NEW YORK—American universities failed to report $6.5 billion in foreign gifts and contracts, an investigation by the Department of Education found.
Federal law requires schools to disclose substantial foreign gifts and contracts to the Department of Education (DOE) twice a year. Many have for years failed to do so, while others severely underreported the income. The deluge of the financial disclosures poured in as the department opened investigations into 12 elite universities.
