To require audits of institutions with respect to disclosures of foreign gifts, and for other purposes.

HR 3284 requires the U.S. Department of Education to conduct biennial audits of at least 30 colleges and universities to verify their reporting of foreign gifts and contracts, prioritizing institutions with large endowments, a history of foreign ties, or past noncompliance. Audits will check compliance for the prior two years and, if violations are found, detail underreported/overreported amounts, foreign sources, and countries involved. The bill also imposes a 300% tax on income from "foreign countries of concern" for qualifying institutions and an 110% tax on unreported foreign funding, due within 180 days of audit notification. These provisions aim to increase transparency in foreign financial relationships with U.S. higher education institutions.