Donald Trump plans to shut charitable foundation
What's the story
Despite multiple allegations and investigations into the Donald Trump Foundation, US President-elect Donald Trump has announced plans to shut his charitable foundation. Trump stated that he wanted to nullify any conflict of interest. The New York Attorney General, although, said that Trump will not be permitted to shut the Foundation while investigations into its activities and contributions are ongoing.
About
Donald Trump Foundation
Donald Trump Foundation is a charitable private foundation chaired and run by United States' President-elect Donald Trump. It was founded nearly 28 years ago, predominantly funded from the proceeds of the book, Trump: The Art of the Deal. The Foundation operates from the Trump Organization in New York and currently has no paid staff, with media outlets claiming that Trump made all the decisions.
01 Sep 2016
IRS slaps $2,500 penalty on Trump Foundation
Earlier this year, Donald Trump's Foundation was directed to pay an IRS penalty of $2,500 after reports revealed that Trump's charitable work had flouted tax laws in the United States. The penalty came in the wake of political contributions that Donald Trump made towards a campaign group led by Florida's attorney general, Pam Bondi. This was made as a gift from Trump's Foundation.
Information
Donation sees Attorney General waive fraud allegations
The gift, worth $25,000 was made three years ago. Florida's Attorney General, was investigating fraud allegations against Trump University. After the gift was made, she decided not to pursue the case any further.
Scandal
Trump Foundation beset with controversies?
The Foundation received tens of millions of dollars since its inception, but reports show that Trump has made no contributions towards the Foundation. Documents later revealed that the money from the Foundation was used to settle judicial disputes for the Trump Organization. The charity foundation also contributed money towards political entities, which stood against the ethics of a non-profit organization, and violated laws.
Quote
Trump denies allegation of tax violation
"We give away money, I don't make anything, I take no salaries, I take no costs, I have zero costs, and a lot of money goes through the Trump Foundation into charities. Goes to charities, it doesn't go to me, it goes to charities,"- Trump.