Requiring Education Providers to Observe Requirements or Trigger Fines Act or the REPORT Fines Act This bill modifies the disclosure threshold regarding gifts or contracts from a foreign source that institutions of higher education (IHEs) must report to the Department of Education (ED). The bill also establishes new penalties for failure to report. Under current law, an IHE is required to disclose to ED a gift or contract that is from a foreign source and is valued at $250,000 or more, considered alone or in combination with all other gifts from or contracts with that foreign source within a calendar year. The bill instead requires the IHE to disclose such a gift or contract that is valued at $50,000 or more within a calendar year. In addition, the bill establishes new penalties for IHEs that fail to report to ED. These penalties include written warnings, civil penalties, and ineligibility for federal research funds. Further, the bill establishes accelerated penalties for IHEs that receive funding from certain countries (e.g., China or Russia).