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A 2019 report showed that $6.5 billion in foreign gifts to U.S. institutions were not reported. To hold colleges and universities accountable and ensure that their reporting is full, accurate, and transparent, the Department of Education enforces Section 117 of the Higher Education, which requires colleges to report all gifts and contracts involving foreign sources worth $250,000 or more.

Elite universities in the United States and the United Kingdom have been investing endowment funds offshore in order to pay little or no tax, according to details revealed in the so-called Paradise Papers. According to the student run Fossil Free Pitt Coalition “We are concerned about the lack of transparency, as two-thirds of the endowment is just a mystery to us. We are suspicious about where that huge segment of the endowment is going.” An emeritus professor in accounting at the University of Essex, told the newspaper that UK universities should be more transparent about their investment decisions, since they are public institutions that receive public money, including from the European Union.