,,ii #aac? ,,congress #a/ ,session ,s4 #afei ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,novemb] #f1 #bjac,mr4 ,durb9 7= himself & ,mr4 ,h>k97 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,heal?1 ,education1 ,labor1 & ,p5sions ,a ,,bill ,to am5d ! ,high] ,education ,act ( #aife reg>d+ propriet>y in/itutions ( high] education 9 ord] to protect /ud5ts & taxpay]s4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,protect+ ,our ,/ud5ts & ,taxpay]s ,act ( #bjac or ,,po/ ,act ( #bjac4 #b4 #he_/ae rule 7a7 ,9 g5]al ,section #ajb7;b7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajjb7;b77 is am5d$-- 7#a7 9 p>agraph 7#a7-- 7,a7 9 subp>agraph 7,d71 by /rik+ & aft] ! semicolon2 7,b7 9 subp>agraph 7,e71 by /rik+ ! p]iod & ins]t+ 2 &2 & 7,c7 by add+ at ! end ! foll[+3 7,f7 meets ! requirem5ts ( p>agraph 7#b74 2 7#b7 by r$esignat+ p>agraph 7#b7 z p>agraph 7#c72 & 7#c7 by ins]t+ aft] p>agraph 7#a7 ! foll[+3 7#b7 ,rev5ue s\rces 7,a7 ,9 g5]al ,9 ord] to qualify z a propriet>y in/itution ( high] education "u ?is subsection1 an in/itution %all d]ive n less ?an #ae p]c5t ( ! in/itution's rev5ues f s\rces o!r ?an ,f$]al funds1 z calculat$ 9 accordance ) subp>agraphs 7,b7 & 7,c74 7,b7 ,f$]al funds ,9 ?is p>agraph1 ! t]m ,f$]al funds means any ,f$]al f9ancial assi/ance provid$1 "u ?is ,act or any o!r ,f$]al law1 ?r\gh a grant1 contract1 subsidy1 loan1 gu>antee1 insurance1 or o!r means to a propriet>y in/itution1 includ+ ,f$]al f9ancial assi/ance t is disburs$ or deliv]$ to an in/itution or on behalf ( a /ud5t or to a /ud5t to be us$ to att5d ! in/itution1 except t su* t]m %all n include any mon?ly h\s+ /ip5d provid$ "u ! ,po/-#i_/aa ,vet]ans ,educational ,assi/ance ,program "u *apt] #cc ( title #ch1 ,unit$ ,/ates ,code4 7,c7 ,implem5tation ( non-,f$]al rev5ue requirem5t ,9 mak+ calculations "u subp>agraph 7,a71 an in/itution ( high] education %all-- 7i7 use ! ca% basis ( acc\nt+2 7ii7 consid] z rev5ue only ^? funds g5]at$ by ! in/itution f-- 7,i7 tuition1 fees1 & o!r in/itutional *>ges = /ud5ts enroll$ 9 programs eligible = assi/ance "u title ,,iv2 7,,ii7 activities conduct$ by ! in/itution t are necess>y = ! education & tra9+ ( ! in/itution's /ud5ts1 if su* activities are-- 7aa7 conduct$ on campus or at a facility "u ! control ( ! in/itution2 7bb7 p]=m$ "u ! sup]vision ( a memb] ( ! in/itution's faculty2 & 7cc7 requir$ to be p]=m$ by all /ud5ts 9 a specific educational program at ! in/itution2 & 7,,iii7 a contractual arrangem5t ) a ,f$]al ag5cy = ! purpose ( provid+ job tra9+ to l[-income individuals :o are 9 ne$ ( su* tra9+2 7iii7 presume t any ,f$]al funds t are disburs$ or deliv]$ to an in/itution on behalf ( a /ud5t or directly to a /ud5t w be us$ to pay ! /ud5t's tuition1 fees1 or o!r in/itutional *>ges1 reg>dless ( :e!r ! in/itution cr$its su* funds to ! /ud5t's acc\nt or pays su* funds directly to ! /ud5t1 except to ! ext5t t ! /ud5t's tuition1 fees1 or o!r in/itutional *>ges are satisfi$ by-- 7,i7 grant funds provid$ by an outside s\rce t-- 7aa7 has no affiliation ) ! in/itution2 & 7bb7 %>es no employees ) ! in/itution2 & 7,,ii7 in/itutional s*ol>%ips describ$ 9 clause 7v72 7iv7 include no loans made by an in/itution ( high] education z rev5ue to ! s*ool1 except = paym5ts made by /ud5ts on su* loans2 7v7 include a s*ol>%ip provid$ by ! in/itution-- 7,i7 only if ! s*ol>%ip is 9 ! =m ( monet>y aid bas$ ^u ! academic a*ievem5ts or f9ancial ne$ ( /ud5ts1 disburs$ to qualifi$ /ud5t recipi5ts dur+ ea* fiscal ye> f an e/abli%$ re/rict$ acc\nt2 & 7,,ii7 only to ! ext5t t funds 9 t acc\nt repres5t designat$ funds1 or income e>n$ on su* funds1 f an outside s\rce t-- 7aa7 has no affiliation ) ! in/itution2 & 7bb7 %>es no employees ) ! in/itution2 & 7vi7 exclude f rev5ues-- 7,i7 ! am\nt ( funds ! in/itution receiv$ "u "p ,c ( title ,,iv1 unless ! in/itution us$ ^? funds to pay a /ud5t's in/itutional *>ges2 7,,ii7 ! am\nt ( funds ! in/itution receiv$ "u subp>t #d ( "p ,a ( title ,,iv2 7,,iii7 ! am\nt ( funds provid$ by ! in/itution z mat*+ funds = any ,f$]al program2 7,,iv7 ! am\nt ( ,f$]al funds provid$ to ! in/itution to pay in/itutional *>ges = a /ud5t t 7 refund$ or return$2 & 7,v7 ! am\nt *>g$ = books1 supplies1 & equipm5t1 unless ! in/itution includes t am\nt z tuition1 fees1 or o!r in/itutional *>ges4 7,d7 ,report to congress ,n lat] ?an ,july #a1 #bjad1 & by ,july #a ( ea* succe$+ ye>1 ! ,secret>y %all submit to ! au?oriz+ committees a report t conta9s1 = ea* propriet>y in/itution ( high] education t receives assi/ance "u title ,,iv & z provid$ 9 ! audit$ f9ancial /atem5ts submitt$ to ! ,secret>y by ea* in/itution pursuant to ! requirem5ts ( section #dhg7;c7-- 7i7 ! am\nt & p]c5tage ( su* in/itution's rev5ues receiv$ f ,f$]al funds2 & 7ii7 ! am\nt & p]c5tage ( su* in/itution's rev5ues receiv$ f o!r s\rces4 4 7b7 ,repeal ( exi/+ requirem5ts ,section #dhg ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajid7 is am5d$-- 7#a7 9 subsection 7a7-- 7,a7 by /rik+ p>agraph 7#bd72 7,b7 by r$esignat+ p>agraphs 7#be7 ?r\gh 7#bi7 z p>agraphs 7#bd7 ?r\gh 7#bh71 respectively2 7,c7 9 p>agraph 7#bd77;,a77ii7 7z r$esignat$ by subp>agraph 7,b771 by /rik+ subsection 7e7 & ins]t+ subsection 7d72 & 7,d7 9 p>agraph 7#bf7 7z r$esignat$ by subp>agraph 7,b771 by /rik+ subsection 7h7 & ins]t+ subsection 7g72 7#b7 by /rik+ subsection 7d72 7#c7 by r$esignat+ subsections 7e7 ?r\gh 7j7 z subsections 7d7 ?r\gh 7i71 respectively2 7#d7 9 subsection 7f77#a7 7z r$esignat$ by p>agraph 7#c771 by /rik+ subsection 7e77#b7 & ins]t+ subsection 7d77#b72 & 7#e7 9 subsection 7g77#a7 7z r$esignat$ by p>agraph 7#c771 by /rik+ subsection 7a77#bg7 9 ! matt] prec$+ subp>agraph 7,a7 & ins]t+ subsection 7a77#bf74 7c7 ,con=m+ am5dm5ts ,! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajja et seq47 is am5d$-- 7#a7 9 section #aeb 7#bj ,u4,s4,c4 #ajai;a7-- 7,a7 9 subsection 7a77#a77;,a71 by /rik+ subsections 7a77#bg7 & 7h7 ( section #dhg & ins]t+ subsections 7a77#bf7 & 7g7 ( section #dhg2 & 7,b7 9 subsection 7b77#a77;,b77i77,i71 by /rik+ section #dhg7;e7 & ins]t+ section #dhg7;d72 7#b7 9 section #aec7;c77#c7 7#bj ,u4,s4,c4 #ajai;b7c77#c771 by /rik+ section #dhg7;a77#be7 ea* place ! t]m appe>s & ins]t+ section #dhg7;a77#bd72 7#c7 9 section #dif7;c77#c77;,a7 7#bj ,u4,s4,c4 #ajii;b7c77#c77;,a771 by /rik+ section #dhg7;f7 & ins]t+ section #dhg7;e72 & 7#d7 9 section #dih7k77#a7 7#bj ,u4,s4,c4 #ajii;c7k77#a771 by /rik+ section #dhg7;f7 & ins]t+ section #dhg7;e74