Housing collections (was: other Utah collectors?)

[Richard]

In article <Pine.SUN.4.20.0512292202570.12524-100000 at osfn.org>,
    William Donzelli <aw288 at osfn.org>  writes:

> > 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.

Not if you're going to the trouble of purchasing/building a structure
for public exhibition as a museum.

Of course, at that point its not really your "personal" collection
anymore.

You also can't form a 501(c)3 corporation by yourself.

Yes, forming a non-profit to hide the expenses of the collection in
your basement is probably not going to pass the inspection of an
audit.
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