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Trump Foundation Finally Shutting Down After Admitting It Broke 'Self-Dealing' Law

22 November, 2017, 01:08 | Author: Priscilla Morrison
  • Image Laura Perlmutter

President Donald Trump's charitable foundation said in a tax filing that it intends to dissolve, as Trump promised it would last December to avoid conflicts of interest.

Trump Foundation, the president's charitable organization, is reportedly dissolving itself. In it, the foundation announced "its intent to dissolve and is seeking approval to distribute its remaining funds to highly qualified and important section 501 (c)(3) charities".

However, that doesn't actually mean the Trump Foundation is no more. The attorney general's press secretary, Amy Spitalnick, told NBC News that the foundation can't simply close up shop, since it is still under investigation.

The foundation admitted to violating the self-dealing law, in which a nonprofit's leaders, such as Trump or his agents, are prohibited from channeling funds to their businesses, families, or themselves, NBC News said. "The Foundation continues to cooperate with the New York Attorney General's Charities Division, and as previously announced by the President, his advisers are working with the Charities Division to wind up the affairs of the Foundation". "As the foundation is still under investigation by this office, it can not legally dissolve until that investigation is complete", said Spitalnick. The foundation was also ordered to cease fundraising operations in NY due to a failure to register with the Charities Bureau and provide annual financial reports. "When Trump's Mar-a-Lago club racked up $120,000 in fines from the town of Palm Beach, Florida for violating a local ordinance regarding the height of flagpoles, Trump eventually settled the dispute by agreeing to a $100,000 donation to a veterans' charity - and then had his foundation rather than the club pay the tab". The Washington Post reported that the foundation spent $258,000 to settle lawsuits against Trump's for-profit businesses. Trump's most recent personal contribution to the charity came in 2008, when he donated $30,000, tax filings show. During that year's presidential race, the charity made more donations than it had from 2012 through 2015 combined.

A non-profit foundation that includes Steven Roth, the CEO of Vornado Realty Trust, contributed $50,000.


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