This bill requires the Department of Education to conduct audits of colleges and universities every two years to ensure they properly report foreign gifts and contracts, with the first audit due within 60 days of enactment. The audits will focus on institutions with the largest endowments, those with histories of foreign donations, previously noncompliant schools, and institutions that partner with federal agencies. When institutions are found to have underreported or overreported foreign funding, the Secretary of Education must report the findings to Congress and post them publicly within 30 days. Additionally, the bill imposes new federal excise taxes on colleges: a 300 percent tax on income from "foreign countries of concern" (primarily China, Russia, Iran, and North Korea) and a 110 percent tax on any unreported foreign funding discovered during audits, with the taxes due within 180 days of audit notification. These provisions apply to colleges and universities with at least 500 tuition-paying students, with more than half located in the United States, and take effect 60 days after the bill is enacted.