In accordance with G.S. 105-164.13(34), sales of items by a nonprofit civic, charitable, educational, scientific, or literary organization are exempt from tax when the net proceeds of the sales will be given or contributed to the State of North Carolina, or to one or more nonprofit charitable organizations, one of whose purpose is to serve as a conduit through which such net proceeds will flow to the State or to one or more of its agencies.
This statute exempts the university-related foundations, but does not exempt the Alumni Association.
Read more:
NC Department of Revenue, State Taxation and Nonprofit Organizations