The Trump Foundation Is Shutting Down To Prevent Any Conflicts Of Interest

The Trump Foundation Is Shutting Down To Prevent Any Conflicts Of Interest

The Trump Foundation Is Shutting Down To Prevent Any Conflicts Of Interest

Last December, Trump said that in order to avoid conflicts of interest, his foundation would wrap up his work.

The Trump Foundation was paid more than $158,000 by The Trump National Golf Club in Westchester County, N.Y. previous year as a reimbursement for a lawsuit settlement against the club, a new tax filing reveals.

The Donald J. Trump Foundation had around $970,000 in assets at the end of 2016. "The foundation announced its intent to dissolve and is seeking approval to distribute its remaining funds" to other charities, NBC News reported, citing IRS documents.

The foundation filed its most recent tax form on Wednesday, the final extension allowed for nonprofits to file their calendar year 2016 forms.

The foundation also attracted scrutiny from the NY attorney general, Eric T. Schneiderman, who found it had violated fund-raising rules and ordered it to cease soliciting contributions the month before the election.

Trump Foundation collected more than $2.9 millionin contributions, gifts, grants and other income in 2016, according to a tax filing that a representative of the organization uploaded to GuideStar, a company that gathers information about all non-profit groups registered with the IRS.

In a statement received by NBC News, a spokesperson for the Trump Foundation confirmed that it is being shuttered. "The Foundation looks forward to distributing its remaining assets at the earliest possible time to aid numerous worthy charitable organizations". "As the foundation is still under investigation by this office, it can not legally dissolve until that investigation is complete", said Spitalnick. The foundation stopped attempting to receive donations in October 2016.

James Sheehan, the chief of Schneiderman's charities bureau, wrote a letter to the foundation stating that it would violate state law if it continued fundraising. The Washington Post reported that the foundation spent $258,000 to settle lawsuits against Trump's for-profit businesses. While Trump had not donated to the charity since 2008, he had drawn money from it for personal uses. During that year's presidential race, the charity made more donations than it had from 2012 through 2015 combined. Phil Ruffin, Trump's partner in a Las Vegas hotel, gave $1 million, as did Laura Perlmutter, the wife of Marvel Entertainment CEO Isaac Perlmutter.

$50,000, John J. Cafaro, an OH shopping center developer.

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