Iowa State University of Science and Technology, as an agency of the State of Iowa, is a federally tax-exempt organization under Internal Revenue Code Section 115, which exempts income derived from the exercise of any essential governmental functions. The IRS has recognized that education is an essential governmental function. (Rev. Ruling 75-436).
Use of the University’s tax identification number and/or the use of the name “Iowa State University” is expressly limited. Legal rights to the use of the name have been granted by the Board of Regents, but have been limited to certain affiliated organizations including Iowa State University Foundation, Iowa State University Alumni Association, and Iowa State University Research Park.
The Tax Office cannot give advice regarding individual income tax situations for students or University faculty or staff.