The University's Exempt Status
The Internal Revenue Service has ruled, at the request of the University, that the Regents of the University of Minnesota (University) is an “integral part” of the State of Minnesota for federal tax purposes. As such, the University is exempt from federal income tax, except the tax on unrelated business income.
The Tax Management Office has several helpful resources for explaining and substantiating the University's tax status:
Letter from the IRS (pdf) - copy of a letter from the IRS confirming our tax status
Since the University is an "integral part" of the State of Minnesota, we do not have a Form 990 filing requirement.