Donald Trump to shut down his charitable foundation: reports
This file photo taken on November 20, 2017 shows US President Donald Trump speaking during a Cabinet meeting in the Cabinet Room of the White House in Washington, DC. He will dissolve his charitable foundation, which acknowledged breaking federal rules. PHOTO | SAUL LOEB | AFP
What you need to know:
- President Donald Trump vowed to shutter the organisation to avoid any conflicts of interest, after it was found to have made a political contribution, settled legal conflicts, purchased a large portrait of the president and engaged in other questionable practices.
- In a 2015 tax filing, the foundation acknowledged violating a legal prohibition against a "self-dealing" that bars non-profit leaders from funnelling their charity's money to themselves, their businesses or their families.
- The case, dating back to 2010, involved Trump using money from the charity to settle a lawsuit.
WASHINGTON, DC
President Donald Trump will dissolve his charitable foundation — which acknowledged breaking federal rules on "self-dealing" last year — once an investigation concludes, US media reported on Monday.
In December, Trump vowed to shutter the organisation to avoid any conflicts of interest, after it was found to have made a political contribution, settled legal conflicts, purchased a large portrait of the president and engaged in other questionable practices.
LAWSUIT
In a new tax filing, the foundation announced its intent to close down, and is seeking approval to distribute the funds remaining in its coffers, NBC News reported.
The Washington Post said one of Trump's golf courses repaid more than $158,000 to the foundation for funds used to settle a lawsuit against the club.
The foundation, with assets of under $1 million, "looks forward to distributing its remaining assets at the earliest possible time to aid numerous worthy charitable organisations," a spokesman told NBC News.
INVESTIGATION
The move will come once the New York attorney general's charities division wraps up its probe.
In a 2015 tax filing, the foundation acknowledged violating a legal prohibition against a "self-dealing" that bars non-profit leaders from funnelling their charity's money to themselves, their businesses or their families.
The case, dating back to 2010, involved Trump using money from the charity to settle a lawsuit filed by a man unable to claim a million-dollar golf prize.
