S. 2034 authorizes the International Boundary and Water Commission to accept money from federal and non-federal sources—such as grants or funding agreements—to pay for wastewater treatment, water conservation, and flood control projects along the U.S.-Mexico border. Any funds accepted will be deposited into a Treasury account dedicated to the Commission and used to study, design, build, operate, or maintain these water-related works. The bill includes safeguards: the Commission cannot reimburse non-federal entities more than $5 million per fiscal year for their contributions, and cannot accept funds from foreign entities classified as "countries of concern" or any organization with agreements with such countries. The Commission must file an annual report to Congress detailing what activities were funded and their associated costs, ensuring transparency and accountability in how the money is spent.