; and (B) be subject to the applicable fines described in paragraph (4). (4) Fines for violations The Secretary shall impose a fine on an institution that knowingly or willfully fails to comply with a requirement of a section listed in paragraph (1) as follows: (A) Section 117 (i) First-time violations In the case of an institution that knowingly or willfully fails to comply with a requirement of section 117 with respect to a calendar year, and that has not previously knowingly or willfully failed to comply with such a requirement, the Secretary shall impose a fine on the institution for such violation as follows: (I) In the case of an institution that knowingly or willfully fails to comply with a reporting requirement under subsection (a)(1) of section 117, such fine shall be in an amount that is— (aa) not less than $50,000 but not more than the monetary value of the gift from, or contract with, the foreign source