President Trump's charitable foundation is being shut down

PHOTO: President Donald Trump speaks to the media during a cabinet meeting at the White House, Nov. 20, 2017.PlayKevin Dietsch-Pool/Getty Images
WATCH Donald Trump Announces His Intention to Dissolve the Trump Foundation

President Donald Trump's namesake charitable foundation is being shut down, in keeping with previously announced plans.

Interested in Donald Trump?

Add Donald Trump as an interest to stay up to date on the latest Donald Trump news, video, and analysis from ABC News.
Add Interest

In a filing with the IRS last week, the foundation said it intends to dissolve and is seeking approval to distribute its remaining funds. The documents were posted publicly on Guidestar.org and reviewed by ABC News.

"The foundation continues to cooperate with the New York attorney general's charities division, and as previously announced by the president, his advisers are working with the charities division to wind up the affairs of the foundation. The foundation looks forward to distributing its remaining assets at the earliest possible time to aid numerous worthy charitable organizations," a spokesperson for the Trump Foundation told ABC News.

In December, when Trump was president-elect, he announced plans to shutter the Trump Foundation "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," he added.

The organization had come under scrutiny for its practices.

Last year the Trump Foundation conceded that it gave "income or assets" to a "disqualified person" — a prohibited practice known as self-dealing — according to a 2015 tax filing obtained by ABC News. It was not clear from the filing how much was given or to whom.

New York Attorney General Eric Schneiderman launched the investigation into the Trump Foundation in 2016 over a donation that was made to a political fundraising group associated with Florida Attorney General Pam Bondi. He ordered that the foundation stop fundraising late last year.

In a statement Monday evening, the New York Attorney General's Office said: "Our investigation into the Donald J. Trump Foundation remains ongoing. Its fundraising activities remain suspended following the AG’s notice of violation last year. As the foundation is still under investigation by this office, it cannot legally dissolve until that investigation is complete.”

At the end of 2016, the Trump Foundation had a little more than $970,000 in assets, according to last week's filing.

Even though his name is the basis for the charity, Trump was never the biggest contributor, according to the organization's 990 forms for 2001 through 2014.

Trump made contributions to the foundation from 2001 to 2008, but he is not listed as making any financial contributions since then. His contributions ranged from $713,000 in 2004 to $30,000 in 2008; his total contributions to his foundation are in excess of $2.7 million.

Earlier this year, the New York Attorney General's Office also launched an investigation into the Eric Trump Foundation after questions were raised about the charity in light of a media report that it paid large sums to use Trump-owned properties for fundraisers.

ABC News' Devin Dwyer and Aaron Katersky contributed to this report.

Comments