Trump is shutting down his charitable foundation after it admitted to breaking the law.
Donald J. Trump Foundation is being shut down exactly one year after it admitted to using funds to assist and benefit its leaders and their private businesses.
In October 2016, New York’s attorney general Eric Schneiderman ordered the foundation to stop soliciting contributions.
According to its 2016 Internal Revenue Service filing, “The foundation announced its intent to dissolve and is seeking approval to distribute its remaining funds” to other charities. The filing was also uploaded to a charity watchdog website called Guidestar.org.
Trump has not donated to the foundation since 2008.
However, since then, it received millions from others such as Marvel Entertainment Chairman Isaac Perlmutter’s wife, Laura Perlmutter; Ivanka Trump; and Phil Ruffin, a billionaire casino mogul and a friend of Trump.
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Others who want to do business with Trump or want Trump to do something for them have donated to the foundation as well.
The document also showed that the foundation had assets of about 970,000 at the end of 2016.
The shut down of the foundation comes after it revealed on their 2015 tax form to “self-dealing” and transferring “income or assets to a disqualified person.”
The Washington Post was the first to report that in 2015 the organization marked “yes” when it asked if it had engaged in illegal “self dealing” in the recent years.
They also marked “yes” when it asked if they transferred”income or assets to a disqualified person.”
However, in 2016, they marked “no” for the same questions.
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