5.1 Institution has legal authorization to operate from the government of the state in which it is located and has filed a copy of the authorization with TRACS.
a. Complies with all federal regulations and state regulations of the state in which it is located. (If a Federal or State requirement conflicts with a TRACS Standard, the institution will be deemed to be in compliance with the TRACS Standard as long as it is in compliance with the government requirement.)
Compliance:
The Institution is legally incorporated in the State of North Carolina as a not-for-profit corporation, and it is recognized by the Internal Revenue Service as a 501(c)3 organization, which means the Institution is tax exempt and contributions from donors are tax deductible.
Documentation:
Exhibit: 501(c)3 Corporate Papers
Exhibit: Letter of authorization to operate from the North Carolina Board of Regents.