ASU is one of three institutions in the Arizona University System governed by the Arizona Board of Regents. The Board of Regents was established pursuant to Article 11, Section 5 of the Arizona Constitution, and derives its powers, including the power to contract, from state statute, A.R.S. Section 15-1625. The authority for ASU to enter into binding contractual relationships in the Regents' name is derived from the Arizona Board of Regents Policy Manual, and more specifically Section 3-103.