University Governance and Organization
Stanford University is a trust with corporate powers under the laws of the State of California. The University is a tax-exempt entity under section 501(c)3 of the Internal Revenue Code. Under the provisions of the Founding Grant, the Board of Trustees (with a maximum membership of 35) is custodian of the endowment and all the properties of Stanford University. The board administers the invested funds, sets the annual budget and determines policies for operation and control of the university. Among the powers given to the trustees by the Founding Grant is the power to appoint a president. The board delegates broad authority to the president to operate the university and to the faculty on certain academic matters. The formal legal name is "The Board of Trustees of the Leland Stanford Junior University."
Stanford University is accredited by the Accrediting Commission of Senior Colleges and Universities of the Western Association of Schools and Colleges.