Potential financial advantage of being designated

  What are the written rules created by the board of directors that govern a corporation? What purposes might make an organization eligible for 501 (c) (3) status? What is the potential financial advantage of being designated 501 (c) (3)? Name a condition imposed on a 501 (c) (3) organization to maintain that status. What penalties can be imposed on a 501 (c) (3) organization if it violates the terms of that status, like promoting a political candidate or not paying income taxes on activities substantially unrelated to its exempt purposes?