Embattled Trump Foundation forced to dissolve itself under court supervision

Trump Foundation agrees to dissolve as New York state accuses family of running slush fund

New York's attorney general and lawyers for the Trump Foundation agreed on a court-supervised process for shutting down the charity and distributing about $1.7 million in remaining funds to other nonprofit groups.

Underwood also said in her statement that she believed there was a "shocking pattern of illegality" within the foundation.

NY filed a lawsuit last spring accusing the foundation of operating like an extension of Trump's businesses and political campaign.

This is an important victory for the rule of law.

Underwood announced the suit in June and alleged in a press release that Trump "used the Trump Foundation's charitable assets to pay off his legal obligations, to promote Trump hotels and other businesses, and to purchase personal items".

According to New York Attorney General Barbara Underwood, her investigation into alleged misconduct could still result in millions of dollars in penalties and sanctions against the president and his three oldest children.

Trump announced in late 2016 that he planned to close the foundation, but the NY attorney general blocked him from doing so given the ongoing investigation. None of those costs were approved by the charity's board, whose members include Ivanka, Donald Jr. and Eric Trump. The deal is subject to approval by a NY state judge.

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Trump has denied that the foundation did anything wrong, reported WaPo.

[T] he Parties agree that the Foundation should be dissolved and agree to the entry of an order...dissolving the Foundation, annulling its Certificate of Incorporation, and terminating the corporate existence of the Foundation.

More than $2.8m was donated to the Trump Foundation at that event.

Among the claims were that the foundation raised money at a nationally televised fundraiser in January 2016, then allowed Trump campaign staffers to dictate how the money was spent in grants. The charity didn't tell the IRS about that, as required - and instead listed that donation as a gift to a totally unrelated charity in Kansas with a similar name. Donald Trump Jr. happened to be 11 at the time, and $7 was coincidentally the cost of a new scouting membership, per the Post.

Underwood filed the lawsuit against the Trump Foundation after taking over for fellow Democrat Eric Schneiderman, who resigned in May amid allegations he physically abused women. CREW had filed complaints calling for investigations into the foundation.

Federal law prohibits charities from participating in political campaigns. He said the foundation distributed approximately $19 million over the past decade, including $8.25 million of the President's personal money. As president, Trump has called repeatedly for that law to be repealed.

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