The president-elect has been under fire from critics who say that his web of global business interests, as well as those of his children, who are part of his transition team, potentially pose serious conflicts when he assumes office.
The Donald J. Trump foundation came under the eye of the New York AG's office this fall, which ordered the organization, in a letter, to stop fundraising as of September since it had not obtained the proper certification to solicit money from the public. The foundation also cannot disburse its assets while under investigation, a source with knowledge of the case told ABC News.
Amy Spitalnick, the press secretary for the New York Attorney General's office, says the investigation will prevent Trump from shuttering the organization immediately.
"The Trump Foundation is still under investigation by this office and cannot legally dissolve until that investigation is complete," Spitalnick said in a statement to ABC News.
"The Foundation's fundraising activities remain suspended following the AG's notice of violation earlier this year."
The 990 IRS filing for tax year 2015, which is the most recent such form that is publicly available, shows that the foundation had more than $1.1 million in assets at the end of that year.
When ABC News asked the Trump campaign for a response to the Attorney General's office statement about how they would not allow any dissolution to take place while the foundation is under investigation, Trump spokeswoman Hope Hicks pointed back to their original statement announcing plans to dismantle the foundation, saying via email: "As the statement says, 'Mr. Trump has directed his counsel to take the necessary steps to effectuate the dissolution.'"
The spending history of the Trump Foundation became a part of the presidential campaign when The Washington Post reported that Trump made two payments totaling $258,000 from the charity to settle lawsuits relating to two of his for-profit businesses.
The Trump team did not respond to ABC News' requests for comment when news of The Washington Post story broke, but released a statement after the Post's story at the time, saying it was "peppered with inaccuracies and omissions."
Lloyd Mayer, a professor at the University of Notre Dame Law School, told ABC News that if the allegations made by the Post are true, the payments violate federal law.
"Federal tax law bars a private foundation like the Trump Foundation from using its assets to benefit its insiders or the businesses they own. That’s exactly what’s been alleged here. If true, the foundation and its managers, including Mr. Trump, violated tax laws," Mayer told ABC News.
Questions were also raised about who had -- and hadn't -- given to the foundation. The number of contributors ranges from as many as six in 2002, 2008, 2012 and 2014 to as few as two in 2001 and 2014, according to publicly available IRS 990 forms from 2001 through 2014.
The president-elect made contributions to the foundation from 2001 until 2008, but he is not listed as making any financial contributions since then.
His contributions range from $713,000 in 2004 to $30,000 in 2008; his total contributions to his foundation are in excess of $2.7 million, the 990 forms show.
The biggest contribution ever made to the foundation came from World Wrestling Entertainment, Inc. (WWE) for $4 million in 2007. The WWE also gave the Trump Foundation its second-biggest contribution -- for $1 million -- in 2009.
ABC News' Ben Siegel contributed to this report.