Unable to set up Find My Iphone

I have been having trouble setting up Find My Iphone on my iPhone 4. Ive set up the account, and have clicked the button to set up find my iphone in settings. (Curiously, once it was clicked on, Im unable to click it off - it reverts back to on each time). When I log into the Find My iPhone app, as well as my account on me.com, both say that there are not devices registered.
The only thing I can think of is that I work at a university, and have an exchange account associated with my phone. Ive had to sign a contract with the institution saying that if I ever lose my phone, I must notify them, and they have permission to remotely wipe the device. Is there any reason why that would interfere with the Find My iPhone functionality?
iPhone 4 iOS 4