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Who is eligible for 501(c)(3) status?
There are three key components for an organization to be exempt from federal income tax under section 501(c)(3) of the IRC. A not-for-profit (i.e., nonprofit) organization must be organized and operated exclusively for one or more exempt purposes.

organized—A 501(c)(3) organization must be organized as a corporation, trust, or unincorporated association. An organization’s organizing documents

(articles of incorporation, trust documents, articles of association) must: limit its purposes to those described in section 501(c)(3) of the IRC; not expressly permit activities that do not further its exempt purpose(s), i.e., unrelated activities; and permanently dedicate its assets to exempt purposes.
operated—Because a substantial portion of an organization’s activities must further its exempt purpose(s), certain other activities are prohibited or restricted including, but not limited to, the following
activities. A 501(c)(3) organization:

must absolutely refrain from participating in the political campaigns of candidates for local, state, or federal office n must restrict its lobbying activities to an insubstantial
part of its total activities n must ensure that its earnings do not inure to the benefit of any private shareholder or individual

must not operate for the benefit of private interests such as those of its founder, the founder’s family,
its shareholders or persons controlled by such interests n must not operate for the primary purpose of conducting a trade or business that is not related to its exempt purpose, such as a school’s operation of a factory

may not have purposes or activities that are illegal or violate fundamental public policy
exempt purpose—To be tax exempt, an organization
must have one or more exempt purposes, stated in its organizing document. Section 501(c)(3) of the IRC lists the following exempt purposes: charitable, educational, religious, scientific, literary, fostering national or international sports competition,
preventing cruelty to children or animals, and testing for public safety.
501(c3)

501(c)(3) Organizations
The most common types of 501(c)(3) organizations are charitable, educational, and religious.

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ORIGINAL: GoodME_II
we glorify God and praise Jesus with our feats of mastery and dominion over the physical and material sciences in the design and build of products and machinery.

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ORIGINAL: LCannon

Howard Hughes tried that and the IRS still levied against and penalized him and had to sell his 'Medical Institute'(which was actually a tax dodge)to GE. HHMI is now the largest endowment outside Bill Gate's Foundation(Take that, Howard!). On the other hand, LeTourneau University is a direct outgrowth of Letourneau Technlogies, R. G. LeTourneau's vision(http://www.letourneau-inc.com/about/RG_bio.htm), used his heavy equipment and manufacture as a way to serve God not as a way to dodge taxes.

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http://www.letourneau-inc.com/about/RG_bio.htm