Section 117 of the Higher Education Act of 1965 (HEA), as amended, requires certain institutions to submit to the US Department of Education disclosure reports containing information about gifts received from any foreign source, contracts with a foreign entity, and any ownership interests in or control over the institution by a foreign entity.
The Arkansas state law entitled Transparency in Foreign Investment Act, AR Code Ann Section 6-60-1201, imposes certain requirements on all foreign contracts entered into by Arkansas educational institutions and also requires reporting to Department of Finance & Administration and to the Department of Public Safety of foreign contracts/gifts.
For additional information and requirements, see the International Compliance and Export Management Guide.