Speed Reads

another one bites the dust

Trump's charitable foundation is shutting down

Like Trump University, Trump Airlines, Trump magazine, Trump Steaks, and Trump Vodka, The Donald J. Trump Foundation will soon cease to exist — except this time, the shutdown is planned.

In its 2015 tax filing, the charitable foundation admitted to violating rules against "self-dealing," which prohibits nonprofit leaders from directing charity money to themselves, their families, or their businesses, NBC News reports. In October 2016, the New York attorney general demanded the foundation cease asking for contributions, and in December, President Trump said he would start winding down operations to avoid conflicts of interest.

A spokesperson for the foundation confirmed it is closing down, and said it "looks forward to distributing its remaining assets at the earliest possible time to aid numerous worthy charitable organizations." The foundation can't close down just yet, though. "As the foundation is still under investigation by this office, it cannot legally dissolve until that investigation is complete," Amy Spitalnick, a spokeswoman for the New York attorney general's office, told NBC News. The foundation's 2016 IRS filing, filed this month, states it had assets of close to $970,000.