As most of you know, there is currently a requirement to report all gifts of $250,000+ from foreign sources. There's been confusion regarding the method of reporting these gifts. But, that's a different matter!
The House and Senate have passed similar versions of the Bipartisan Innovation Act that will alter this rule. It will reduce the reporting threshold to $50,000 - impacting many educational institutions that have not previously had to worry!
Once the two chambers have ironed out their differences, President Biden announced last month his intention to sign the legislation into law. Here is an article from Inside Higher Ed published today that provides details and insights:
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