Donald Trump has agreed to shutdown his personal charity, the Trump Foundation, in the wake of a succession of scandals and a looming lawsuit which exposed a "shocking pattern of illegality". It will also be required to distribute any remaining charitable assets to reputable organizations approved by Underwood's office.
The move was announced by the Attorney General of New York State, Barbara Underwood, who will supervise the distribution of its remaining monies.
The lawsuit, filed by the state in June, claimed that Trump used his charity for political and personal gain.
The suit also claims that the foundation "illegally provided extensive support to his 2016 presidential campaign by using the Trump Foundation's name and funds it raised from the public to promote his campaign for presidency".
The attorney general added that the charitable foundation essentially functioned as "little more than a checkbook to serve Mr. Trump's business and political interests".
Underwood said in a statement that the development "accomplishes a key piece of the relief sought" by her office.
See the complete stipulation for the Trump Foundation here.
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. The smallest, a $7 foundation gift to the Boy Scouts that same year, appeared to benefit Trump's family. Although Trump attempted to close the charity in late 2016, the State of NY prevented him from doing so in order to continue its investigation into whether it had broken the law.
Underwood's office has been investigating the Trump Foundation's extremely shady operations, many of which the Washington Post outlined in a 2016 article. And then there's the biggest: $264,631 to fix a fountain outside the Trump-owned Plaza Hotel. It matched the amount required to enroll a boy in the Scouts the year that his son Donald Trump Jr. was 11.
There are far smaller donations, like a $7 gift to the Boy Scouts in 1989.
The foundation has never had more than a few million dollars in the bank, peaking at $3.2 million in 2009, according to WaPo.
"Is there any way we can make some disbursements this week while in Iowa?"
Now the all-grown-up Trump children, Donald Trump Jr., Eric Trump, and Ivanka Trump, are all involved in the dissolving charity.
Under federal law, charities can not donate to political campaigns. But what became of it after that is unknown. He assigned it a value of $700.
On this year's tax forms, however, the painting's value was listed at $0.