SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Standardization of Collegiate 
Oversight of Revenues and Expenditures Act'' or ``SCORE Act''.

SEC. 2. REPORTING BY INSTITUTIONS OF HIGHER EDUCATION ON ATHLETIC 
              REVENUE AND EXPENSES.

    Section 485(g) of the Higher Education Act of 1965 (20 U.S.C. 
1092(g)) is amended--
            (1) in paragraph (1), by adding at the end the following:
                    ``(K) The amount of revenue generated by each of 
                the following categories, disaggregated by each sports 
                team, if applicable:
                            ``(i) Ticket sales.
                            ``(ii) Student fees.
                            ``(iii) Distributions from any other 
                        intercollegiate athletic association, 
                        conference, or tournament.
                            ``(iv) Appearance guarantees and options.
                            ``(v) Contributions from alumni and others.
                            ``(vi) Compensation and benefits provided 
                        by third-party support.
                            ``(vii) Concessions, programs, novelties, 
                        and parking.
                            ``(viii) Broadcast and media rights, 
                        reported separately for television, radio, 
                        internet, and print.
                            ``(ix) Royalties, advertising, and 
                        sponsorship.
                            ``(x) Sports camps.
                            ``(xi) Endowment and investment income, 
                        reported separately for each source of such 
                        income.
                            ``(xii) Direct institutional support.
                            ``(xiii) Indirect institutional support for 
                        facilities, services, and administrative 
                        support.
                            ``(xiv) Direct government support, reported 
                        separately by State government, local 
                        government, Federal Government.
                    ``(L) The expenses attributable to each of the 
                following categories, disaggregated by each sports 
                team, as applicable:
                            ``(i) Grants-in-aid.
                            ``(ii) Guarantees and options.
                            ``(iii) Total salaries and benefits, and 
                        salaries and benefits paid by the institution 
                        and by third parties, respectively, to head 
                        coaches, to assistant coaches, and for 
                        administrative salaries.
                            ``(iv) Severance pay.
                            ``(v) Team travel.
                            ``(vi) Recruiting.
                            ``(vii) Equipment, uniforms, and supplies.
                            ``(viii) Fundraising.
                            ``(ix) Marketing and promotion.
                            ``(x) Game expenses.
                            ``(xi) Medical.
                            ``(xii) Membership dues.
                            ``(xiii) Sports camps.
                            ``(xiv) Spirit groups.
                            ``(xv) Transfers to the institution.
                            ``(xvi) Debt service payments.
                            ``(xvii) Athletic facility maintenance and 
                        rental.
                            ``(xviii) Indirect facilities and 
                        administrative support.
                            ``(xix) Education and general expenses of 
                        the institution--
                                    ``(I) including instruction, 
                                research, public service, academic 
                                support, student services, 
                                instructional support, and scholarships 
                                and fellowships; and
                                    ``(II) which do not include 
                                expenses with respect to auxiliary 
                                enterprises, hospitals, or independent 
                                operations.'';
            (2) in paragraph (5)--
                    (A) by striking ``the term'' and inserting the 
                following:
                    ``(A) the term'';
                    (B) by striking the period at the end inserting ``; 
                and''; and
                    (C) by adding at the end the following:
                    ``(B) the terms listed in each of the categories 
                under subparagraphs (K) through (L) of paragraph (1) 
                shall be defined by the Secretary by regulation, 
                developed in consultation with the Secretary of the 
                Treasury and the task force described in paragraph 
                (6)(A), and such definitions shall be updated in 
                accordance with paragraph (6)(B).''; and
            (3) by adding at the end the following:
            ``(6) Task force; definition updates.--
                    ``(A) Task force.--The Secretary shall appoint a 
                task force of nonprofit and higher education accounting 
                experts, professionals, and organizations representing 
                each of the following:
                            ``(i) Institutions of higher education that 
                        are members of division I of National 
                        Collegiate Athletic Association.
                            ``(ii) Institutions of higher education 
                        that are members of division II of National 
                        Collegiate Athletic Association.
                            ``(iii) Institutions of higher education 
                        that are members of division III of National 
                        Collegiate Athletic Association.
                    ``(B) Updating definitions.--The Secretary, on a 
                biannual basis and in consultation with the task force 
                described in subparagraph (A), shall review each 
                definition under paragraph (5)(B) and, if necessary, 
                update such definition in accordance with generally 
                accepted accounting principles or significant changes 
                in the national system of intercollegiate athletics.
            ``(7) Special rule.--An institution of higher education 
        that submits the information described in subparagraphs (K) 
        through (L) of paragraph (1) to an intercollegiate athletic 
        association for an academic year, and such information is 
        verified by an independent audit and certified by chancellor of 
        the institution, may, in lieu of submitting such information 
        under paragraph (1), request such association to directly 
        submit such information to the Secretary on behalf of the 
        institution for such academic year.''.

