This legislation, titled the Combating the Lies of Authoritarians in School Systems Act (CLASS Act), mandates that public elementary and secondary schools receiving Federal financial assistance disclose significant foreign funding or contracts. As a condition of receiving federal aid, schools must report any aggregate funds or contracts exceeding $10,000 from a foreign source. This applies to both funds received and contracts entered into with foreign entities. The disclosure must be submitted to the Secretary of Education within 30 days of receiving the funds or entering the contract. It requires identification of the foreign source's name and country of origin, the amount and any applicable terms or conditions of funds received, or the terms and conditions of any contracts. This measure aims to enhance transparency regarding financial relationships between K-12 schools and foreign entities by requiring detailed reporting.