Establishes Federal research award reimbursement limits for indirect costs for institutions of higher education.
Defines terms such as agency, direct cost, endowment fund, Federal research award, indirect cost, indirect cost rate, and institution of higher education.
Requires the Commissioner for Education Statistics to annually collect and submit information on the value of endowment funds of institutions of higher education.
Prohibits agencies from allowing Federal research award funds to be used for indirect costs for institutions with endowment funds valued at more than $5 billion.
Sets an indirect cost rate limit of not more than 8 percent for institutions with endowment funds valued between $2 billion and $5 billion.
Establishes an indirect cost rate limit of not more than 15 percent for institutions not identified in the above categories.
Amends the Higher Education Act of 1965 to require institutions to annually provide endowment fund information.
Mandates the Comptroller General of the United States to submit an annual report to Congress on indirect costs reimbursed under Federal research awards, including amounts used for administrative staff compensation and for diversity, equity, and inclusion efforts.
Identifies research fields with the highest levels of funding from Federal research awards and the agencies and institutions that receive the most funding.
Specifies that the Act takes effect one year after enactment and applies to Federal research awards made on or after that date.