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Only individuals who are authorized to commit University entrusted funds can 2025

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The document outlines the procurement procedures at Carnegie Mellon University, detailing the policies and tools authorized individuals can use to make purchases on behalf of the institution. It describes various purchasing methods including Procurement Cards, American Express Cards, purchase orders, web ordering, and petty cash. The document emphasizes the importance of competitive bidding for significant purchases, cost analysis requirements, and compliance with federal regulations regarding capital assets. Additionally, it highlights the university's tax-exempt status and the need for proper approvals for financial commitments.

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What institutions are tax-exempt?

Organizations organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, educational, or other specified purposes and that meet certain other requirements are tax exempt under Internal Revenue Code Section 501(c)(3).

Which universities are tax-exempt?

The vast majority of private and public universities and colleges are tax-exempt entities as defined by Internal Revenue Code (IRC) Section 501(c)(3) because of their educational purposes purposes that the Federal government has long recognized as fundamental to fostering the productive and civic capacities of

Is Loyola tax exempt?

Loyola University Chicago is considered a 501(c)(3) organization under the Internal Revenue Code and is exempt from federal income tax as an educational institution.

Are university student organizations tax-exempt?

Recognition by the College does not imply tax-exempt status and student organizations are not allowed to use the Universitys EIN number or non-profit status. Student organizations are independent entities responsible for their own finances and establishing and maintaining their tax status with the IRS.

Is Loyola University tax-exempt?

Federal Tax Exempt Status 501(c)(3) Loyola University Chicago is considered a 501(c)(3) organization under the Internal Revenue Code and is exempt from federal income tax as an educational institution.