Too long and hard to remember, but more accurate.
An agency will not lose its tax-exempt status for criticizing the President. The NAACP officers could criticize President Bush for his stand on education vouchers or no child left behind. Or they can just say they think he is a jerk. Both of those type of statements are protected. What they cannot do is endorse a political candidate -- which Bond and Enfume seem to have clearly done. And that action should result in the NAACP having (1) to pay income taxes on all of its income and (2) everyone and every corporation who donated to them losing their federal income-tax deductions (and for those states who allow state charitable tax deductions based upon the federal deduction those as well).
This is actually an action which should have been taken against the NAACP in the late 1970s.