Littlefield Collection & Auction

[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

[daninnm]

They must distribute assets to other 501C3 orgs or charities but they can sell assets during the liquidation to whomever they wish and at whatever (wink wink) price the board sets. Collings foundation is OK...but sure wish they would,have put those vehicles in a museum in the MIDWEST for greater accessability.....Taxechusetts sure is not the right place with the anti-gun attitudes. Don't think they can even have DDs there and lots of Jacques stuff was live.

Heard that the 'sell' vehicles are being given 'cosmetic' restorations to drive up the price...not the restoration that his team would have done.

Lots of speculation about prices....most of the good US armor is going east....anyone want a Scub missle & carrier. Kool on some levels but what historic interest does it have in the USA? Brit stuff may go well - Canadians and UKers will want that stuff.... German stuff will all go east. The prices on the few vehicles that are marked with ranges for private treaty sales are inflated in some instances and low in others....for instance, the Grant at $350K is high since there is another for sales for $275K in the states....

To raise $10,000,000 from the 106 vehicles they now say they are selling (not the number is not 160)....the auction website talks about 106 or 108 that's about $100k each.....CHEAP...some things will be very cheap; others - who knows? Europe is not loaded with free cash...second dip of their recession is undeerway; here? Guess the Texans and North Dakotans can be buyers!!! That's where all the dough is!

I'm going as a spectator!!!!!!!!!!!!!!!!!!!!!