It’s a 501(c)(3) which doesn’t allow the board to spend the proceeds as they wis... | Hacker News

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		tass on Sept 18, 2023 \| parent \| context \| favorite \| on: National Motorcycle Museum Closing Its Doors It’s a 501(c)(3) which doesn’t allow the board to spend the proceeds as they wish. Not an expert here, but from what I’ve read it seems anything left over must go towards charitable purposes.

yial on Sept 18, 2023 [–]

In theory, the funds should go to a nonprofit with a similar mission.

I’m confused at the auction, unless no other museums of motorcycles wanted part of the collection.

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