This bill, the Higher Education Oversight for Nonprofits Ensuring Standards and Transparency Act, amends the Internal Revenue Code to establish new procedural safeguards and limitations on the Internal Revenue Service's (IRS) ability to conduct tax inquiries and examinations of universities. It defines "university" broadly to include institutions of higher education and their related organizations, aiming to ensure that IRS actions are initiated only when specific criteria are met and are conducted within defined parameters. Before beginning a university tax inquiry, the Secretary must have a reasonable belief , recorded in writing by a high-level Treasury official, that the university's income may not be excludable, it may not be tax-exempt, or it may be engaged in unrelated taxable activities. The university must also receive a written "inquiry notice" detailing the concerns, general subject matter, and applicable administrative and constitutional provisions, including the right to a conference. A university tax examination can only proceed after an inquiry, with a separate "examination notice" provided at least 15 days in advance to both the university and the IRS Division Counsel. The examination notice must include a copy of the initial inquiry notice, a description of the specific university business records and activities to be examined, and an offer for a conference to discuss and resolve concerns. Examinations are limited to determining tax liability or tax-exempt status, and the IRS Division Counsel can submit an advisory objection. The bill imposes strict time limits, requiring inquiries not followed by an examination to be completed within 90 days, and examinations within two years, with provisions for suspension under specific circumstances. Any adverse determination, such as finding income not excludable or revoking tax-exempt status, requires written approval from the appropriate IRS Division Counsel, who must attest to substantial compliance with the bill's requirements. The statute of limitations for assessing taxes related to income inclusion or revocation of exempt status is generally limited to the three most recent taxable years, or six years in certain cases, and six years for unrelated business income tax. If an inquiry or examination concludes without adverse findings, no other inquiry on the same or similar issues can commence for five years without the Secretary's written approval. The bill also mandates a confidential report to congressional committees within 60 days of initiating an inquiry or examination.