Published: Tue, November 21, 2017
World | By Paul Elliott

Trump Foundation shutting down to avoid conflicts of interest

Trump Foundation shutting down to avoid conflicts of interest

In a 2015 tax filing, the foundation acknowledged violating a legal prohibition against a "self-dealing" that bars nonprofit leaders from funneling their charity's money to themselves, their businesses or their families.

President Donald Trump's charitable foundation, which he never donated to, is finally in the process of being shut down.

The documents reveal that the foundation had around $970,000 in assets, according to the report.

New York Attorney General Eric Schneiderman ordered the foundation to stop soliciting contributions in October 2016, and Trump later announced that he meant to dissolve the foundation in order to avoid conflicts of interest, NBC News reported at the time.

Trump Foundation shutting down to avoid conflicts of interest
Trump Foundation shutting down to avoid conflicts of interest

The closing of the charity follows through on a promise made by Trump in December 2016.

However, according to the attorney general's press secretary, Amy Spitalnick, the process is far from over, saying "as the foundation is still under investigation by this office, it can not legally dissolve until that investigation is complete".

"The Foundation looks forward to distributing its remaining assets at the earliest possible time to aid numerous worthy charitable organizations", the spokesperson said in a statement. The Trump Foundation past year admitted violating federal rules against "self-dealing", and Trump said last December he would dissolve the organization to avoid conflicts of interest. The foundation was under investigation during the 2016 United States presidential election after it was discovered that it may have misused its funds, including allegedly using it to settle lawsuits.

A spokesperson for the NY attorney general's office said the foundation can not shut down because it's now under investigation.

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