President Donald Trump's charitable foundation, which last year admitted to violating federal regulations, is in the process of dissolving, NBC News reports. While this sort of but not really fulfills a promise Trump made last year, to avoid conflicts of interest while as president, there are complications that might prohibit its dissolution at this time - namely, the foundation is currently under active investigation.
A 2016 Internal Revenue Service document filed this month says that "the foundation announced its intent to dissolve and is seeking approval to distribute its remaining funds" to other charities. The same document shows that as of the end of 2016, the foundation had assets of about $970,000.
Trump is shutting down his charitable foundation https://t.co/OUzEvPfp71 https://t.co/CdONXemHWy— NBC News (@NBC News)1511253066.0
The foundation cannot legally dissolve until the investigation is complete.
While the New York attorney general ordered the foundation to stop soliciting contributions in October 2016, the foundation cannot yet close because of the violations reported last year. "As the foundation is still under investigation by this office, it cannot legally dissolve until that investigation is complete," said the attorney general's press secretary, Amy Spitalnick.
The foundation previously acknowledged that it violated a legal prohibition in 2015, one that forbids nonprofit leader from funneling the charity's money to themselves.
"He found a better way to launder money."
"Yeah, become President," said another.
@Board_of_Twits @NBCNews Yeah, become President.— it's just eric (@it's just eric)1511268851.0
A slush fund by any other name.
Trump's charitable foundation has long been suspected to be a slush fund for his own expenses. In one case, Trump reportedly spent $20,000 designated for the foundation on a 6-foot-tall portrait of himself.
@NBCNews You mean his slush fund? Trump doesn’t need it anymore. America has become his slush fund. https://t.co/SZGtUSH1Df— Carole Brodey🌞✨☯️🐾🐾 (@Carole Brodey🌞✨☯️🐾🐾)1511271246.0
Others call out Trump for destroying evidence.
"What charity indeed. Just shredding all information so mueller does net get hold of his dealings. Hmmmmm I wonder how far the rabbit hole will go down for trump."
Is the foundation a front?
"CORRECTION: Donald Trump is shutting down his 'charitable foundation.'
The quotation marks are important. They show that it for what it is, a front. Like any other mobsters that have 'legitimate businesses.'
CORRECTION: Donald Trump is shutting down his "charitable foundation." The quotation marks are important. They show… https://t.co/QdNnN9I71Q— twoDR.INK (@twoDR.INK)1511269054.0
@protestcards The very foundation that was already shut down by NY AG for many violations including not licensed or registered?— S. DeFazio (@S. DeFazio)1511269464.0
Will he start a new foundation? Will it be "huge?"
"He'll be starting a new foundation. Just... just the best foundation. Huge. The Best. He always makes the best foundations. It will do all the charity. He's got to embezzle more money somehow, and the heat's on his current one."
@NBCNews He'll be starting a new foundation. Just... just the best foundation. Huge. The Best. He always makes the… https://t.co/piGNEIq6N7— Optio Triarii (@Optio Triarii)1511258587.0
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