This bill amends the Higher Education Act of 1965 to significantly enhance oversight of foreign financial contributions to U.S. colleges and universities. It mandates that the Secretary of Education conduct biennial audits of at least 30 institutions to assess their compliance with existing foreign gift reporting requirements. These audits will prioritize institutions with large endowments, a history of substantial foreign gifts or contracts, previous non-compliance, or contributions from designated "foreign entities of concern." The audits will specifically determine compliance for the two prior reporting years and detail any under- or over-reported foreign gifts, including the source, country of origin, and dates. Furthermore, the legislation introduces new excise taxes under the Internal Revenue Code to penalize non-compliance and discourage certain foreign funding. A new Section 4969 imposes a substantial 300 percent excise tax on income received by "applicable institutions" from "foreign countries of concern," defined as eligible educational institutions with at least 500 U.S.-based tuition-paying students. Additionally, Section 4970 establishes a 110 percent excise tax on "unreported foreign funding" identified through the mandated audits, applying to any gift or contract not properly disclosed. If this unreported funding originates from a "foreign country of concern," the 110 percent tax is applied in addition to the 300 percent tax, creating a significant financial disincentive. These new excise taxes will apply to taxable years beginning 60 days after the bill's enactment.