Littlefield Collection & Auction

[maple_leaf_eh]

Originally Posted by Ed Storey

Anyone with a collection of anything regardless of the size or value will have the problem of finding a home for it after the person who built the collection wants/needs to move it on. ...

And Ed should know. He collects Canadian militaria and webbing.

[Duane Leiker]

I don't know where you come up with a non profit to non profit only asset transfer. This is what I found in the non profit corporate codes and is not verbatim. Do I have the wrong codes???

A non profit does not have to liquidate its assets to another non profit. If the non profit board votes (75%+ shareholders) to auction or sell, it can for the benefit of the non profit. Also, if the non profit files "dissolution", it can liquidate assets in auction or sell assets to anyone or organization to cover debts.

I have seen other non profits auction material off and felt the statement strange. **** I am NOT trying to get into a pis-ing contest or create ill feelings with anyone. **** I felt the statement incorrect and looked it up. This is what I found. Thats all.

[Chuck Anderson]

Sorry if I'm wrong or speaking out of ignorance.

When I started a 501c3 non-profit here in Oregon, the Corporation Division required a 501c3 non-profit corporation upon dissolution, to donate its assets, either cash or hard assets, to another 501c3. Hard assets could be sold (to pretty much anyone) to pay creditors, but none of the of the proceeding cash or other assets were to benefit the directors or officers of the dissolving 501c3.

Perhaps its different now (this was 20 years ago), and/or different in various states and the Fed.

Also, since mine is a Mutual Benefit 501c3 versus a Foundation, perhaps the rules are different in that regard as well.

[Phil Waterman]

Hi All

We maybe getting to technical about non-profits for the purpose of this thread.

When I mention having checked out the Collings Foundation it was meant as reassurance that they are in fact a real non-profit with some strength.

I don't think any of us are questioning the transfer of assets from one non-profit to another. In fact I think we are all saying that it looks like one good Foundation to another.

The whole issue of what museums do and can do with their collections probably deserves a separate thread. It is as pointed out a question us collectors should be aware of.

If anyone would like to know how to actually check out a US non-profit drop me a private message and I'll send you the link and explain a little how to read the material, it is all public information.

Cheers Phil

[matilda IIA]

Auctions America will be conducting the auction of the Littlefield Collection 11/12 JUL 14.

http://www.auctionsamerica.com/event...?SaleCode=LC14

[Mike Cecil]

That's just great! Four days before W&P starts, and right after Duxford! Scratches my attendance....

Mike C

[Robin Craig]

Best part is that the vultures will be there as it is a no reserve auction.

The viewing days will be packed i'm sure

R