World News

President Trump's controversial foundation is finally shutting down

President Trump's controversial foundation is finally shutting down

President Donald Trump's charity, which Trump promised to close last December after the foundation admitted it had violated rules on so-called "self-dealing", is in the process of dissolving, according to federal filings.

But Amy Spitalnick, a spokeswoman for Attorney General Eric Schneiderman, pointed out that the foundation can't do much until her office has concluded its investigation.

A 2016 tax return posted on the nonprofit monitoring website GuideStar shows that the Donald J. Trump Foundation gave away $3.1 million, more than it did in the prior three years combined.

News reports that newly filed documents show that the Donald J. Trump Foundation is in the process of dissolving.

President Donald Trump is finally closing his charity organization, but he can't quite wrap it up just yet. New York's attorney general ordered the foundation to stop soliciting contributions in October 2016. A disqualified person could be Trump - the foundation's president - or a member of his family or a Trump-owned business, The Post reported.

More news: Are Investors Shying Away from The Walt Disney Company (NYSE:DIS)?

"To avoid even the appearance of any conflict with my role as President I have chose to continue to pursue my strong interest in philanthropy in other ways", Trump said a month before his inauguration. For 2016, the foundation checked no.

New York Attorney General Eric Schneiderman launched an investigation into the foundation previous year after reports that Trump used the charity to settle lawsuits, made an illegal $25,000 political contribution to a group supporting Florida's attorney general, and purchased items such as a painting of himself that was displayed at one of his properties. He ordered that the foundation stop fundraising late a year ago.

Ivanka Trump, the president's daughter, donated $100,000 to the foundation.

Billionaire casino mogul Phil Ruffin, 82, also donated $1 million.


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