Endowment Transparency Act

Hozzl · 2023-12-15T15:59:59Z

Explore the details of House Bill 4405 Endowment Transparency Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Education. Stay informed on legislative developments.

12/15/2023, 3:59 PM

Summary of Bill HR 4405

Bill 118 hr 4405, also known as the Endowment Transparency Act, is a piece of legislation introduced in the US Congress. The main purpose of this bill is to increase transparency and accountability in the management of endowment funds held by educational institutions.

The bill requires educational institutions with endowment funds exceeding $1 billion to disclose detailed information about their endowment investments, spending, and management practices. This information must be made publicly available on the institution's website in a clear and accessible format.

Additionally, the bill mandates that educational institutions report on the use of endowment funds for purposes other than the intended mission of the institution. This includes any spending on non-academic activities or administrative expenses. The Endowment Transparency Act aims to ensure that endowment funds are being used in a responsible and efficient manner to support the educational mission of the institution. By increasing transparency and accountability, the bill seeks to protect the interests of students, donors, and the public. Overall, the Endowment Transparency Act is a significant piece of legislation that seeks to promote good governance and financial stewardship in the management of endowment funds by educational institutions.

Congressional Summary of HR 4405

Endowment Transparency Act

This bill requires certain actions regarding institutions of higher education (IHEs) and the management of their assets.

Specifically, the bill requires the Department of Education to annually update the College Navigator website with information on the assets of IHEs, including information about investments with minority- or women-owned firms.

The bill also requires the Minority Business Development Agency to (1) report on recommended changes for substantially increasing the use of minority- or women-owned firms in the investment and bond transactions of IHEs, and (2) convene a conference every two years.

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Current Status of Bill HR 4405

Bill HR 4405 is currently in the status of Bill Introduced since June 30, 2023. Bill HR 4405 was introduced during Congress 118 and was introduced to the House on June 30, 2023. Bill HR 4405's most recent activity was Referred to the Committee on Financial Services, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. as of June 30, 2023