National Science Foundation / CHIPS ACT: Foreign Financial Disclosure Reporting
Colleges and universities that receive funding from the National Science Foundation have an obligation, pursuant to Section 10339B of the CHIPS & Science Act of 2022, to report gifts and contracts at or in excess of $50,000 received directly or indirectly from a foreign source associated with a foreign country of concern. The UWM Office of Research facilitates foreign financial disclosure reporting on behalf of the university.
U.S. Department of Education: Foreign Gift and Contract Reporting
Section 117 of the Higher Education Act requires institutions of higher education to file a disclosure report with the U.S. Department of Education whenever any institution receives a gift from or enters into a contract with a foreign source that, considered alone or in combination with all other gifts from and contracts with the same foreign source, have a value of $250,000 or more within a calendar year.
UWM is required to report to the U.S. Department of Education (ED) each January and July regarding gifts received from foreign sources and contracts entered into with foreign sources. The reporting threshold is when gifts and contracts, alone or combined with other gifts and contracts from the same foreign source, have a value of $250,000 or more in a calendar year period. If the reporting threshold is met between January through June, the institution must report the information to ED in July. If the reporting threshold is met between January through December, the institution must report the information to ED in January of the following calendar year.
Given that the annual $250,000 threshold may be triggered by a combination of gifts and/or contracts from a single foreign source, and that such gifts and/or contracts (or information about those transactions) may be administered by a number of disparate offices or organizations across UWM, each campus department or intermediary organization is required to submit information for all foreign source contracts and gifts received.
Definitions
Agent: Has its plain and ordinary meaning.
Contract: Any agreement for the acquisition by purchase, lease, or barter of property or services by the foreign source, for the direct benefit or use of either of the parties.
Foreign Source: (A) a foreign government, including an agency of a foreign government; (B) a legal entity, governmental or otherwise, created solely under the laws of a foreign state or states; (C) an individual who is not a citizen or a national of the United States or a trust territory or protectorate thereof; and (D) an agent, including a subsidiary or affiliate of a foreign legal entity, acting on behalf of a foreign source.
Gift: Any gift of money or property.
Intermediary: An entity other than an institution that receives a gift originating from a foreign source or enters into a contract with a foreign source that is for the benefit of the institution.
For questions regarding foreign gift and contract reporting contact Accounting Services in UWM Business & Financial Services.