; and (D) any recommendations for Congress to consider regarding the scope or procedures described in this section or the amendments made by subsection (a). 530. Disclosures of foreign gifts and contracts at institutions of higher education (a) Disclosures of foreign gifts Section 117 of the Higher Education Act of 1965 ( 20 U.S.C. 1011f ) is amended to read as follows: 117. Disclosures of foreign gifts and agreements (a) Disclosure reports (1) Aggregate gifts and contract disclosures An institution shall file a disclosure report described in subsection (b) with the Secretary and the Secretary of the Treasury (in the capacity of the Secretary as the chairperson of the Committee on Foreign Investment in the United States under section 721(k)(3) of the Defense Production Act of 1950 ( 50 U.S.C. 4565(k)(3) )) not later than March 31 immediately following any calendar year in which the institution receives a gift from, or enters into a contract with, a foreign source, the value of which is $50,000 or more, considered alone or in combination with all other gifts from, or contracts with, that foreign source within the calendar year. (2) Disclosure of contracts with undetermined monetary value An institution shall file a disclosure report described in subsection (b) with the Secretary and the Secretary of the Treasury (in the capacity of the Secretary as the chairperson of the Committee on Foreign Investment in the United States under section 721(k)(3) of the Defense Production Act of 1950 ( 50 U.S.C. 4565(k)(3) )) not later than March 31 immediately following any calendar year in which the institution enters into a contract with a foreign source that has an undetermined monetary value. (3) Foreign source ownership or control disclosures In the case of an institution that is owned or controlled by a foreign source, the institution shall file a disclosure report described in subsection (b) with the Secretary and the Secretary of the Treasury (in the capacity of the Secretary as the chairperson of the Committee on Foreign