Trump Foundation agrees to dissolve under court supervision

(CNN) President Donald Trump's personal charitable foundation has agreed to dissolve under judicial supervision amid an ongoing lawsuit concerning its finances, according to a document filed Tuesday in Manhattan Supreme Court by the New York state Attorney General's office.

The dissolution of the Donald J. Trump Foundation resolves one element of the attorney general's civil lawsuit against the foundation, which includes claims that the President and his three eldest children -- Don Jr., Ivanka and Eric -- violated campaign-finance laws and abused its tax-exempt status. Rather than operating it as a genuine charity, the lawsuit alleges, they instead allowed it to be used "as little more than a checkbook to serve Mr. Trump's business and political interests."

the foundation and Attorney General Barbara Underwood's office, also allows the attorney general's office to review the recipients of the charity's assets. The foundation's The agreement to dissolve , signed by both an attorney forthe foundation and Attorney General Barbara Underwood's office, also allows the attorney general's office to review the recipients of the charity's assets. Thefoundation's most recent tax return listed its net assets at slightly more than $1.7 million.

The closure of Trump's nonprofit comes amid an escalation in the litany of criminal and other investigations touching almost every corner of Trump's business and political operations, including his presidential campaign, his inauguration committee and his family real estate business.

The lawsuit against the charity is one of two cases in which the President himself is accused of wrongdoing after federal prosecutors said in court filings earlier this month that Trump directed his former attorney, Michael Cohen, to make or orchestrate payments during the 2016 election to silence women who claimed sexual encounters with Trump. Trump has denied those claims.

Baslifico on December 18th, 2018 at 16:44 UTC »

From forbes

Additionally, the Donald J. Trump Foundation, which has come under previous scrutiny for self-dealing and advancing the interests of its namesake rather than those of charity, apparently used the Eric Trump Foundation to funnel $100,000 in donations into revenue for the Trump Organization

And while donors to the Eric Trump Foundation were told their money was going to help sick kids, more than $500,000 was re-donated to other charities, many of which were connected to Trump family members or interests, including at least four groups that subsequently paid to hold golf tournaments at Trump courses.

impulsekash on December 18th, 2018 at 16:37 UTC »

To think, if he didn't run for President, no one would have cared.

throwawaynumber53 on December 18th, 2018 at 16:13 UTC »

This is a partial settlement on one of the claims in the lawsuit. The rest of the lawsuit will continue, as CNN notes:

The dissolution of President Donald Trump's charity resolves one element of the attorney general's civil lawsuit against the foundation, which includes claims that the President and his children violated campaign finance laws and abused its tax-exempt status. The lawsuit will continue in court because it also seeks two other outcomes: $2.8 million in restitution, plus penalties, and a ban on Trump and his three eldest children serving on the board of any other New York nonprofit.

The agreement to dissolve, signed by both the foundation and Attorney General Barbara Underwood's office, also allows the attorney general's office to review the recipients of the charity's assets. The most recent tax return filed by the foundation listed its net assets at slightly more than $1.7 million.