of that Act.

1.

Short title

This Act may be cited as the Get Information on Financial Transactions Act.

2.

Conditions on program grants and contracts

Title VI of the Higher Education Act of 1965 (20 U.S.C. 1122) is amended by adding at the end the following new section:

632.

Gift reports by recipient institutions

(a)

Reporting by Institutions

(1)

Report required

The Secretary shall require, as part of the Integrated Postsecondary Education Data System (IPEDS) annual data collection, that each institution receiving funds under this title include the following data: (A)the total cost of establishing or operating a program or center assisted under this title; (B)if the amount of cash or the fair market value (or both) of the contributions by any State or private sector corporation, foundation, or any other entity or individual during any fiscal year for the institution, programs, or centers receiving funds under this title exceeds $100,000 in the aggregate— (i)the names and addresses of any such State or private sector corporation, foundation, or any other entity or individual that contributed such amount of cash or such fair market value of other property; and (ii)the amount of such cash or the fair market value of such property; and (C)the use made of each contribution by each such contributor. (2)

Deadline

Any report under paragraph (1) shall be made no later than such date as the Secretary shall require. (3)

Consequences of failure to report

In the case of any institution from which a report is requested under paragraph (1), if the Secretary does not receive a report in accordance with the deadline established under paragraph (2), the Secretary shall— (A)make a determination that the institution of higher education has failed to make the report required by this paragraph; (B)transmit a notice of the determination to Congress; and (C)publish in the Federal Register a notice of the determination and the effect of the determination on the eligibility of the institution of higher education for contracts and grants under this title. (b)

Reports by Secretary

The Secretary shall annually prepare a report summarizing the information collected from institutions of higher education under subsection (a)(1), including all of the information required by subparagraphs (A) through (C) of such subsection. The Secretary of Education shall publish such report in the Federal Register and transmit a copy of such report to the Committee on Education and the Workforce of the House of Representatives and the Committee on Health, Education, Labor, and Pensions of the Senate. (c)

Retrospective Information

The data collected from institutions of higher education under subsection (a)(1) in the first submission after the date of enactment of this section, and the Secretary’s first report under subsection (c), shall include the information required by subparagraphs (B) and (C) of subsection (a)(1) regarding contributions made on or after September 11, 2001, and the end of the first reporting period under such subsection.

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