SEC. 3. PROGRAM REQUIREMENTS.

    Section 487(a) of the Higher Education Act of 1965 (20 U.S.C. 
1094(a)) is amended by adding at the end the following:
            ``(30)(A) An institution will not be a member of any 
        intercollegiate athletic association or participate in any 
        national intercollegiate athletics competition organized by any 
        person, unless such association or person reports, on an annual 
        basis, to the Secretary the following, disaggregated by sport, 
        athletic event, or contract, as applicable:
                            ``(i) Total generated revenue and amount of 
                        revenue generated by each of the following 
                        categories:
                                    ``(I) Total ticket sales.
                                    ``(II) Distributions from other 
                                intercollegiate athletic organization 
                                or person.
                                    ``(III) Cash contributions.
                                    ``(IV) Dues and other assessments 
                                from member institutions of higher 
                                education.
                                    ``(V) Third-party support.
                                    ``(VI) Merchandise.
                                    ``(VII) Concessions, programs, and 
                                novelties.
                                    ``(VIII) Broadcast and media 
                                rights, reported separately for 
                                television, radio, internet, and print.
                                    ``(IX) Endowment and investment 
                                income, reported separately for each 
                                source of such income.
                                    ``(X) Other corporate sponsorship.
                                    ``(XI) Royalties, advertising, and 
                                sponsorship.
                                    ``(XII) Net assets.
                                    ``(XIII) Direct government support, 
                                reported separately by State 
                                government, local government, or 
                                Federal Government.
                                    ``(XIV) Any other category 
                                determined appropriate by the 
                                Secretary.
                            ``(ii) Amount of expenses attributable to 
                        each of the following categories:
                                    ``(I) Disbursements to institutions 
                                of higher educations, athletic 
                                conferences, or other persons.
                                    ``(II) Salaries and benefits.
                                    ``(III) Severance pay.
                                    ``(IV) Equipment, uniforms, and 
                                supplies.
                                    ``(V) Fundraising.
                                    ``(VI) Marketing and promotion.
                                    ``(VII) Game expenses.
                                    ``(VIII) Medical.
                                    ``(IX) Facility construction.
                                    ``(X) Facility maintenance and 
                                rental.
                                    ``(XI) Capital investment.
                                    ``(XII) Debt service payments.
                                    ``(XIII) Charitable donations.
                                    ``(XIV) Any other category 
                                determined appropriate by the 
                                Secretary.
                            ``(iii) Executive compensation schedules.
                    ``(B) The Secretary shall--
                            ``(i) define by regulation, developed in 
                        consultation with the Secretary of the Treasury 
                        and the task force described in section 
                        485(g)(6)(A), the terms listed in each of the 
                        categories under subparagraphs (A); and
                            ``(ii) on a biannual basis and in 
                        consultation with such task force, review each 
                        definition under clause (i) and, if necessary, 
                        update such definition in accordance with 
                        generally accepted accounting principles or 
                        significant changes in the national system of 
                        intercollegiate athletics.''.
Output: Standardization of Collegiate Oversight of Revenues and Expenditures Act or the SCORE Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require each coeducational institution of higher education (IHE) that is participating in a title IV program and has an intercollegiate athletic program to include in its annual report on its intercollegiate athletic program: (1) the amount of revenue generated by each item on a list of categorized sources, disaggregated by each sports team; and (2) the expenses attributable to each item on a list of categorized activities or obligations, disaggregated by each sports team. Prohibits an IHE from being a member of any intercollegiate athletic association or participating in any national intercollegiate athletics competition organized by any person, unless such association or person annually reports and disaggregates by sport, athletic event, or contract, as applicable: (1) the total generated revenue and amount of revenue generated by each item on a list of categorized sources, (2) the amount of expenses attributable to each item on a list of categorized activities or obligations, and (3) executive compensation schedules. Directs the Secretary of Education to: (1) define the categories of information that must be reported pursuant to this Act; and (2) biannually review and, as necessary, update each definition in accordance with generally accepted accounting principles or significant changes in the national system of intercollegiate athletics.  Directs the Secretary to appoint a task force, made up of representatives from division I, II, and III schools in the National Collegiate Athletic Association (NCAA), with which the Secretary is to consult in defining or redefining each category.