29 Dec
2005
29 Dec
'05
7:04 p.m.
Additionally, it may be helpful to form a 501(c)3 as
the entity
through which you manage your collection if you're going to go to the
whole trouble of purchasing land or creating structures to house it.
That changes the tax situation dramatically and suddenly you can apply
for grants from places like the Bill & Melinda Gates Foundation for
historic preservation funds :-).
The tax situation also changes drastically with the IRS men at your
door. Turning a personal collection into an 501c3 is just begging for an
audit.
William Donzelli
aw288 at osfn.org