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.)
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.
Exhibit: 501(c)3 Corporate Papers
Exhibit: Letter of authorization to operate from the North Carolina Board of Regents.
Exhibit: Articles of Incorporation