Higher Education Community Submits Comments on Foreign Gift Reporting

Last month, the Office of Management and Budget (OMB) denied the Department of Education’s request for expedited implementation of new Section 117 Foreign Gift Reporting.  As a result of OMB’s ruling, the Department issued a revised Information Collection Request, with comments that were due on March 11, and announced that other issues would be considered under the negotiated rulemaking process at a later date.
 
In response to the revised Information Collection Request, NAICU worked with the American Council on Education and others in the higher education community to draft and send comments regarding the reporting of anonymous donors and the definition of “institution,” which corresponds to which related entities must report foreign gifts.  The Department still plans on new reporting starting on July 1.