President Trump is shutting down his charitable foundation, Donald J. Trump Foundation, exactly one year after it admitted to breaking the law by using funds to assist and benefit its leaders and their private businesses, NBC News reported Monday.
“The foundation announced its intent to dissolve and is seeking approval to distribute its remaining funds” to other charities, according to NBC’s review of the Trump Foundation’s 2016 Internal Revenue Service documents that were filed this month and now uploaded to the website of charity watchdog Guidestar.org.
In October 2016, New York’s attorney general Eric Schneiderman ordered the Trump Foundation to stop soliciting contributions.
The Hill added:
The move also comes after the Trump Foundation admitted to “self-dealing” and transferring “income or assets to a disqualified person” on the foundation’s 2015 tax form, which can occur when someone affiliated with the foundation, such as a trustee or attorney, becomes involved in an activity that benefits their own interests instead of the entity’s.
The documents reveal that the foundation had around $970,000 in assets, according to the report.
“The Foundation has done enormous good works over the years in contributing millions of dollars to countless worthy groups, including supporting veterans, law enforcement officers and children,” then-President-elect Trump said in a statement in December.
“However, to avoid even the appearance of any conflict with my role as President I have decided to continue to pursue my strong interest in philanthropy in other ways.”