Media Matters DOT org

So how is it that Media Matters dot org is registered as a 501 C (3) not for profit, yet they by their very nature defy the IRS’s definition almost to the “t”?

IRS Definition:  “To be tax-exempt under section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for purposes set forth in section 501(c)(3), and none of its earnings may inure to any private shareholder or individual.  In addition, it may not attempt to influence legislation as a substantial part of its activities and it may not participate in any campaign activity for or against political candidates.

Their “About us” page says:

Media Matters for America is a Web-based, not-for-profit, 501(c)(3) progressive research and information center dedicated to comprehensively monitoring, analyzing, and correcting conservative misinformation in the U.S. media.

Launched in May 2004, Media Matters for America put in place, for the first time, the means to systematically monitor a cross section of print, broadcast, cable, radio, and Internet media outlets for conservative misinformation — news or commentary that is not accurate, reliable, or credible and that forwards the conservative agenda — every day, in real time.

Using the website www.mediamatters.org as the principal vehicle for disseminating research and information, Media Matters posts rapid-response items as well as longer research and analytic reports documenting conservative misinformation throughout the media. Additionally, Media Matters works daily to notify activists, journalists, pundits, and the general public about instances of misinformation, providing them with the resources to rebut false claims and to take direct action against offending media institutions.

What the hell ?

If what they are doing  by “disseminating conservative misinformation” is not an “attempt to influence legislation” and “participate in campaign activity for or against political candidates” then I don’t know what is.

Why hasn’t anyone challenged their not for profit status?