Does a 501c (3) have to fundraise or receive donations and grant money to be tax exempt?

No but they may, I would ask how funds are going to be raised without those ? Does it own investments ?

No, it doesn't. I want to raise money to help buy medication for the economically disadvantaged. I realize that drug companies have patient assistance programs, but many people don't know about them, many medications are not covered, and I wanted to provide an additional venue for people. Just learned today that to have a 501c (3) I would be required to have a Board of Directors. Is this correct? I wanted to create a social media informing people about the mission and also provide resource links to patient assistance programs. The only fund raiser I have in mind is a walk-a-thon. Any advice?

Thanks for your reply, by the way. Just discovered this site today.

That you, to have a 501c3 yes you have to have a board of directors, In fact you have to first create a corporation, have Articles of Incorporation, By Laws and a Board of Directors.
Then you send in a request ( forget the form number) to the IRS and if they approve, they will send you a letter of acceptance and then you are a non profit, Some states will require you also file in that state for the non profit at state level.

You should normally have your books aduited each year by a outside firm or company. Do annual filings of taxes for the non profit and renew your corporation each year. You will also have a annual statement.

You may want to team up with an existing one, that will help you in this.

Now some states, such as Georgia, allows you to be all of the members of the board, I don't advise it, since it looks badly to the public.

So why not start a board, start telling people of other resourses, perhaps a chat board about what you are doing and see if you can find others that will join in with you.

One other point - each 501c(3) must also file Form 990 with the IRS each year. As a non-profit the org is tax-exempt and so no taxes are due, but it documents sources and uses of funds and shows you are in compliance with non-profit regulations. More information from the IRS is here: Form 990 Resources and Tools for Exempt Organizations (http://www.irs.gov/charities/article/0,,id=214269,00.html)