The university institution is intuitively called an entity. One would be hard pushed to call it an object.

The term object is used to talk mostly about the physical aspects of something, rather than about the functional of non-physical aspects of it. For such non-physical aspects we generally use the term entity.

In other words, object is used when we want to highlight the static aspect of something, while entity is used to highlight the dynamic aspect of the same thing.

Materialism fails because it sees our highlights matter as a static inert lump. It should be noted matter is never static. Even when it is in what we call a state, it is in this state dynamically. One has to make an effort to be still in time. This is why matter is always matter-in-relation.