‘The foundation announced its intent to dissolve and is seeking approval to distribute its remaining funds’
The Donald J. Trump Foundation is closing shop, according to a Monday report from NBC.
The closing of the charity follows through on a promise made by Trump in December 2016.
“The foundation has done enormous good works over the years in contributing millions of dollars to countless worthy groups, including supporting veterans, law enforcement officers and children,” Trump said in a statement at the time. “However, to avoid even the appearance of any conflict with my role as President I have decided to continue to pursue my strong interest in philanthropy in other ways.”
A 2016 Internal Revenue Service filing filed in November and reviewed by NBC said, “The Foundation announced its intent to dissolve and is seeking approval to distribute its remaining funds.”
The Donald J. Trump Foundation had around $970,000 in assets at the end of 2016.
The foundation was criticized during the 2016 election for benefiting Trump’s businesses. Once, Trump used the foundation to buy $20,000 portrait of himself, according to The Washington Post.
