<p><strong>No Subsidies for Wealthy Universities Act</strong></p><p>This bill limits the indirect costs that are allowable under federal research awards to institutions of higher education (IHEs) with endowments above specified thresholds.&nbsp;(Generally, indirect costs represent expenses that are not specific to a research project but are needed to maintain the infrastructure and administrative support for federally funded research.)</p><p>Specifically, the National Center for Education Statistics (NCES) must annually collect information regarding the endowments of each IHE that has entered into a program participation agreement with the Department of Education.</p><p>With this collected information,&nbsp;NCES must identify and make lists of (1) each IHE with an endowment of more than $5 billion, and (2) each IHE with an endowment of more than $2 billion (but not more than $5 billion).

NCES must submit these lists to the Office of Management and Budget, which must then distribute the lists to federal agencies, Congress, and the public.</p><p>The bill establishes the following limits on the indirect costs allowable under federal research awards:</p><ul><li>for an IHE with an endowment of more than $5 billion,&nbsp;the IHE is prohibited from using these awards for indirect costs;</li><li>for an IHE with an endowment of more than $2 billion (but not more than $5 billion),&nbsp;the IHE is limited to&nbsp;an indirect cost rate of 8%; and</li><li>for all other IHEs, an&nbsp;indirect cost rate of 15%.</li></ul><p>The Government Accountability Office must annually report to Congress on indirect cost reimbursement on federal research awards for IHEs.</p>