Trump says will dissolve his foundation before assuming office
US President-elect Donald Trump says he will dissolve his charitable Trump Foundation before assuming office on January 20, 2017.
The future president released a statement on Saturday, saying he would pursue his “strong interest in philanthropy in other ways."
He has apparently ordered his counsel to take the necessary measures for the dissolution to happen.
The foundation was a source of controversy for the Trump campaign in the run-up to the 2016 presidential election.
In 2007, Trump used the foundation’s money to pay for a 6-foot painting of himself that his wife purchased at an auction, in violation of regulations by US tax authority, the Internal Revenue Service (IRS), which prohibits a charity’s officers from using the group’s funds to purchase things for their own benefit.
A Washington Post report concluded in September that the foundation was “a charity that allowed a rich man to be philanthropic for free.”
The foundation, which reported having assets of $1,115,991 in 2015, is currently under investigation by the New York State Attorney General's office over several accusations.
It also donated $10,000 to an illegal Israeli settlement in the occupied West Bank.
The money was transferred by the foundation through an American NGO raising funds for the illegal Beit El settlement.
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