Washington: The president-elect of United States Donald Trump has said that he plans to dissolve his charitable organisation the Trump Foundation as a suspected “impropriety” is being investigated.
The Attorney General of of New York is investigating the charity after reports were made by the Washington Post that Trump used charity funds to settle lawsuits.
However, Donald Trump has denied all these reports, he said, The foundation has done enormous good works over the years in contributing millions of dollars to countless worthy groups, including supporting veterans, law enforcement officers and children.
“I will be devoting so much time and energy to the presidency and solving the many problems facing our country and the world.
“I don’t want to allow good work to be associated with a possible conflict of interest.”
On Saturday he said: “I’m very proud of the fact that the Foundation has operated at essentially no cost for decades, with 100% of the money going to charity.”
What’s interesting about Trump Foundation is that it collects money from other people, in fact from 2009 and 2014 he has virtually given no money at all to the foundation Donald Trump himself told the Internal Revenue Service.
However, he had given $1 million to the Foundation and remained the main donor till 2005, the the foundation was given under a bank and it continued to be funded by Trump and his friends and associates.
Wrestling moguls Vince and Linda McMahon were the largest donors of the Trump Foundation and Linda McMahon has recently been nominated to head the Small Business Administration.
In 2015 the Trump Foundation admitted that it has violated the regulations of the Internal Revenue System in their tax filings in their use of the assets.
Eric Schneiderman, the New York Attorney Journal had said in September that he wants to ensure that Trump Foundation is following the rules for charitable organisations in New York.
He had told media: “We are suspicious that the Trump Foundation is involved in some form of misconduct.”
According to media the Attorney General’s office is investigating the Trump Foundation since June.
The Trump Foundation had made a donation of $25,000 to a group which was backing Pam Bondi, the Attorney General of Florida in 2013. Reportedly, the Attorney General’s office of Florida at that time was considering to investigate the Trump University for fraud.